The Best and Worst States to Prepare for Retirement
The best states for retiring may be a no-brainer to many, and numerous studies examine benefits and quality-of-life attributes to pinpoint desirable destinations. But a recent study by LPL Financial flips the concept and looks at the best and worst states for pre-retirees, whom the company defines as those 45-to-64 years old.
As ranked by the index, Virginia comes out on top, followed by South Dakota, Minnesota, Wyoming and Wisconsin. The worst state in which to prepare for retirement is New York, followed by New Jersey, New Mexico, California and — oddly? — Arkansas.
LPL rated each state across six categories: finances, health care, housing, community quality of life, employment and education, and “wellness,” according to Forbes.
The magazine says the index is meant to start conversations about retirement planning. So living in a “bad” state shouldn’t frighten its citizens into running for the exit. Rather, the ranking is supposed to help people understand specific challenges they may face as they save for retirement.