If you live in Illinois, we have some good news for you. You no longer live in the absolute worst state in which to retire. The bad news? You live in the second-worst state, according to research released Wednesday by TopRetirements.com. Connecticut now has the dubious honor of being the worst state to spend your golden years, according to John Brady, the president of TopRetirements.com who by odd coincidence also lives in Connecticut. “The Nutmeg State does have considerable charm and some terrific places to live, if you can afford to live here,” said Brady.
Now truth be told, Brady said Illinois actually tied Connecticut as being the worst state in his research. But ultimately Connecticut earned the inglorious honor of being the worst place for retirees; its property taxes, personal income taxes, and cost of living are higher than that of Illinois.But Illinois has plenty of woe: “Its pension funding, deficit spending, unemployment, and foreclosure rates are among the worst of any states,” Brady said.
This year, Brady expanded the number of factors he evaluates to five; the state’s fiscal health, property taxes, state income tax, cost of living and climate. Now, he readily admits that you have to establish your own criteria for identifying the best or worst state for your retirement, but these factors represent what is likely to be important to most people. For Rhode Island, its high taxes outweighed the great places to live along its extensive coastline and numerous bays and harbors.
Senior Director, Coldwell Banker New Homes Division
With over 200 condominium, townhome and loft projects successfully marketed
“Fewer properties for sale with such remarkably low interest rates make it a great time to sell but a more difficult time to buy”