Last month, we shared that Connecticut ranks as the Number 4 state to raise a family, according to a new survey.
But children aren’t the only ones who benefit from living in the state!
In a study by MoneyRates.com, Connecticut was named as one of the top ten states to retire.
Connecticut is known for being less affordable than other states, so for some, this comes as a surprise. However, there are plenty of other factors that make Connecticut a great place to live as you age (aside from staying close to family!).
In the study: Best States for Retirement 2021, there was a total of ten data points taken into consideration, grouped into four major categories.
- Economic Factors
- Cost of Living data from the Council for Community and Economic Research
- Property tax burdens from the Tax Foundation
- Unemployment rates from the Bureau of Labor Statistics
- Crime/safety Factors
- Violent crime rates from the Federal Bureau of Investigation
- Property crime rates from the Federal Bureau of Investigation
- Lifestyle Factors
- Proportion of older residents calculated from U.S. Census Bureau
- Average temperatures from the World Population Review
- Healthcare Conditions
- Nursing facility capacity calculated from U.S. Census Bureau data
- Cost of health care from the Council for Community and Economic Research
- Life expectancy at age 65 from the Centers for Disease Control
Where Connecticut Ranks
Connecticut ranked Number 7 in the best states for retirement. While it is one of the most expensive states to retire in, other factors pulled the overall ranking up to be included in the top ten. Here is the breakdown:
- Economy: 45
- Crime/Safety: 4
- Lifestyle: 19
- Healthcare: 3
Take a look at the other states that made the top ten list:
- Iowa (tie)
- West Virginia (tie)
- Arkansas (tie)
- Mississippi (tie)
- Florida (tie)
- Kentucky (tie)
- Alabama (tie)
- Rhode Island (tie)
Questions about buying or selling in retirement?