Retirement ought to be a time of leisure and enjoyment, but for many Americans it is a source of monetary anxiety.
More than half (56%) of American employees feel they are behind on saving for retirement, and 37% feel they are “significantly behind,” according to a recent survey Bank survey.
But where people select to live out their golden years can make or break their retirement. New study from Hub Wallet reveals the best states for retirees by assessing key aspects comparable to tax rates, cost of living, access to quality healthcare and entertainment.
According to the report, here are the top five states in the US for retirement:
1. Florida offers retirees lower taxes and no estate, inheritance or income tax. Additionally, costs for essential services comparable to adult day care and housekeeper services remain competitive. The state has a vibrant senior community and offers quite a few volunteer and recreational opportunities.
Image source: Alexander Spatari | Getty Images. Miami, Florida.
2. Colorado guarantees a retiree-friendly tax environment, high-quality health care, and a community where seniors are less socially isolated and mostly enjoy good health and financial well-being. An energetic lifestyle and excellent geriatric care may especially appeal to health-conscious retirees.
3. Virginia cares for the well-being of its seniors, providing strong protection against elder abuse and highly valued medical care. The state has a fame for being tax-friendly, charging no estate or inheritance taxes, and boasting miles of coastline, a low crime rate, and clean air.
4.Delaware is characterised by one of the lowest tax burdens in the country. The large senior population translates into a strong sense of community and minimal social isolation. It also has the lowest poverty rate among seniors 65 and older.
5. Wyoming stands out for its commitment to the safety of older people, clean air and a sense of community, as evidenced by the high level of senior volunteering. It also has a low tax burden, with no estate or inheritance taxes.
Image source: christiannafzger | Getty Images. The Snake River near Jackson, Wyoming.