Report: R.I. one of worst states to retire rich

GOBANKINGRATES.COM said Delaware is the best state for retiring rich, while Hawaii is the worst. Rhode Island just missed the list of the top 10 worst states to retire rich, coming in 11th. / COURTESY GOBANKINGRATES.COM
GOBANKINGRATES.COM said Delaware is the best state for retiring rich, while Hawaii is the worst. Rhode Island just missed the list of the top 10 worst states to retire rich, coming in 11th. / COURTESY GOBANKINGRATES.COM

PROVIDENCE – Rhode Island is the 11th-worst state to retire rich, according to the latest study by GOBankingRates.com.
The website surveyed all 50 states plus the District of Columbia to determine which states are affordable for post-employment living, and where Americans can actually retire rich. Cost factors such as taxes, living expenses, banking, health insurance and social security were studied.
Based on those categories, the best place to retire rich is Delaware, followed by Michigan, Indiana, Maryland and Florida.
Hawaii is the worst state, preceded by Vermont, North Dakota, Montana and New Mexico.
“While warmer places like Arizona tend to be popular destinations to retire, our study found that states located on the East Coast in general offer retirees the most bang for their buck,” Kristen Bonner, lead researcher on the study, said in a statement. “We found that these states have lower home prices on average, as well as relatively low health insurance premiums and Social Security benefits among the highest in the country.”
GOBankingRates.com said Rhode Island’s housing prices make it less than ideal to retire rich, and also noted its high property taxes. The average home listing price is $358,132, the website said.
Rhode Island, it said, ranks as the 10th most expensive state in terms of average listing price and 11th for highest cost of living.
Rhode Island did improve from last year when GOBankingRates.com said it was the seventh-worst state to retire rich.

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