Individuals who reach the age of retirement are usually on a fixed income. It is important for these retirees to receive the biggest bang for their buck. They need to live on a moderate level so they do not live longer than their money can support them.
According to the Pew Center for States Report, the ten worst states for retirees to live in are Arizona, Florida, Illinois, Michigan, Nevada, New Jersey, Oregon, Rhode Island , Wisconsin and California. Hooray for New York! It didn’t make the list with the other bad boys.
The report did indicate that New York has “very high taxes”. It stated that New York has the second highest tax rate and the fifth highest per-capita property taxes. The report also indicated that New York has a “dysfunctional legislature”. The report also pointed out that there was a benefit to living in New York because pension income is exempt from income taxes.
The report involving the worst states to live in focused on the fiscal health, taxation and climate of the states in the United States. It considered factors regarding which state to retire in involving taxes, climate, typography, the crime rate, recreational opportunities in the state, the quality of transportation and healthcare, as well as the cost of living and the physical health of the state itself. Individuals, before they retire, should take into consideration all of these factors and how it will effect the quality of their life. From my point of view, I would rather be happy and poor than have more money and be miserable.
The Estate Planning lawyers at the Law Offices of Schlissel DeCorpo have been assisting their clients in drafting wills and trusts for more than thirty-three years. We represent our clients with regard to the drafting and implementation of revocable living trusts and irrevocable living trusts. Elliot S. Schlissel, Esq., is a member of the National Academy of Elder Law attorneys. Our office provides all types of elder law assistance. We deal with issues involving nursing home abuse, Medicaid, Medicaid planning, special needs trusts, as well as supplemental needs trusts. Call us at 1-800-344-6431, 516-561-6645 or 718-350-2802 for a free consultation.