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High Prices and Taxes: 15 States Retirees Should Avoid

Many Americans spend most of their lives preparing for retirement. Even if you simply transfer a portion of each paycheck to a 401 (k) retirement account or individual retirement account, you have been slowly building your nest for most of your life to enjoy a comfortable retirement. However, by focusing on how quickly you can put money into your savings, you may be overlooking the other side of the equation: how quickly can you take that money back. Edition GoBankingRates has compiled a list of states where your savings run dry faster.

Photo: Shutterstock

This legendary $ 1 million retirement savings may finally be yours, but what if you live in an area where real estate and social security taxes are very high.

The place where you live during your retirement years can be an important part of your retirement planning. Once you have a fixed income, you will need to maximize your savings.

You can save your savings by looking at four main factors affecting retirees: taxes, living expenses, health care, and social security. Note that the cost of living is an index, where 100 is the US average.

On the subject: Pension in the USA: terms, amounts and facts you need to know

15 states to avoid when thinking about where to spend your retirement. State # 1 is the most expensive state for retirees.

15. Rhode Island
  • Sales Tax: 7%
  • Social Security Tax: Yes
  • Average property tax rate: 1,53%.
  • Estimated Property Tax: $ 5
  • Average house price: $ 342 811
  • Cost of Living Index: 119,6
  • Average annual health care costs: $ 7
  • Average Social Security Benefit: $ 1
14. California
  • Sales Tax: 8,68%
  • Social Security Tax: None
  • Average property tax rate: 0,74%
  • Estimated Property Tax: $ 4
  • Average house price: $ 628 535
  • Cost of Living Index: 138,7
  • Average annual health care costs: $ 7
  • Average Social Security Benefit: $ 1
13. Vermont
  • Sales Tax: 6,24%
  • Social Security Tax: Yes
  • Average property tax rate: 1,80%.
  • Estimated Property Tax: $ 5
  • Average house price: $ 279 737
  • Cost of Living Index: 116,8
  • Average annual health care costs: $ 6
  • Average Social Security Benefit: $ 1
12. North Dakota
  • Sales Tax: 6,96%
  • Social Security Tax: Yes
  • Average property tax rate: 0,95%.
  • Estimated Property Tax Amount: $ 2,312
  • Average house price: $ 243 322
  • Cost of Living Index: 97
  • Average annual health care costs: $ 7
  • Average Social Security Benefit: $ 1
11. New Mexico
  • Sales Tax: 7,83%
  • Social Security Tax: Yes
  • Average property tax rate: 0,68%
  • Estimated Property Tax: $ 1
  • Average house price: $ 228 172
  • Cost of Living Index: 89,8
  • Average annual health care costs: $ 6
  • Average Social Security Benefit: $ 1
10. Missouri
  • Sales Tax: 8,25%
  • Social Security Tax: Yes
  • Average property tax rate: 1,01%
  • Estimated Property Tax: $ 1
  • Average house price: $ 179 561
  • Cost of Living Index: 89,4
  • Average annual health care costs: $ 6
  • Average Social Security Benefit: $ 1
9. Nebraska
  • Sales Tax: 6,94%
  • Social Security Tax: Yes
  • Average property tax rate: 1,65%
  • Estimated Property Tax: $ 3
  • Average house price: $ 190 9821
  • Cost of Living Index: 93,1
  • Average annual health care costs: $ 6
  • Average Social Security Benefit: $ 1
8. Hawaii
  • Sales Tax: 4,44%
  • Social Security Tax: None
  • Average property tax rate: 0,30%
  • Estimated Property Tax: $ 2
  • Average house price: $ 764 492
  • Cost of Living Index: 199,1
  • Average annual health care costs: $ 7
  • Average Social Security Benefit: $ 1
7. Connecticut
  • Sales Tax: 6,35%
  • Social Security Tax: Yes
  • Average property tax rate: 1,7%
  • Estimated Property Tax: $ 5
  • Average house price: $ 303 010
  • Cost of Living Index: 124,1
  • Average annual health care costs: $ 7
  • Average Social Security Benefit: $ 1
6. Maine
  • Sales tax: 5,50%.
  • Social Security Tax: None
  • Average property tax rate: 1,27%.
  • Estimated Property Tax: $ 3
  • Average house price: $ 271 326
  • Cost of Living Index: 116,8
  • Average annual health care costs: $ 7
  • Average Social Security Benefit: $ 1

You may be interested in: top New York news, stories of our immigrants and helpful tips about life in the Big Apple - read it all on ForumDaily New York

5. Alaska
  • Sales Tax: 1,76%
  • Social Security Tax: No
  • Average property tax rate: 1,02%
  • Estimated Property Tax: $ 3
  • Average house price: $ 312 877
  • Cost of Living Index: 127,8
  • Average annual health care costs: $ 10
  • Average Social Security Benefit: $ 1
4. Colorado
  • Sales Tax: 7,72%
  • Social Security Tax: Yes
  • Average property tax rate: 0,56%
  • Estimated Property Tax: $ 2
  • Average house price: $ 447 460
  • Cost of Living Index: 104,1
  • Average annual health care costs: $ 6
  • Average Social Security Benefit: $ 1
3. Massachusetts
  • Sales Tax: 6,25%
  • Social Security Tax: None
  • Average property tax rate: 1,15%
  • Estimated Property Tax: $ 5
  • Average house price: $ 480 977
  • Cost of Living Index: 130,1
  • Average annual health care costs: $ 8
  • Average Social Security Benefit: $ 1
2. Illinois
  • Sales Tax: 8,82%
  • Social Security Tax: None
  • Average property tax rate: 2,05%
  • Estimated Property Tax: $ 4
  • Average house price: $ 220 012
  • Cost of Living Index: 95,7
  • Average annual health care costs: $ 6
  • Average Social Security Benefit: $ 1
1. Texas
  • Sales Tax: 8,19%
  • Social Security Tax: None
  • Average property tax rate: 1,69%
  • Estimated Property Tax: $ 3
  • Average house price: $ 223 085
  • Cost of Living Index: 92,6
  • Average annual health care costs: $ 6
  • Average Social Security Benefit: $ 1

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