Connecting state and local government leaders
The least favorable places to live post-work years on the list, which was compiled from several sources, have high taxes and soaring housing costs, among other things.
New Mexico is the least suitable place to spend your retirement years, according to a list by Yahoo! Finance, which provides details behind each state’s unfavorable environment. Following New Mexico, Illinois, New York, Oregon and California are ranked as the next worst states to retire in.
The ranking was established by adding each state's retirement rankings from RetirementLiving, WalletHub and MoneyRates to create scores out of a possible 150. Yahoo! Finance used the scoring method to take into account a retiree's budget, health, safety and overall quality of life in the state they choose to spend in their post-work years.
A number of companies and media organizations compile best and worst rankings to indicate every state’s ability to provide the most suitable place to retire, but usually most of these rankings vary depending on their methodology.
High property crime, unsuitable dry weather and property crime were some reasons why Yahoo! Finance had New Mexico ranked as the least favorable state to retire. In addition, the state taxes social security benefits, retirement account distributions and pension payouts.
High taxes in Illinois was one of the main reasons the state received poor marks. In addition to high taxes, New York is placed as one of the least desirable retirement destinations because of its general unaffordable living.
Oregon took a hit in the rankings because of the amount of new residents flocking to the state and difficulty finding housing. Natural disasters like wildfires and the fact California is the one of the overall most expensive places to settle are added reasons it may not be the best for a retiree.
According with the Yahoo! Finance report, the 10 worst states to live during retirement are as follows:
- New Mexico
- New York
- Rhode Island
- New Jersey
To see the rest of the list and the reasoning behind each state’s ranking, click here.
Brent Woodie is an associate editor at Route Fifty.
NEXT STORY: You’re Gonna Miss Zoom When It’s Gone