Looking at Connecticut in the Rearview Mirror
After crunching the numbers, Mindy and I have come to the realization that we won't be able to retire in Connecticut. Where would you suggest we retire?
The truth is, Connecticut is one of the top three most expensive states to live in. I love everything about this state since we moved here in 1979. Especially Candlewood Lake, as you may well know. But, unless you have a job where you're bringing home over $100,000 a year, it's simply too expensive to retire here. It's nobody's fault, but it is what it is. If I was a hedge fund manager working in Manhattan raking in $1 million-plus a year while working 12 hour days, it would be a different ball game.
Here are some stats about the cost of living in Connecticut. According to wallethub.com, Connecticut households pay the second highest total state and local tax at around $10,831/year. Compared to the national average, Connecticut's tax rate is almost 26% higher and our cost of living rank is the third highest in the country.
According to Bankrate.com, Wyoming is the best state to retire for the second year in a row. South Dakota, Colorado, and Utah came in second, third, and fourth. Yes, it does get very hot out west, but it's a dry heat. The five most expensive states to retire are Louisiana, Arkansas, Oregon, West Virginia, and New York.