When it comes to states with a high retirement cost, Maryland comes in at number six on the list. Yearly expenses for retirees in Maryland come out to about $67,214. Not only that, but the state’s tax laws can make things quite difficult for persons on a fixed income.
The state taxes IRA income as well as some income from 401(k) plans and pensions. Additionally, Maryland is the only state with both an estate and inheritance tax on the wealthy.
9. New Jersey
A list compiled by WalletHub shows that New Jersey ranks last when it comes to affordability. Annual expenses for retirees equal $64,736.
Additionally, the average home price is $380,000. Health care in New Jersey isn’t all that great either. The state ranked 33rd in the nation in this category — due largely in part to the fact that it has one of the highest cancer rates in the nation.
When it comes to quality of life, the state ranks 35th. Drawbacks include heavy traffic, bad weather and a dense population.