South Dakota No Longer the Best Place to Retire
When thinking about a great place to retire, don't confuse it with a great place to have a vacation. They are two completely different things.
Florida, long considered a go-to destination for retirement, doesn’t even crack the top 25 best states for retirement, according to a study published Monday. Neither does Hawaii. In fact, only one state in the top 10 even borders an ocean.
The study ranks individual states based on cost of living, crime rate, quality of health care, weather and the general well-being of its residents. It found that Wyoming is this year’s best state for retirement.
It climbed up from the number five slot last year. South Dakota, which finished first in 2014 and third in 2013, dropped down to eighth place this year.
Wyoming was the best state in the country in terms of residents’ ability to save for retirement, based largely on a tax code that is favorable for retirees. They have no income tax.
In addition their sales tax and property taxes and other taxes are such that they will take the smallest hit from their paychecks every single year.
The top four states all border one another; Wyoming is followed by Colorado, Utah and Idaho. In fact, only one eastern state, Virginia, managed to break into the top 10.
In case you're wondering, the worst state to retire in is Arkansas. The second worst is New York.
Sources: Bankrate.com , USNews.com