If you're dreaming of retirement you may be thinking about warm weather, beaches and a slower pace of life. But the reality of retirement often comes down to one thing: how far can your money actually stretch?
For many Americans, that question is becoming harder to answer. The average retired household spends more than $61,000 a year (1), according to the U.S. Bureau of Labor Statistics, with housing, healthcare and transportation coming in as their biggest expenses (2).
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That's why the state you choose to retire in can make a major difference, and a new study (3) from home care agency Polaris Home Care has ranked all 50 states, with some surprising winners.
Forget the usual retirement hotspots. The places where retirees may be able to stretch their savings the furthest aren't always the states with the warmest winters or the biggest retirement communities.
The research from Polaris Home Care analyzed all 50 states to determine which offer the most retirement-friendly environments, using factors including healthcare costs, housing expenses, property taxes, utilities, food costs, crime rates and average earnings.
The results show that even popular retirement destinations can fall short when everyday costs are factored in.
Idaho claimed the top spot with a perfect Retirement Index Score of 100, thanks to its combination of affordability, safety and relatively low healthcare costs. The state reported annual medical expenses of $8,148 per person, above-average earnings of $63,894 and a crime rate about 41% lower than the national average.
Arizona ranked second with a score of 90.67, helped by its warm climate, lower property taxes and above-average earnings of $63,692. The state's property tax rate of just 0.41% was among the lowest in the country, while average monthly utility costs came in at about $524.
North Dakota rounded out the top three with a score of 90.48. The state benefited from strong average earnings of $65,127 and lower food and beverage costs, which come in around $3,810 per person annually — more than $500 below the national average.
Source: Yahoo Finance Top News — This article was automatically imported from the source. Read full article at original source →
