Report: Best and worst states for retirement 2015

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CNN– It’s the “American Dream,” you work hard and save for the perfect retirement but wonder if there’s a “best” place to make that dream a reality. Well, there’s a new report with a list of the best and worst states for those looking to retire.

If you’re looking for the perfect place, a new report from bankrate.com says Americans want more than just sunshine.

Bankrate says it looked at the whole picture — cost of living, taxes, quality of health care, crime rate, overall well being, and of course, the all important weather — to make its list.

According to the report, the best state to retire is Wyoming, followed by Colorado, Utah, Idaho, and Virginia.

The worst? According to the report, Arkansas is at the bottom of the list, under New York, Alaska, West Virginia, and Louisiana.

Click here to read more.

1 Comment

  • carazhang5307

    Some of them are quite nice actually, but I’d rather retire in Hawaii or SoCal. Those are much better options, if you ask me. Because I’m still 30 years from retirement, I’m going to try and make some smart decisions with my money until I’m ready.

    Here’s the path to retire on your own terms, in 7 steps (pasted from elsewhere):

    1) Pay off your debts as fast as you possibly can. If this means living in a crappy studio apartment and eating ramen everyday for a couple of years, do it. If you want to buy a car, get a reliable beater. Get insurance for $25/month from Insurance Panda. Forget about buying a house until your debts are paid off.

    2) Once you are out of debt, stay out of debt. The only exception to this rule is a vehicle and a house. If you want to get a nicer car, buy used and be able to pay it off in a year or 2.

    3) If you are going to stay in the same spot for at least 10 years, buy a house, preferably with at least a little bit of usable land. An acre is good, 5 acres is better. Take the amount you are pre-approved for and cut it in half – that’s how much you should spend on a house. Come to the table with at least 20% down and make a couple of extra mortgage payments every year. If you’re going to be transferred or relocate every 5 years, forget about buying a house and rent instead.

    4) Develop multiple revenue streams. Do contract work. Start a business on the side. Invest in a business as a silent partner. Raise chickens, breed dogs or grow apples. Build websites. Buy and sell antiques. Acquire rental property. Sell something that generates residual income. Learn to play the currency markets or trade stocks. Do whatever you can to generate income from multiple sources.

    5) Grow these multiple revenue streams to the point that they generate enough consistent and reliable cash flow to replace your current income.

    6) Make as much as you can. Save as much as you can. Give away as much as you can.

    7) Retire!- the sooner, the better. Be sure you understand that “retirement” doesn’t necessarily mean you stop working, it just means having the freedom to do what you want to do, when you want to do it.

    Don’t be foolish and fall into the trap of trying to measure your wealth by the value of your assets. Markets change. Valuations fluctuate. Instead, measure your wealth by the amount of cash flow your assets consistently generate.

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