California Ranked 2nd Worst State To Retire In

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In a recent analysis by Bankrate, California ranked 47th overall and last in affordability as a retirement destination.

The state is notorious for having among of the highest housing and tax rates in the country, which presents serious financial difficulties for retirees. According to a different Bankrate analysis conducted earlier this year, prospective California homeowners must make close to $200,000 a year in order to purchase a standard home. Redfin research shows that this number jumps considerably to about $380,000 in areas like San Francisco and San Jose.

In addition to its affordability issues, California also has problems with retiree healthcare bills. According to a Fidelity report from 2023, the average American retiree who is 65 years old will spend over $157,500 on healthcare over the course of their retirement. But when it comes to the cost and quality of healthcare, western states like Idaho, Colorado, Washington, Oregon, and Utah are the best, according to Bankrate.

Despite California's struggles, other states offer more attractive conditions for retirees. The top ten states to retire in 2024 include Delaware, West Virginia, Georgia, South Carolina, Missouri, Mississippi, Pennsylvania, Florida, Iowa, and Wyoming. These states provide a combination of affordability, quality healthcare, and favorable tax environments.

Conversely, the ten states ranked as the worst for retirement in 2024 are Alaska, New York, Washington, California, North Dakota, Massachusetts, Colorado, Maryland, Texas, and Minnesota. These states face challenges related to cost of living, taxes, or healthcare, making them less appealing for retirees seeking to maximize their savings and quality of life in their golden years.

What do you think? Is this accurate about California? Leave your comment below.

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