Top 10 Worst & Best States for Retirement Security

Real Estate IRA

We hope that you have been enjoying yourself the past few weeks and that your New Year’s Eve celebrations were smashing. Here’s to a great 2015 full of prosperity!

For those of you who are looking to have a great year investing in 2015 with your self-directed IRA or self-directed 401k hopefully we at Accuplan Benefits Services can be of great service to you in helping you invest in the things you want with your retirement account.

As most of you already know one of the most common types of investments inside of a self-directed IRA is real estate, commonly refereed to as a Real Estate IRA. Because real estate is such a big part of self-directed IRA investing I thought it would be a great time to talk about how where you are retiring can actually have an effect on your retirement security. If you are deciding to buy real estate somewhere you plan on retiring you may want to look into staying away from these 10 worst places for your retirement security.

10 Worst States For Retirement Security

Michigan
Unemployment rate, age 55 & up: 6.9%
Average Medicare, out of pocket: $1,906

Arizona
Median hourly pay, age 55 & up: $14
Average Medicaid spending, eligible seniors: $15,704
Average retirement account balance (excludes pensions): $23,826

New Jersey
Unemployment rate, age 55 & up: 7.7%
Average Medicare, out of pocket: $2,009
Average Medicaid spending, eligible seniors: $20,449
Percent of senior households who spend more than 30% on housing: 48.1%

Georgia
Average retirement account balance (excludes pensions): $21,922
Percent of private sector employees in employer-sponsored retirement plan: 45.1%

Maine
Tax rate on retirement income: 7%
Percent of senior households who spend more than 30% on housing: 35.3%
Percent of private sector employees in employer-sponsored retirement plan: 48.3%

Nevada
Unemployment rate, age 55 & up: 9.8%
Percent of senior households who spend more than 30% on housing: 38.6%
Percent of private sector employees in employer-sponsored retirement plan: 34%

North Carolina
Median hourly pay, age 55 & up: $13.60
Unemployment rate, age 55 & up: 7.9%
Tax rate on retirement income: 7%

South Carolina

Median hourly pay, age 55 & up: $13
Tax rate on retirement income: 5.3%
Average retirement account balance (excludes pensions): $20,630

Florida
Average Medicare, out of pocket: $2,014
Average retirement account balance (excludes pensions): $23,381
Percent of senior households who spend more than 30% on housing: 42.5%
Percent of private sector employees in employer-sponsored retirement plan: 34.0%

California
Unemployment rate, age 55 & up: 8.5%
Tax rate on retirement income: 6%
Percent of senior households who spend more than 30% on housing: 42.5%

Looking at the same numbers, below are the top 10 best places to live for retirement security (without the raw numbers).

10 Best States For Retirement Security

Pennsylvania
New Hampshire
Washington
South Dakota
Iowa
West Virginia
Minnesota
North Dakota
Alaska
Wyoming

The study was done by the National Institute on Retirement Security. If you would like more information about that study feel free to go to their website.

It really does matter what state you live in when it comes to retirement security. Hopefully your retirement won’t suffer because of where you live and retire. Perhaps these numbers confirm your retirement plan and shows that where you are looking or planning to buy real estate inside your IRA is a decent area to buy in regards to retirement security. Whatever your plan calls for when investing in a real estate IRA we hope that we can be of service to making your real estate IRA the best experience possible.

Contact us now for more information about real estate IRAs or investing with your retirement account.

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