The 9 Best States For Retirement
Retirement security score: 9 out of 10
The Cowboy State received the best overall score, thanks to its lack of a tax on pension income, and low housing costs. Wyoming consistently ranks among the best states for taxes (for retirees and non-retirees alike), and it looks like it’s going to stay that way: A recent report by the Mercatus Center at George Mason University ranked its overall fiscal condition second in the country (after Alaska).
Wikimedia Commons
Retirement security score: 8 out of 10
Workers age 55 and older in Alaska earn a median wage of $18 per hour, making them the highest paid older workers in the country. Alaska’s overall score moved up to points from 2000 to 2012, thanks to small gains on many of the measures considered by the Retirement Score Card.
Wikimedia Commons
Retirement security score: 8 out of 10
Minnesota’s high score reflects its high percentage of private sector workers contributing to a retirement plan, high retirement account balances, and relatively low Medicare out-of-pocket costs.
Wikimedia Commons
Retirement security score: 8 out of 10
Thanks to its booming oil industry, North Dakota has the lower unemployment rate (just 2.2 percent) in the country for workers age 55 and older. Despite the frigid weather, state residents are also enjoying life: A recent Gallup poll found residents of North Dakota are the happiest in America.
Wikimedia Commons
Retirement security score: 7 out of 10
More than half (54 percent) of private-sector employees in the Hawkeye State have access to a workplace retirement plan, a higher percentage than any other state. Iowa seniors also enjoy low housing costs and a low unemployment rate.
Wikimedia Commons
Retirement security score: 7 out of 10
Retirees in New Hampshire benefit from the state’s lack of an income or sales taxes. The state’s overall Retirement Security Score has fallen two points since 2000.
Wikimedia Commons
Retirement security score: 7 out of 10
The Mount Rushmore state appears on the list thanks to favorable tax policies and a low unemployment rate for older workers. South Dakota had the best overall score in retirement income, which includes plan participation rates, defined contribution plan account balances, and pension income tax rates.
Wikimedia Commons
Retirement security score: 7 out of 10
Like many of the other states at the top of the list, Washington residents benefit from not having to pay income taxes on their pensions. Older residents also earn a median hourly wage of $17.50 per hours, second only to Alaska.
Wikimedia Commons
Retirement security score: 7 out of 10
With just 20 percent of older households paying more than 30 percent of their income in housing costs, West Virginia retirees have the lowest housing cost burden in the country.
Wikimedia Commons