In addition to being the most expensive city to live in worldwide, New York is the least expensive US state to retire.
That’s according to WalletHub’s “2023 Best States to Retire,” which compared all 50 states in three main categories: affordability, quality of life and health care.
For the affordability metric, WalletHub used data from various agencies such as the US Census Bureau and the Council for Community and Economic Research. The ranking looked at the adjusted cost of living, general tax-friendliness and annual cost of in-home services, as well as other factors.
While New York ranks 10th in the quality-of-life category and 16th in health care, it ranks 50th in terms of affordability. According to WalletHub, it is likely to have the second highest adjusted cost of living behind Alaska and the third highest tax rate.
Even $1 million in retirement savings will only cover your living costs for 14 years, a fraction of the 25 years or more retirement typically lasts.
Don’t expect to find affordability across the Hudson River: New Jersey ranks as the second most expensive state in which to retire.
Here are the top 10 most expensive states to retire in, according to WalletHub:
- New York
- new Jersey
Retirement will look different for everyone, and there are many factors to consider.
While a state’s cost of living is often important, retirees may also consider how close they will be to family and how easily they will be able to access health care and engage in social activities, says Professor Alan Castell at the University of California, Berkeley. California, Los Angeles, and author of “Better With Age: The Psychology of Successful Aging,” WalletHub reports.
If you’re living on a fixed income in retirement, it’s important to regularly review your budget and future financial commitments, Castel said.
“Sometimes our spending habits need to be reevaluated, and many senior discounts can be used to lower bills,” he said. “It may also be useful to consider eliminating or reducing some costs that are no longer needed.”
Don’t miss: Want to get smarter and more successful with your money, work and life? Sign up for our new newsletter
get cnbc free The Warren Buffett Guide to InvestingJoe Billionaire’s No. 1 delivers the best pieces of advice, the do’s and don’ts, and three key investing principles in one clear and simple guidebook for regular investors.
check out: Americans Think You Need $1.7 Million To Retire Comfortably — Here’s How Much You Need To Be Saving Every Month To Be There By 65
Orignal Post From: Most Expensive US States to Retire