Tuesday, April 8, 2014

TOP 10 States in U.S.A. that score highest for retirement security! Guess who is #1?

10 states that score highest for retirement security!
- Yahoo Finance


MarketWatch


A new analysis finds that nearly every state falls short in key areas that measure retirement readiness. The report, recently presented at the National Institute on Retirement Security’s fifth annual retirement policy conference, gauges the relative performance of the 50 states and the District of Columbia in three key areas: anticipated retirement income; major retirement costs like
housing and health care; and labor market conditions for older workers.
No state ranks in the top group of states on all eight scorecard variables. The data underlying the scorecard indicate key areas of trouble that affect most or all states. For instance, the highest ranking state for workplace retirement plan participation in 2012 (Iowa) had only 54% of private employees participating in a pension or 401(k). 
In addition, the number of states with more than 30% of older households experiencing a housing cost burden increased from 14 to 31
from the year 2000 to 2012. These are the 10 states that score highest
on the financial security scorecard for retirees:

10. Pennsylvania -


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Median hourly pay, age 55 & up: $15Unemployment rate, age 55 & up: 6.4%
Tax rate on retirement income: 3.1%

Average Medicare, out of pocket: $1,887

Average Medicaid spending, eligible seniors: $19,183

Average retirement account balance (excludes pensions): $40,719

Percent of senior households who spend more than 30% on housing: 34.2%

Percent of private sector employees in employer-sponsored retirement plan: 49.7%

9. New Hampshire -




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Median hourly pay, age 55 & up: $15Unemployment rate, age 55 & up: 4.4%

Tax rate on retirement income: 0%

Average Medicare, out of pocket: $1,754

Average Medicaid spending, eligible seniors: $21,127

Average retirement account balance (excludes pensions): $26,285

Percent of senior households who spend more than 30% on housing: 41.7%

Percent of private sector employees in employer-sponsored retirement plan: 51.1%

8. Washington -


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Median hourly pay, age 55 & up: $17.50Unemployment rate, age 55 & up: 6.8%

Tax rate on retirement income: 0%

Average Medicare, out of pocket: $1,613

Average Medicaid spending, eligible seniors: $14,147

Average retirement account balance (excludes pensions): $35,344

Percent of senior households who spend more than 30% on housing: 37.7%

Percent of private sector employees in employer-sponsored retirement plan: 47.8%

7. South Dakota -


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Median hourly pay, age 55 & up: $13.28Unemployment rate, age 55 & up: 3%

Tax rate on retirement income: 0%

Average Medicare, out of pocket: $1,702

Average Medicaid spending, eligible seniors: $13,557

Average retirement account balance (excludes pensions): $36,326

Percent of senior households who spend more than 30% on housing: 27.1%

Percent of private sector employees in employer-sponsored retirement plan: 47.9%

6. Iowa -


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Median hourly pay, age 55 & up: $14.50Unemployment rate, age 55 & up: 3.3%

Tax rate on retirement income: 5%

Average Medicare, out of pocket: $1,672

Average Medicaid spending, eligible seniors: $18,625

Average retirement account balance (excludes pensions): $31,762

Percent of senior households who spend more than 30% on housing: 25.8%

Percent of private sector employees in employer-sponsored retirement plan: 54.1%

5. West Virginia -


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Median hourly pay, age 55 & up: $15Unemployment rate, age 55 & up: 3.6%

Tax rate on retirement income: 6.2%

Average Medicare, out of pocket: $1,728

Average Medicaid spending, eligible seniors: $17,722

Average retirement account balance (excludes pensions): $35,178

Percent of senior households who spend more than 30% on housing: 20.1%

Percent of private sector employees in employer-sponsored retirement plan: 51.9%

4. Minnesota -


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Median hourly pay, age 55 & up: $17Unemployment rate, age 55 & up: 4.9%

Tax rate on retirement income: 7.9%

Average Medicare, out of pocket: $1,477

Average Medicaid spending, eligible seniors: $24,455

Average retirement account balance (excludes pensions): $38,492

Percent of senior households who spend more than 30% on housing: 34.1%

Percent of private sector employees in employer-sponsored retirement plan: 53.6%

3. North Dakota -


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Median hourly pay, age 55 & up: $15
Unemployment rate, age 55 & up: 2.2%
Tax rate on retirement income: 2.3%
Average Medicare, out of pocket: $1621

Average Medicaid spending, eligible seniors: $27,686

Average retirement account balance (excludes pensions): $26,180

Percent of senior households who spend more than 30% on housing: 26%

Percent of private sector employees in employer-sponsored retirement plan: 52.1%

2. Alaska -


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Median hourly pay, age 55 & up: $18Unemployment rate, age 55 & up: 4.4%

Tax rate on retirement income: 0%

Average Medicare, out of pocket: $1614

Average Medicaid spending, eligible seniors: $26,001

Average retirement account balance (excludes pensions): $32,582

Percent of senior households who spend more than 30% on housing: 32.9%

Percent of private sector employees in employer-sponsored retirement plan: 49%

1. Wyoming -


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Median hourly pay, age 55 & up: $15
Unemployment rate, age 55 & up: 3.7%
Tax rate on retirement income: 0%
Average Medicare, out of pocket: $1,643
Average Medicaid spending, eligible seniors: $27,781
Average retirement account balance (excludes pensions): $33,552
Percent of senior households who spend more than 30% on housing: 23.4%
Percent of private sector employees in employer-sponsored retirement plan: 48.8%

There you go...Wyoming isn't perfect, but it is one beautiful state, with all it's flora, fauna and scenery! And a great place to live, and I'm speaking from almost 25 years of living here.

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