Author Topic: Report on best states to retire in  (Read 1919 times)

retiringearly

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Report on best states to retire in
« on: June 10, 2017, 01:06:05 PM »
I just saw this on Marketwatch.com.  It is a report on the best states for retirement

http://lpl-research.com/~rss/Thought_Leadership/TL_Retirement_Environment_Index_2017.pdf

brooklynmoney

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Re: Report on best states to retire in
« Reply #1 on: June 10, 2017, 01:22:06 PM »
I would rather work the rest of my life than retire in most of the top states listed there (Nebraska WTF?).

Pigeon

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Re: Report on best states to retire in
« Reply #2 on: June 10, 2017, 01:45:53 PM »
Thelse kinds of articles aren't useful as far as I'm concerned. Nebraska, I don't think so.

While hot weather isn't my thing obviously lots of people want that. I'm in the alleged worst state, but have no reason to move. COL varies greatly within states and where I am isn't bad. Plus we both will have retirement plans that are tax advantaged if we stay here.
« Last Edit: June 10, 2017, 02:41:15 PM by Pigeon »

CheapScholar

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Re: Report on best states to retire in
« Reply #3 on: June 10, 2017, 01:48:30 PM »
As a former Michigan resident and as someone who lives a half mile from the MI border right now, I can see how it could be a great retirement state.  Especially if you find a nice community in the western half of the state.  The January - March stretch is rough I guess.  But maybe if you retired you could find decent winter short term rentals in AZ, NM?  I'd certainly consider MI.

wenchsenior

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Re: Report on best states to retire in
« Reply #4 on: June 10, 2017, 04:05:36 PM »
Surprised to see MN so high...even higher than WI (which I was also surprised was so high).   Financial B for MN? Taxes are very high there....maybe a lot of senior income is exempt?

Ugh...Oregon and Hawaii, two of my faves, at the bottom.  However, I wonder if Hawaii is as bad as first impressions make out in terms of finances.  Housing costs are nuts, but pensions and social security are exempt from income tax there, and property taxes are low...I guess the housing and general sales tax just outweigh those advantages?  I dunno...if someone just dropped an extra 3 or 4 hundred grand on my head to purchase a house there (LOL), the I could see a retirement income that was nearly tax free, between SS/Pension/Roth withdrawals.
« Last Edit: June 10, 2017, 04:30:56 PM by wenchsenior »

big_slacker

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Re: Report on best states to retire in
« Reply #5 on: June 10, 2017, 05:36:39 PM »
UT not a bad idea at all.

Surprised to see WA so high, most people think of Seattle when they think WA. But the Seattle/Eastside area is very high COL, there are tons of 'hidden' taxes to make up for the lack of income take ($240 water bill with only $60 of it actual usage!) neither of which are retiree friendly. There are obviously cheaper areas away from Seattle and burbs, but I guess that's what happens when you rank it by state instead of city which would be far more useful.

Greystache

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Re: Report on best states to retire in
« Reply #6 on: June 10, 2017, 06:06:03 PM »
I don't agree with the ranking criteria. Why would I care about the financial health of other retirees? Why would I care about the physical health of other retirees? I live in California, the next to last rated state. Sure there are lots of things wrong with CA, but most of them can be mitigated. The sales tax is stupid high, but I don't spend much on useless crap. The state income tax is high, but as an early retiree, I can control my taxable income.  Property taxes are high if you are just getting into the game but for those of us who have owned our homes for over 20 years, the taxes are very low. The climate is mild, I pay almost nothing for electricity (yay solar!) and very little for heating. I have access to a great climate and year around outdoor activities to keep me healthy. Sure, I could move to Nebraska and get a cheap house, but then I would spend a fortune heating and cooling it. Even though the Nebraska climate sucks, I could still get year round exercise shoveling snow and swatting mosquitoes. I guess the point is that there is so much individual variance and opportunities for optimization within each state that these "average" rating are not very helpful.