Connecticut among the worst states to retire - WFSB 3 Connecticut

Source: WalletHub

Connecticut among the worst states to retire

Posted: Updated:
( photo) ( photo)

Connecticut is among the worst states in which to retire, according to a new study.

The personal finance website released a list of 2016's best and worst states to retire.

Connecticut ranked as the fourth worst, the report said.

Out of all 50 states and the District of Columbia, the state was also (from best to worst):

  • 45th in adjusted cost of living
  • 23rd in annual cost of in-home services
  • 20th in museums per capita
  • 25th in number of healthcare facilities per capita
  • 37th in number of golf courses per capita
  • 36th in number of family and general physicians per 100,000 residents

WalletHub said it found that nearly a third of all non-retirees have no retirement savings or pension because they simply can't contribute. 

"I retired from my work but I can't stay home and do nothing," said Vennicia Getutua, who has her own tailoring and alterations business.

She worked for 20 years before she opened her own shop. She was born in the Philippines but has lived in Connecticut for a long time, and said while she enjoys living in the state, she does find it expensive.

Getutua is 66 but said she doesn't know if she has enough to retire just yet.

Even in the most affordable areas, researchers said retirees often can't rely on their Social Security or pension checks to cover cost of living expenses. They cited the Center on Budget and Policy Priorities in that Social Security is only good enough for 40 percent of what the average worker earned.

To help the, researchers compared all of the states and D.C. across 24 key metrics. The data looked at things like adjusted cost of living, the number of various entertainment options per capita and public hospital rankings.

Florida was the top state to retire, according to WalletHub. It was followed by Wyoming and South Dakota.

After Connecticut on the bottom of the list were Hawaii, D.C., and Rhode Island.

While the state may be tough to retire in, there are some perks.

The cost of in-home services is about average.

To see the complete results, check out WalletHub's website here.

Copyright 2016 WFSB (Meredith Corporation). All rights reserved.