Posted on by Californiacontrarian

Retirees, Beware

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I may have mentioned some of these things before, but I just came across a 2016 Kiplinger report that is worth reviewing. Kiplinger rated all of the states on the favorability for retirees. The states were rated in terms of dollars and cents on practical terms. Things like living close to family and the climate were not used in this rating system. Kiplinger looked at things such as living expenses, general health of retirees, fiscal status of individual states, and the relative prosperity of residents over 65 years of age.
Where you think California was rated?
Let me give you a little hint – the four worst states were Democratic strongholds.
In California those over 65 made up 12.1% of the population of over 38 million. The cost of living in California was 15% over U.S. average. This is obviously bad for everybody in the state, but is especially bad for those who are retired on a fixed income. The taxes in California are some of the highest in the nation, and there is little hope of these taxes decreasing in the near future. In fact the politicians here have recently passed a gasoline tax which punishes everyone except those who drove electric cars. The medical care costs for a retired couple are greater than average. The fiscal status of California is never very good and this is important for retirees as any increase in red ink could lead to further increases in taxes. The average household income for retired couples is $62,000, and although this sounds high, 1 in 10 of those over 65 live in poverty in the Golden State.
Okay so where do you think California was rated?
Drum roll, please.
California was rated as the third worst state for retirees with only New York and New Jersey rated as worse states for retirees.

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