About a quarter of people plan to reduce their work hours as they moved toward retirement, and less than 15 percent reported being part-time retired or slowly retiring from their career, according to the U.S. Government of Accountability Office (GAO).
As it turns out, those goals will be a lot harder to achieve in some states compared to others.
A new ranking by Bankrate shows that some states make it hard for Americans to transition from a career to retirement, based partly on cost of living, taxes, the availability of health-care services, crime rates, cultural offerings and general well-being.
The website does this ranking annually, and this year found some changes. For example, in terms of well-being, Hawaii, Alaska, Florida, North Carolina and California all saw decreases in their scores.
Bankrate rates the following states, in descending order, as the worst for retirement:
10. South Carolina
Weather ranked the highest for the state, scoring eighth out of 50. The cost of living rated at a 23/50 and health-care quality rated a 27/50.
9. Nevada
The Tax Foundation ranks Nevada fifth overall and first for individual taxes. Weather also posted a decent score of 27/50.
8. Washington
According to Tax Foundation, Washington did well for individual taxes. The state poste a rank of 22 for well-being and a 29 for culture.
7. Illinois
The state’s best rating was 23/50 for weather. Illinois scored a 36/50 for cost of living and well-being.
6. California
While California sounds great for retirement, the cost of living and taxes are not so great. The state ranked at a 14/50 for weather and well-being.
5. Arkansas
The cost of living scored second best in the nation. Retirees can enjoy good weather, as well. However, Arkansas scored poorly in culture, health-care quality and well-being.
4. Louisiana
It’s all about the weather in the southern state, with a 3/50 score for warm temperatures and access to sunny beaches. The cost of living scored a 16/50. But crime and overall well-being moved the state down in the ranking.
2. (Tie) Maryland
While Maryland has many options for retirees, the cost of living is high. Culture, health-care quality and weather all were rated in the middle of the ranking.
2. (Tie) New Mexico
The Land of Enchantment ranked at the bottom for crime and health-care quality. New Mexico is affordable and rated a 22/50 in the ranking. The weather is also a plus in the state with a 21/50 score.
1. New York
The high cost of living, plus the taxes, put New York as the worst place for retirement. On the upside, culture ranked a 13/50, with many options for retirees in the state, not just New York City.
The full report can be viewed here.
