Retirement — The PIA Western Alliance States & Some Disturbing Information

Every year the National Institute on Retirement Security (NIRS) issues a report on retirement. The latest report points a long finger at Gen X and says things don’t look so good for them. These are people in their 40s and 50s and they comprise about 20% of the U.S. population.

The NIRS says there is a huge gap in the retirement savings of the best earners in Gen X and those earning the least. Just half participate in an employer-sponsored retirement plan and only 14% are covered by a defined plan.

On average, the top earners have about $250,000 in their retirement accounts at the present time. Those with lower incomes have between $200 and $4,290 saved.

Another concern is where to retire. That’s when cost of living and other factors come into play. According to the American Planning Association, many retirees move to be close to family, living in better places and to reduce what it costs them to house themselves.

Looking at the NIRS figures and information from the American Planning Association, Bankrate just did some number-crunching on retirement and which states are the best and which are the worst.

Here’s how Bankrate rated states:

  • Affordability — 40%
  • Overall well-being — 25%
  • Quality and cost of healthcare — 20%
  • Weather — 10%
  • Crime rate — 5%

Here are the 10 worst states in which to retire according to Bankrate. The PIA Western Alliance states of Alaska, California and Washington rank 50, 48 and 47 respectively in the worst state list:

50. Alaska

Affordability rank: 43rd

Quality & cost of healthcare: 38th

Well-being rank: 27th

Weather rank: 50th

Crime rank: 49th

49. New York

Affordability rank: 50th

Quality & cost of healthcare: 30th

Well-being rank: 4th

Weather rank: 37th

Crime rank: 15th

48. California

Affordability rank: 49th

Quality & cost of healthcare: 6th

Well-being rank: 15th

Weather rank: 12th

Crime rank: 38th

47. Washington

Affordability rank: 47th

Quality & cost of healthcare: 2nd

Well-being rank: 30th

Weather rank: 34th

Crime rank: 34th

46. Massachusetts

Affordability rank: 48th

Quality & cost of healthcare: 27th

Well-being rank: 11th

Weather rank: 31st

Crime rank: 10th

45. North Dakota

Affordability rank: 26th

Quality & cost of healthcare: 40th

Well-being rank: 39th

Weather rank: 48th

Crime rank: 18th

44. Texas

Affordability rank: 28th

Quality & cost of healthcare: 36th

Well-being rank: 47th

Weather rank: 6th

Crime rank: 38th

43. Colorado

Affordability rank: 41st

Quality & cost of healthcare: 1st

Well-being rank: 28th

Weather rank: 43rd

Crime rank: 37th

42. Maryland

Affordability rank: 46th

Quality & cost of healthcare: 12th

Well-being rank: 20th

Weather rank: 14th

Crime rank: 29th

41. Louisiana

Affordability rank: 16th

Quality & cost of healthcare: 44th

Well-being rank: 41st

Weather rank: 5th

Crime rank: 48th

Bankrate ranks these states and the 10 best:

  • Iowa
  • Delaware
  • West Virginia
  • Missouri
  • Mississippi
  • Wyoming
  • Pennsylvania
  • Florida
  • Hawaii
  • Nebraska

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The Professional Insurance Agents Western Alliance is a membership organization promoting and enhancing the success of independent agencies seeking to grow, learn and be heard within the industry.


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