9 Worst States To Retire

[Lee Borgersen]

      9 Worst U.S. States To Retire:

 
      .....Looks like were both on the  list

8) Minnesota
The Land of 10,000 Lakes is consistently included in the list of least tax-friendly states for retirees. The state even taxes social security benefits. Even other retirement income like military, government, and private pensions are taxable.

While the average household income for individuals 65 and older, which is at 13.7% below the U.S. average, is beneath the thresholds for highest tax bracket, the cost of living in Minnesota is way above average. Even lifetime health care and median home value for people 65 and older are higher than the national average.


9) Illinois
State and local taxes are extremely high in the Prairie State, even rising above a combined 10% in some areas. Moreover, the cost of health care, which is a primary need of people 65 years and older, is very high.

A healthy couple around that age who retires this year will accrue health care costs in retirement amounting to $416,500. That is $21,500 more than the national average. The upside of retiring in Illinois is that the state doesn’t take taxes from retirement income sources, including 401k plans and individual retirement accounts.



If your interested in seeing the full list here you go!

http://www.thefinancialword.com/9-worst-u-s-states-to-retire/