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Ranking the Top 10 States to Retire Based on Quality of Life

Top 10 best states to retire based on quality of life

Top 10 best states to retire based on quality of life

The Best States to Retire in Based on Quality of Life

According to a recent report by CNBC, Massachusetts ranks as the best state to retire in based on the quality of life. The report considered several factors, including health care, tax friendliness, and affordability. While Massachusetts scored in the bottom half of the list for affordability, it ranked second for health care.

Massachusetts is known for being one of the world’s top medical centers and a leader in advancing progress in areas such as health care coverage, public education quality, and same-sex marriage. The state is considered moderately tax-friendly for retirees, with Social Security income not being taxed, but withdrawals from retirement accounts being fully taxed.

Minnesota ranked second on the list, boasting the fourth-longest life expectancy in the nation and one of the lowest levels of poverty. Pennsylvania rounds out the top three, with no taxes on retirement income for residents and ranking highly for health care, wellness, safety, affordability, and entertainment.

Here are some frequently asked questions about the best states to retire in based on quality of life:

Q: What factors were considered in CNBC’s report on the best states to retire in based on quality of life?
A: The report considered several factors, including health care, tax friendliness, and affordability.

Q: Why did Massachusetts rank as the best state to retire in based on quality of life?
A: Massachusetts is known for its top medical centers and being a leader in advancing progress in areas such as health care coverage, public education quality, and same-sex marriage. It also ranked second for health care in the report.

Q: What states rounded out the top three on CNBC’s list?
A: Minnesota ranked second, boasting the fourth-longest life expectancy in the nation and one of the lowest levels of poverty. Pennsylvania ranked third, with no taxes on retirement income for residents and high rankings for health care, wellness, safety, affordability, and entertainment.

Q: Is Massachusetts tax-friendly for retirees?
A: Massachusetts is considered moderately tax-friendly for retirees, with Social Security income not being taxed, but withdrawals from retirement accounts being fully taxed.

Q: What other factors should retirees consider when choosing a state to retire in?
A: Retirees should also consider factors such as climate, proximity to family and friends, and access to amenities, recreation, and cultural events.

Top 10 best states to retire based on quality of life
Top 10 best states to retire based on quality of life

Ranking the top 10 states for retirement based on quality of life

Massachusetts has been named the top state for retirees based on quality of life, despite ranking in the bottom half for affordability. According to CNBC, the state scored second place for healthcare, owing to its strong medical centers and history of leadership in advancing social progress. Massachusetts is considered moderately tax-friendly for retirees as Social Security income is not taxed, but withdrawals from retirement accounts are taxed fully. In second place is Minnesota, which boasts the fourth-longest life expectancy in the US and low rates of poverty, while Pennsylvania rounds out the top three. Pennsylvania has no taxes on retirement income for residents and is known for being one of the best US states for geriatric healthcare providers.

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