The article discusses the financial challenges faced by retirees, emphasizing the significance of low tax states with affordable living costs. The report highlights concerns among seniors about outliving savings, exacerbated by rising housing costs. In ranking the best states for retirees, Florida tops the list due to its lack of income and estate taxes, followed by Minnesota, recognized for healthcare facilities, and Colorado, noted for low senior poverty. The increasing senior population struggles with financial stability, prompting a need for supportive state policies.
Among Americans ages 62 and older, nearly half are concerned about outliving their retirement savings. One in four say they are burdened by housing costs.
Florida was No. 1 on the list due to its low tax rates, which outweighs its relatively high cost of living.
Minnesota ranked No. 2 as it has the most health care facilities and low shares of seniors with disabilities and mental health issues.
The report indicates that America's fast-growing senior population struggles to prepare for retirement and maintain financial health.
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