BALTIMORE, Md. (FOX 5 DC) - A financial website that keeps an eye on your money and writes about the best ways to spend it recently conducted a survey on the worst states in which to retire.
Number one on the list compiled by Moneywise magazine? Maryland.
Gov. Larry Hogan says he never saw the poll, but he believes that the state needs to do more to accommodate retirees.
“I didn't see the poll but I've been saying for a long time that we need to cut retirement tax and I can't convince the legislature of that it is one of the things I have been talking about for four years and maybe this will get their attention,” Hogan said.
Maryland boasts a number of choice communities, but they may not be affordable for retirees on a fixed income like a 401K or a pension of Social Security.
Moneywise says it used a score system with information from Wallet Hub, Kipplinger, and Bankrate to rate all 50 states, and Maryland had the worst score.
The website says retirees will be crushed by the state’s high cost of living, taxes on IRAs, and above-average healthcare costs.
According to Moneywise, the best state to retire in is New Hampshire, and the second best is South Dakota.