Massachusetts: Best or Worst State to Retire?

Massachusetts: Best or Worst State to Retire?

A recent survey came out this past week from Wallethub.com, which listed the best states to retire too.  In this survey, it looks at the quality of life and affordability, but also includes health care rank which makes it fascinating to us.

Additionally, they added a great infographic which adds further depth by breaking down which is the best and worst state in different categories.

How do the states stack up against one another?  More importantly, how did Massachusetts and other New England states rank against some of the most common states many people retire too, like Florida,  Arizona, and the Carolina’s?

 

Source: WalletHub

The Top Ten States For Retirement

As you can see, the New England states didn’t rate so hot.   Clearly the best place to retire is Florida, but the rest of the top ten is mid-western states like Wyoming, Colorado, Montana, Texas, South Dakota and Idaho.  There are only three Eastern states in the top 10, none in New England!

 

Massachusetts

The Worst States For Retirement

Well, the news isn’t going to get any better.  As for which states you don’t want to retire in, New England is at the top of that list, unfortunately.

Maine ranks at #30 which isn’t that good, but it isn’t the bottom of the barrel, where the other states are in the bottom 13, with Rhode Island being dead last.  So Rhode Island people, you have no sports, no big city; though Newport and Westerly are nice, not nice enough for me to retire in, I digress . . .

So how does Massachusetts, New Hampshire and Connecticut rank?  Well, NH and MA are 38 & 39, with Connecticut ending up 48th – ouch!

Massachusetts

 

Why is Massachusetts (and New England) Such a Terrible Place to Retire?

It looks like it comes down to money. Massachusetts was 48th out of all the stats when it comes to the highest annual cost of in-home care – and they are right it is expensive in Massachusetts.  Additionally, Rhode Island and

Additionally, Rhode Island and Connecticut ranked poorly under Wallethub’s  taxpayer ratings.  Though Massachusetts was not listed, it was only the top states, and considering Massachusetts’ nickname is Taxachusetts, I’m confident we are ranked closely near our two boarding states.

On this list New England states did rank high in categories Wallethub considered important: Highest Life Expectancy where Connecticut is tied for third, Massachusetts and Vermont both tied for fifth.  Also, Massachusetts and Vermont were at the top when ranking lowest property crime.

What we can take away is Wallethub weights the costs and taxes of states heavily versus the life expectancy, which is understandable.  Though New England is not the greatest place to retire, if you believe Wallethub, we do have many great things to offer.  I guess you can’t be best at everything.

Below is the infographic Wallethub created with more information on the different categories and where the states rank the highest and the lowest.  If you would like to read their full article, you can see it here.

Massachusetts

2016-08-09T14:58:15+00:00February 1st, 2016|Categories: News|