When the TopRetirements.com compiled the criteria for the top 10 worst states to retire in 2012, two states were actually tied for the number one spot: Connecticut and Illinois.
But because of its higher property taxes, income taxes and cost of living, the Nutmeg State took the top spot, according to the site.
The Top 10 Worst Places to Retire (according to TopRetirements)
- Connecticut
- Illinois
- Rhode Island
- Vermont
- Massachusetts
- New Jersey
- Minnesota
- New York
- Maine
- Wisconsin
The Top Weighting Criteria Used
In 2011, Connecticut made the list too, but at number nine. The top weighted criteria used in 2011 was fiscal health, taxation and climate.
The criteria used to determine quality of retired life in 2012 were fiscal health, property taxes, income taxes, cost of living and climate.
A more detailed page on why Connecticut was chosen as the number one worst state to retire goes through the criteria in detail.
Economy
Despite financial troubles, including the decline of the its manufacturing base, Connecticut's inflation-adjusted 2007 per capita income was one of the highest in the country, according to the site.
Median home values in Connecticut differ depending on the area, the site noted. In Greenwich, for example, a starter home may cost $1 million. In the Hartford area, the third quarter 2011 median price was $232,900.
The national median is reportedly $169,500, according to TopRetirements.com.
Taxes
Despite the wealth of its population and revenues gained from its casinos, Connecticut had the third highest state/local tax burden in the country in 2009, according to the site.
The site also notes that in Connecticut, social security income is exempt on couples whose adjusted gross income is $60,000 or less and partially exempt when above $60,000.
TopRetirements.com also listed towns in Connecticut that it deemed welcoming to active adults, mainly due to the presence of active adult communities:
- Avon
- Madison
- Mystic
- Newington area
- Niantic
- Old Saybrook
- Oxford
- Pomfret
- Sharon
- Southbury
- Stonington
- Wallingford area
- Washington
- Willimantic
- Do you agree with the TopRetirements list? Is Connecticut the worst state in which to retire?
- Yes, it's too expensive.
- No, I don't think it's the worst state to choose for retirement.
Related Topics: Connecticut and Retirement. Do you agree with the findings of the TopRetirements site? If you've chosen Connecticut as your retirement spot, why did you choose it?
