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
Source link: PropertyCasualty360.com — https://bit.ly/3PQcmuG
