Pleasant but pricey: How Maine ranks for retirement
Courtesy / WalletHub
As a place to retire, Maine is No. 29 among the 50 U.S. states, according to a new report by personal finance website WalletHub.
Despite a high quality of life and decent health care compared to other parts of the country, Maine remains one of the priciest places to retire, according to a new barometer by personal finance website WalletHub.
Maine, the oldest state in the nation with an average age of 44.9 years, is ranked No. 29 overall. Virginia, Florida and Colorado top the list of "2023's Best States to Retire," based on a score that's tallied from a combination of affordability, quality of life and health care. Those categories were broken down into 47 metrics such as general tax-friendliness and the proportion of residents unable to afford a doctor's visit.
Strong marks for quality of life in the Pine Tree State (No. 6 on the list) and health care (No. 13) were overshadowed by low marks (No. 43) for affordability.
The quality-of-life score is based on factors including the share of population age 65 and older and whether there is an "elder-friendly labor market," while the health care score factors in COVID-19 vaccination rates and the number of family physicians, dentists and nurses per capita.
The affordability score takes into account the adjusted cost of living and "retired taxpayer friendliness." The latter measures taxation on retirement income, property and purchases, as well as special tax breaks for seniors.
Elsewhere in New England, New Hampshire was ranked No. 6 overall while Massachusetts came in at No. 17, Vermont at 34, Connecticut at No. 35 and Rhode Island at No. 40.
And at No. 50, Kentucky was deemed the worst state to retire.
WalletHub researchers note that 25% of non-retired adults haven't saved enough money for retirement, though not necessarily through any fault of their own, and that finding the best states to retire can be difficult without doing lots of research.
Find the full WalletHub report here.
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