Last week we posted Bankrate.com’s top ten great states for retirement. Today’s post also comes from bankerate.com and features the 10 bad states for retirement.
Here are bankrate’s 2014 ranking of the worst states for people looking to retire:
2. West Virginia
1. New York
So how does a state get ranked in the bottom 10? There are several factors that determine the ranking of the states. The criteria includes: weather, access to healthcare, cost of living, crime rate and tax burden. Here are some information on the bottom 10 states.
Kentucky – The cost of living in this state is actually fairly low. However, healthcare costs in this state are quite high. And as we all know as we age we require more trips to the doctor.
Maryland – Maryland offers picturesque landscapes and many wonderful travel destinations but the cost of living can out weight all of that. The Tax Foundation found that Maryland has the seventh-highest state taxes in the country.
Oklahoma – In three different areas: crime rate, poor healthcare and also the emotional well-being of someone living in this state.
Louisiana – While living in this state won’t break the bank, the crime rate and poor healthcare will. The weather in this area of the country can also be hard on older people which experiences humidity levels well above 90 percent for a good portion of the year.
Alabama – Starting to see a trend with southern states ranking in the bottom? Alabama makes the list for bad states for retirement because of lack of healthcare options. There are few options for treatment.
Hawaii – If you are surprised with Hawaii making the list you don’t really know your costs of living that well. Hawaii has the highest costs of living in the nation. The cost of almost anything is higher than anywhere else in the country. For those on a fixed income it can be a real downer.
Arkansas – While Arkansas passes the budget part of the best (seventh-cheapest place to live) places to live in all other areas being evaluated, Arkansas failed. Arkansas has the third-highest crime rate, sixth-lowest rating for wellness it doesn’t matter how cheap it is to live there if you don’t have the basics to meet your needs.
Alaska – Alaska is pretty much in the same boat as Hawaii. Many of the costs for everyday items are much more expense than anywhere else in the country. However the weather and lack of people living here make it hard to find the people you need to help with things like healthcare.
West Virginia – Virginia actually make the list of the best, however West Virginia was not so lucky. The healthcare system in West Virginia is considered the worst in the nation and when healthcare suffers so does everything else.
New York – This shouldn’t come to any surprise. New York has high taxes, high cost of living and low scores for healthcare quality. We haven’t even mentioned that New York usually breaks their snow record each year. This is the last place you want to be if you are retired or about to be retired.
If you are considering moving did you know you can buy a new home with a reverse mortgage? Think about being able to move to the destination you have always dreamed of and not having a mortgage payment. With a reverse for purchase from One Reverse Mortgage you can purchase your dream home and never have to make another monthly mortgage payment*.
Want to learn more? Give us a call. A One Reverse Mortgage licensed expert working only with clients interested in a reverse for purchase will help you determine if the reverse for purchase makes sense for you. The reverse for purchase process is easy with only one closing in the process you can easily close your loan and being living in the home of your dreams.
*Homeowner is still responsible for taxes, insurance and property maintenance.