Community Corner

Retirement Website: Connecticut's the Pits [POLL]

Sorry kids—Granny's moving to Florida, where it's warm and cheap! A colder climate and high cost of living were two criteria used by TopRetirements website in naming Connecticut the worst state in which to retire this year.

When the TopRetirements website 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.

"Connecticut won the tie-breaker because it has much higher property taxes, income taxes and cost of living than Illinois," according to the TopRetirements website.

The announcement of the top 10 worst states in which to retire notes the following information for readers:

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  • The list's purpose is to help baby boomers find places where they can enjoy their retirement without incurring more problems.
  • Each retirement is unique. If being near family is important, then one of the worst states to retire according to the site's criteria may be one of the best states to retire, when family is factored into the equation.

The Top 10 Worst Places to Retire (according to TopRetirements)

  1. Connecticut
  2. Illinois
  3. Rhode Island
  4. Vermont
  5. Massachusetts
  6. New Jersey
  7. Minnesota
  8. New York
  9. Maine
  10. Wisconsin

The Top Weighting Criteria Used

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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

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, and the cost of living is well over the national average. However, the website reported, the state's per capita income is also the highest of any state.

Taxes

"In 2009, the state had the third highest state/local tax burden of any state," the TopRetirements website stated.

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.

The TopRetirements site lists towns in Connecticut that it has 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

Readers, do you agree with the findings of the TopRetirements site? If you've chosen Connecticut as your retirement spot, why did you choose it?


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