New study cites Connecticut as a best state for retirement, albeit an expensive one

A new study released by the online resource MoneyRates.com has named Connecticut as one of the top 10 states for retirement, although it comes with a significant asterisk attached.

MoneyRates.com number crunched four key considerations ”“ economic factors based on Council for Community and Economic Research, Tax Foundation and U.S. Bureau of Labor Statistics information, crime and safety factors based on FBI data, lifestyle factors as determined by the U.S. Census Bureau and World Population Review, and health care conditions as weighed by the U.S. Census Bureau data and Centers for Disease Control and Prevention.

Connecticut”™s overall ranking placed it seventh among the states, with a third place ranking for health care conditions, fourth place for crime and safety and 19th place for lifestyle factors. However, its”™ 45th place ranking for economic factors forced MoneyRates.com to issue a caveat for retirees considering a Connecticut residency.

“The story on Connecticut seems to be that it’s a great place to retire if you can afford it,” the report said, adding that “it was among the 10 most-expensive states in every cost category ”“ overall cost of living, health care costs and average property tax burden.”

Iowa and West Virginia tied for first place in the rankings while Alaska ranked last in 50th place; New York settled in at 36th place