Where to settle after retirement is an important matter that retirees must decide beforehand. The bulging taxes and the expensive cost of living are the warning signs that retirees must take note off before settling. If you're wishing to relocate to another city, keep these three states in mind as Kiplinger suggests that these tops the worst states for retirees.
1. District of Columbia
DC may instigate to be a powerful state where the rule of power in the U.S. resides but this has sure no luck for retirees. The city is reported as the second highest in cost of living ranking in all the states and crimes happening in the area are higher than the expected average.
"The nation's capital has the second-highest cost of living in the U.S. after New York, and the greater metro area is among the most expensive in the country." states the outlet. "Violent crimes occur at 3.5 times the national rate, and the property crime rate is also higher than average."
2. California
This city is the second least friendly place for a retiree to live on. Firstly, the retirement income is taxed and it is also the third amongst the states that has the highest cost of living.
"Except for Social Security benefits, retirement income is fully taxed, and California imposes the highest state income tax rates in the nation,"
"The median home value for those 65+ in California is $368,600, more than double the national median. Retirees who rent will fare no better: Monthly rental costs for renters 65 and older are the steepest in the nation," as detailed in the report.
3. New Mexico
New Mexico is also seen as a least friendly state for retirees. The state is including Social Security benefits in its tax apart from this security is also an issue, as reported in 2013 "For every 100,000 residents in New Mexico, there were 3,705 property crimes, including burglary and car theft, and 613 violent crimes, such as rape and murder."
