Finance experts: Arizona ranks middle of the road for retirement
Oct 19, 2017, 4:00 AM
Getting ready to retire?
Finance experts claim geography has a lot to do with how much moola you ought to save before you quit going to work on a full-time basis.
The analysis, done by GoBankingRates, is a personal finance resource designed to help people learn to better manage their money and help make the subject less intimidating.
The group factors in the average annual expenditures by state that include housing, transportation, health care and utilities as way to calculate the most money efficient way retirees can enjoy their golden years. The finance resource also estimated how much savings a person would have to stockpile before retiring.
Arizona ranked 28th with the third-highest average health insurance premium just behind Alaska and North Carolina. Low savings account and higher-than-average home listing prices dinged the state’s overall score.
But, Valley residents benefit from non-taxed Social Security benefits, the website said.
Arizona has an average home price listing of $315,852, a $507 average health insurance premium and $1,385 in average Social Security benefits.
The state ranked ahead of Nevada, Idaho and New York. Tennessee, Washington and Connecticut beat out the copper state in the ranking.
Delaware ranks No. 1 with no state sales tax, a low property tax rate and untaxed Social Security benefits.
