” Baby boomers may have provided the bulk of the productivity surge in this country during the past couple of decades, but now they’re retiring in unprecedented numbers. This is setting in motion a number of interesting scenarios.
Some retirees are still recovering from the Great Recession swoon. Many are concerned about the Social Security funding gap, and some need their nest eggs to stretch further because people are living longer than ever these days.
But for all retirees, choosing where to retire can be just as important as choosing when to retire.
As we saw last weekend, more than a dozen U.S. states tax Social Security income either at the federal rate or at rates based on their own formulas. In addition, sales tax, property tax, and a bevy of other costs can vary throughout the country. Thus some states let senior citizens hang on to more of their hard-earned cash than others do.
Thankfully, Bankrate has done the hard work for us. By using a number of factors that include tax burden, cost of living, access to healthcare, crime rate, and even weather, it has ranked the top states for senior citizens to retire in. According to Bankrate’s findings, here are the five best states for retirement, in ascending order: “