Retiring Baby Boomers Must Avoid Living In These States

Retiring Baby Boomers Must Avoid Living In These States

Millions of Baby Boomers retire each year from the US labor force. They must make the difficult decision if their current home state is worth living out their "golden years" of adulthood. 

To simplify the process of what states are the best for retirees in 2021. The finance website Bankrate provides new data of the worst states to retire in this year. 

Bankrate examined five essential factors: affordability, wellness, culture, weather, and crime for each state. Affordability and wellness were weighted the most, 40% and 20%, respectively. 

The survey found that Maryland, Minnesota, and Kansas were the worst three states to retire in.

"It's a complicated formula to figure out what's going to attract people to your state and how to create the best climate for them," Jeff Ostrowski, Bankrate analyst, told CNBC. "It's a combination of factors, some in the control of the state and its leaders and some that are not."

Ostrowski said Maryland ranked the worst because of complaints about the state's tax burdens. 

Here's the full list of the eleven worst states to retire in this year: 

11. Washington

• Affordability rank: 36
• Wellness rank: 8
• Culture rank: 27

9. TIE: Idaho

• Affordability rank: 22
• Wellness rank: 39
• Culture rank: 30

9. TIE: Connecticut

• Affordability rank: 49
• Wellness rank: 7
• Culture rank: 9

8. Alabama

• Affordability rank: 8
• Wellness rank: 44
• Culture rank: 43

6. TIE: Arkansas

• Affordability rank: 19
• Wellness rank: 49
• Culture rank: 42

6. TIE: Maine

• Affordability rank: 40
• Wellness rank: 29
• Culture rank: 1

5. Alaska

• Affordability rank: 25
• Wellness rank: 23
• Culture rank: 20

4. Montana

• Affordability rank: 33
• Wellness rank: 33
• Culture rank: 3

3. Kansas

• Affordability rank: 24
• Wellness rank: 26
• Culture rank: 38

2. Minnesota

• Affordability rank: 39
• Wellness rank: 15
• Culture rank: 34

1. Maryland

• Affordability rank: 47
• Wellness rank: 4
• Culture rank: 39

The timing of the Bankrate report comes as the number of retired Baby Boomers has surged post-pandemic, according to Pew Research Center analysis data from late 2020. 

"We're not expecting that someone's going to make their life decision based on one index; it's just another data point to consider," Ostrowski said.

Tyler Durden Fri, 08/06/2021 - 20:00
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Retiring Baby Boomers Must Avoid Living In These States