POST 50
06/10/2016 11:50 am ET

Just In: The 5 Worst States For Retirement In 2016

See if your state will break the bank in your golden years.

When planning your golden years, there's more to consider than just the weather. With a limited income, many retirees also have to consider the financial feasibility of a retirement destination.

Kiplinger's, the personal finance website, recently released its annual list of the 15 worst states for retirement. Taking into consideration some of the top concerns shared by retirees, Kiplinger's ranked all 50 states based on overall cost of living, the population of residents over 65, tax laws, health care costs and other factors.

Though the states that fared the worst were spread out throughout the nation, there were a few states which also appeared on last year's list, including one popular place known for its weather and easy breezy lifestyle.

Check out the top five worst states below and head over to Kiplinger's to see the full list and methodology. 

  • 5 Illinois
    This midwestern state's cost of living isn't far above the national average, unlike many others on the list. However, Kipling
    Jumper via Getty Images
    This midwestern state's cost of living isn't far above the national average, unlike many others on the list. However, Kiplinger's cites the state's poor fiscal condition, according to the Mercatus Center, as a reason retirees may want to avoid Illinois. 
  • 4 Connecticut
    The small state's cost of living is well above the U.S. national average -- 29 percent to be exact, Kiplinger's says. Add to
    SeanPavonePhoto
    The small state's cost of living is well above the U.S. national average -- 29 percent to be exact, Kiplinger's says. Add to that its unfriendly tax laws for retirees, including a high real estate tax, and Connecticut ranks poorly.
  • 3 California
    Bad news for anyone who was California dreamin'. The state, unsurprisingly, has a cost of living over the national avera
    Andrew Zarivny via Getty Images
    Bad news for anyone who was California dreamin'. The state, unsurprisingly, has a cost of living over the national average and also is on Kiplinger's list of worst tax states for retirees. 
  • 2 New Jersey
    Sitting next to New York, New Jersey also has a higher-than-average cost of living. Though it's in close proximity to the Big
    shutterstock
    Sitting next to New York, New Jersey also has a higher-than-average cost of living. Though it's in close proximity to the Big Apple, retirees might want to rethink spending their golden years in this state as it has some of the highest retiree health care costs in the country.
  • 1 New York
    Sorry, New Yorkers. You might not fare so well, living out your retirement in the Big Apple. The cost of living here is 29 pe
    Travelpix Ltd via Getty Images
    Sorry, New Yorkers. You might not fare so well, living out your retirement in the Big Apple. The cost of living here is 29 percent above the U.S. national average.

 

 

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