If you have already or are approaching retirement, you may be contemplating where to live out your golden years. But you may not want to throw away your hard-earned savings on something like the cost of living.
For this, personal finance news outlet WalletHub has you covered. The organization conducted a study to determine the costliest states to retire in the U.S. The study took into account several factors including affordability, health-related factors and overall quality of life.
Here are the top 10 most expensive states to retire.
New Jersey's consumer staples come with almost a 7% premium, which can be tough for retirees living on a fixed income. New Jersey residents must report pensions, annuities and some IRA withdrawals on their tax returns, and the state slaps an inheritance tax of up to 16% on residents.
California also ranks number 42 in "healthcare quality" according to a Bankrate study, and number 45 in tax rate efficiency for residents.
The Peace Garden State ranks near the bottom in terms of "Quality of Life," according to WalletHub.
For retirees not fond of the winter, it snows on average 44.3 inches a year in Minnesota, compared with 25 inches for the U.S. overall.
Cost of living in the state is 29% above the U.S average, according to Kiplinger, with New York City averaging a cost of living rate that's a whopping 127% higher than the national average.
The city of Boston is among the most expensive cities to rent out of the 124 global cities assessed by online realtor Nested.
The overall cost of living in Vermont is 16% higher than the national average
Connecticut's low affordability, cold weather, pinched government services and the fact that its main roadway artery, Interstate 95, is one of the most traffic-clogged highways in the U.S., makes it no bargain for value-minded retirees.
Hawaii has the second-highest property crime rate in the U.S., a big problem for safety-minded seniors.
Rhode Island ranks near the bottom of the list of just about every key category that matters to retirees, including cost of living, taxes, weather, and cultural activities.