What are the most expensive states to retire in – NBC Miami (51)

In addition to housing The most expensive city New York is the least retiring US state in the world.

It depends Best states to retire in 2023 From WalletHub, which compared all 50 states in three main categories: affordability, quality of life, and health care.

For its measure of affordability, WalletHub used data from various agencies, including the US Census Bureau and the Council on Community and Economic Research. The ranking looked at the adjusted cost of living, general tax relief, and the annual cost of household services, as well as other factors.

While New York ranked 10th in the quality of living category and 16th in health care, it was ranked 50th in affordability. This is probably because it has the second highest adjusted cost of living, after Alaska, and Third highest tax rateAccording to WalletHub.

Even $1 million in retirement savings will only cover your living costs About 14 years oldpart of 25 years or older which usually lasts retirement.

Don’t expect affordability across the Hudson River, either: New Jersey ranks as the second most expensive state in which to retire.

These are the 10 most expensive states to retire to, according to WalletHub:

1. New York

2. New Jersey

3. Vermont

4. Massachusetts

5. Maryland

6. Washington

7. Connecticut

8. who

9. Illinois

10. Oregon

They just published a new study with the most expensive cities to live in the US and there are surprises. See if your city is on the list.

Retirement will look different for everyone, and there are several factors to consider.

While the cost of living in the state is often important, retirees may also consider how close they are to family and how easy it is for them to get health care and participate in social activities, said Alan Castle, a professor at the University of California, Los Angeles, and author of Better With Age. : The Psychology of Successful Aging,” he said in the WalletHub report.

If you’re going to live on a fixed income in retirement, Castle said, it’s important to review your budget and future financial commitments periodically.

“Sometimes our spending habits need to be reevaluated and several great discounts can be used to lower bills,” he said. “It may also be worth considering reducing or reducing some of the costs that are no longer needed.”

this condition Originally published in English by Cheyenne Devon for our sister network CNBC.com. For more from CNBC enter here.