New York state was recently rated one of the worst states to retire by Bankrate.com, beating only Arkansas.
The financial information site compiles an annual ranking of the best and worst states to retire, factoring in crime rates, weather statistics, government health care quality and the state and local tax burden. Bankrate.com also considers information from economists and retirement experts.
New York was rated the 49th-best state for retirees. The state ranked the least desirable in terms of tax rates. New York also ranked low for cost of living, at 47th, and community well-being, at 42nd. The state fared better on crime rates, at 17th, health care quality, at 26th, and weather, at 25th.
Connecticut ranked as the 39th-best state to retire. Similar to New York, factors that held Connecticut back were its high tax rates and high cost of living, which both ranked 48th. Compared to New York, Connecticut had better rankings for crime rate, at 6th, community well-being, at 24th, health care quality, at 12th, and weather, at 14th.
The five states that made the top of Bankrate’s list were Wyoming, Colorado, Utah, Idaho and Virginia.
“We weren’t looking for the most popular places in the country,” said Chris Kahn, who wrote about the report in an article on Bankrate.com. “Instead, we asked: If you could pick any state to retire in, which would best suit your primary needs.”
Kahn said the list is best used as a conversation starter. The survey took into account state averages, while many states, like New York, are diverse, he said. Other factors the survey did not account for were access to specific hobbies or activities and proximity to retirees’ family and friends.
