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CT Among Least Affordable States for Retirement

Connecticut ranked 48th on the list of 2016's Best and Worst States to retire.  (PublicDomainPictures/pixabay)
Connecticut ranked 48th on the list of 2016's Best and Worst States to retire. (PublicDomainPictures/pixabay)
January 26, 2016

NEW HAVEN, Conn. - Affordability is a key factor in deciding where to retire, and a new survey puts Connecticut near the bottom of the list - at number 48 among states.

When it comes to the adjusted cost of living, according to the survey by the personal finance website WalletHub, the Nutmeg State comes in even worse, at 50th out of the 50 states plus the District of Columbia. Jill Gonzalez, an analyst for WalletHub, said the state comes in almost that low in the survey's "taxpayer ranking" as well.

"Connecticut really ranked poorly here when it just comes to being a taxpayer," she said, "and both Social Security and pension income taxes that exist."

Florida was rated the best place to retire, and Rhode Island came in dead last.

Affordability isn't the only consideration for retireees, Gonzalez said. Connecticut ranked third for life expectancy, fifth in terms of health care and 15th for "quality of life."

"To some people, affordability is not as important as quality of life, or vice versa," she said. "You really have to think about this, and think about what is your priority in terms of retirement."

The survey said nearly one-third of working Americans haven't saved anything for their retirement. According to Gonzalez, that can be an important consideration when planning where to retire.

"Those people that do retire and really haven't accounted for how much they're going to need to live on have to go back to work," she said. "So, you want to be in a place where they're very friendly to hiring older people."

Again, she said, Connecticut is near the bottom of the state rankings for the percentage of people age 65 and older who are employed.

The WalletHub survey is online at

Andrea Sears, Public News Service - CT