retirement is supposed to be your Victory lap right you put your time in you worked your butt off and now it's all about kicking back and sipping a drink with an umbrella in it but hold on there Spanky not so fast some states out there see retirees like one big fat piggy bank they're just itching to shake you upside down and pick through the lint and pennies in your couch cushions these are the 10 states where retiring is more like a financial death sentence we're talking talking absurd costs of living housing prices so high that they'll make your eyes water and taxes will forget about it think you ready for retirement not in these places and because we're fair or at least trying to be we'll rank them from bad to you got to be kidding me so buckle up and grab your wallet so let's dive in hey do me a favor real quick hit that subscribe button and ring that Bell would you that way you won't miss any my future videos thanks I appreciate [Music] it at number 10 Alaska the land of expensive everything Alaska folks the Land of Snow bears and prices so high they make New York City look like a dollar store sure Alaska doesn't have a state income tax oh great you think finally a break yeah no that's just the bait on the hook once you're settled they reel you in and slap you upside the head with the reality of living there let's start with housing the median home price is about $360,000 sounds decent right well don't get too comfortable that's the entry fee the real kicker is when you open your first utility bill on average utilities are 52% higher than the rest of the country why because you're heating your house against the temperatures that make the Ice Age look like a tropical vacation every time you turn on your heat it feels like you're burning dollars just to survive and groceries forget about it milk bread eggs stuff you barely think about in the lower 48 cost 31% more a gallon of milk cost more than a latte in Seattle and don't even get me started on the fresh produce by the time you check out of the grocery store you're questioning whether you really need food to live everything has to be flown or shipped in because you know it's Alaska you're are not going to grow mangoes or wheat Fields up there now let's talk about driving car insurance is one of the rare Bargains in Alaska averaging about $1,400 annually but don't celebrate just yet driving in Alaska isn't like cruising down a sunny Highway no you're battling icy roads potholes big enough to swallow a moose and random Wildlife that seems to have a Death Wish you'll need snow tires frequent repairs and a prayer every time you hit the road oh and parking in Anchorage just sell the car and call it a day finding a spot is as rare as sunshine in the winter and when you do it'll cost you half of your retirement savings to live comfortably in Alaska you'll need about $85,000 a year and that's okay if you're good with DIY repairs and shopping for sales on canned goods and maybe knitting your own clothes for all of its stunning views and Adventure Alaska's like that friend who's always fun at a party but never chips in for the [Music] bill at number nine we have Vermont the state that taxes your charm ah Vermont it's like a Hallmark movie Set picturesque barns snow covered Hills maple syrup and everyone acting all cozy but let me tell you something living there it's no snow globe fantasy it's a wall draining reality check Vermont is like that adorable puppy at the shelter that looks cute but comes with more baggage than a Kardashian divorce first let's talk about housing the median home price is $420,000 approximately which isn't terrible if you were coming from say Boston or New York but it's not like you're buying a modern mansion for that money you're getting a quote unquote Charming old house with heating costs that will make you cry Vermont Winters are brutal and heating bills can easily climb into the thousands I hope you like wearing three sweaters indoors because you'll need it if you want to afford groceries and what about renting a one-bedroom apartment will set you back about $1,800 not bad right except when you realize the snow plow still hasn't come by and you're shoveling your way to the mailbox every day just to collect bills then there's property taxes at 1. 86% that's about 78 $0000 a year for a median price home Vermont loves its property taxes so much they treat them like a cover charge to enjoy all that New England charm and don't get me started on the Relentless taxation of your retirement income pensions taxed IRAs taxed you'll think that they'd give you at least a break if you spent 40 years working but nope they want their cut and hidden costs oh ver mons got plenty of those let's talk about Burlington Vermont's big city which is just a cute little college town pretending it's a metropolis parking fees in Burlington are absurd for a place where you could walk across the downtown in 15 minutes and car insurance well it's about $1,200 a year which is reasonable until you factor in snow tires icy roads and the occasional bear that might decide to wander into your windshield to live comfortably in Vermont you'll need about $90,000 a year and that's assuming your okay with budgeting your maple syrup splurges because spoiler alert even the local Delicacies are expensive for M might be Charming but financially it's more of a slap upside the head than a warm [Music] hug number eight Illinois the sneaky tax trap ah Illinois the state that Whispers affordability in your ear and then stabs you in the back with a proper tax bill the size of a car payment they love to play this game with their median home price which is about $289,000 like hey look how reasonable we are yeah reasonable until you see the 2. 27% property tax one of the highest in the country on a medium priced home that's about $6,500 a year just for the privilege of owning it owning a home in Illinois is basically like having a second mortgage except this one goes straight to the government think you'll get a tax break if you rent not a chance a one-bedroom in Chicago costs about $2,198 per month and that's if you're okay with living in a building that was probably built during prohibition oh and let's not forget about parking in the city you think they were charging you to park in front of Buckingham Palace with the prices that they slap on those meters and taxes forget it Illinois comes for all of your retirement income 401ks pensions IRAs and if you worked hard and saved up Illinois looks at you like yeah we'll take some of that thanks stretching your savings here is like trying to stretch a rubber band that's already snapped car insurance isn't much better averaging about $1,400 annually and the traffic fines in Chicago oh they're brutal roll through a stop sign or a park where you're not supposed to and you'll feel like you are personally funding the city's next round of pothole rep pairs to live comfortably in Illinois you'll need at least $95,000 a year and for that price you think that they'd at least throw in a Cubs game or a hot dog at Wrigley Field but nope you're on your own Illinois might have some charm but financially it's the guy at the poker table grinning while he's cleaning you out number seven Maryland a crab cake that costs too much Maryland home of the Chesapeake Bay crab cakes and prices that'll make your head spin look I get it everyone loves a good crab cake but in Maryland they don't just charge you for the crab cake they bill you for the plate the fork and even the air you're breathing while eating it living here isn't just expensive it's like signing up for financial endurance tests let's start with housing the median home price in Maryland is $447,000 which is already enough to make you think twice about retiring here but if you're anywhere near DC forget it these prices are in a whole different Stratosphere add a zero to that number and you might find something smaller than your first apartment rents no better at $1600 a month for a one-bedroom and that's if you're lucky enough to find when that doesn't require a firstborn child as collateral oh and parking good luck in places like Anapolis parking fees are so ridiculous it's almost comical it's like they're charging you for the privilege of putting your car in a spot that probably won't be there when you get back why because Towing Car seems to be Maryland's unofficial state sport one wrong move and your cars boom gone want it back that'll cost you about a week's worth of groceries speaking of costs Maryland doesn't give retire is a break the state taxes retirement income at a rate of 5.
75% because apparently even after Decades of working the government thinks it deserves a cut ofe 401K utilities and groceries are also pricier than in neighboring states imagine going to the store grabbing a few Basics and walking out wondering how the hell you spent $80 car insurance well maryn's got you there too the average is almost $1,900 annually and if you're driving around the DC Metro Area you're basically paying to sit in traffic all day and let's talk about the traffic for a second it is soul sucking it is the kind of gridlock that makes you question all of your life life's choices like why didn't you retire to somewhere with better public transportation or teleportation for that matter to live comfortably in Maryland you need about $997,000 annually and that's if you're not splurging on anything crazy like I don't know going out to dinner once in a while Maryland may have charm but financially it's more of a sucker punch than a soft [Music] Landing number six can Connecticut a financial black hole hey and I get it I liveed there for a while and I feel their pain ah Connecticut the land of hedge funds yachts and financial misery for anyone who doesn't own a private island this state is where retirees go if they're looking to make their savings disappear faster than a magician at a kid's birthday party Connecticut is basically a gated community for the ultra wealthy but they're happy to let you in as long as you're okay with being broke by next Tuesday let's start with housing the median home price in Connecticut is about $436,000 Which is 23% higher than the national average for that price you're not getting some Waterfront mansion with a butler you're lucky if the roof doesn't leak and property taxes they're at 2. 14% that's about $9,300 a year for a medium priced home you know what that means you're paying through the nose just to have the privilege of owning a house that that'll cost you another Fortune to heat during the winter renting isn't exactly a bargain either a one-bedroom apartment will set you back about $1,600 a month which is just insane for a state that isn't exactly the cultural Hub of America I mean no offense Harford but let's be honest it's not Paris oh and the taxes brutal Connecticut taxes most retirement income so all that money you saved up they want a piece of it even Social Security isn't safe if you are earning above a certain Thresh old that's right they'll tax the literal safety net for retirees unreal Utilities in Connecticut some of the highest in the nation you'll be shelling out big bucks just to keep the lights on and in the winter when heating bills go through the roof forget it you'll be debating whether to heat your house or to buy groceries and then there's parking Hartford might not be New York City but the parking fees sure make it feel that way want to leave your car downtown for a few hours might as well just set your wallet on fire it's quicker public transportation isn't much better so unless you are ready to invest in a bicycle and some seriously thick winter gear you're stuck paying the fees to live comfortably in Connecticut you'll need around $105,000 a year that's assuming you're not trying to do anything crazy like go on a vacation or occasionally eat out Connecticut is beautiful sure but financially it's like quicksand you step in thinking you'll be fine and the next thing you know you're up to your neck in debt classic Connecticut ringing in at number five New Jersey the Garden State of gouging yes New Jersey the land of diners Bruce Springsteen and financial despair they call it the Garden State but the only thing growing here is your credit card debt if you're thinking about retiring in New Jersey you better have a retirement fund the size of the meal lands because this state doesn't mess around when it comes to draining your wallet so let's talk about housing the median home price is a staggering 550,000 plus dollars that's what you are paying for a house that probably needs a new roof after the first nor Easter rolls through and don't think you're off the hook if you rent a one-bedroom apartment will set you back around $2200 a month which is insane for that kind of money you think that they throw in a view of the Manhattan skyline but but nope you're lucky if your view isn't the parking lot of a Wawa then there's property taxes at 2. 21% that is the highest in the nation folks on all medium priced homes you're looking at over $112,000 a year in property taxes alone 12 Grand that's not property tax that's Ransom it's like the state's holding your house hostage and if you don't pay up they're going to send a guy named Vinnie over to collect and don't think your retirement income is safe New Jersey taxes it so every dollar you withdraw from your 401k or pension is another bite out of your savings car insurance oh it's about $1,900 annually because apparently driving on the turnpike is some kind of luxury experience and speaking of driving let's talk whole roads New Jersey is like one big pay toplay game want to go anywhere toll want to come back another toll but by the time you get to the grocery store and back you've paid enough in tolls to buy a whole extra bag of groceries well maybe not in New Jersey but you get the Point utilities and groceries aren't exactly a bargain here even the basics cost more and don't even think about eating out unless you've got a coupon and an appetite for a pork roll sandwich to live comfortably in New Jersey retirees need about $15,000 a year and that's if you don't splurge on anything crazy like a day trip to the shore or a sight of Taylor ham at your local Diner New Jersey might have Springsteen but financially it's a bad song on repeat born to pay [Music] taxes now swinging out to the West Coast we've got number four Oregon the Corky Money Pit Oregon is the land of craft beer trees and people who think owning a kayak is a personality trait sounds like a dream right until you try to live here and realize Oregon is less of a state and more of a quirky Money Pit the place looks like a postcard but it comes with a price tag that'll make you want to sit down and cry in your overpriced kabuchi let's start with housing the median home price in Oregon is a jawdropping $523,000 and that's the Statewide average in Portland forget it you're looking at homes that are either falling apart or so modern they don't even have walls and are all half a million bucks or more and rent isn't much better a one-bedroom apartment in Portland runs about $1,700 a month which is fine if you enjoy living paycheck to paycheck and eating Top Ramen while staring wistfully at the food carts that you can't afford now Oregon doesn't have a sales tax and everyone loves to brag about that oh we don't pay taxes on purchases here yeah cool but don't pop the champagne just yet the state makes up for it with income tax that go up to 99.
9% that's nearly 10% of your retirement income just gone so sure you save a few bucks on that new TV but good luck enjoying it when you're handing over chunks of your pension to the state every year and let's not forget the car insurance which averages about $1,200 annually that might seem reasonable Until you realize you're driving on roads that are either flooded covered in potholes or clogged with tourists head heading to the next Brewery oh and the traffic fines in Portland brutal you roll through a stop sign or park in the wrong spot downtown and you'll be shelling out more than it costs to fill your gas tank and that's saying something with today's gas prices and speaking of parking good luck finding a spot in downtown Portland it's like a scavenger hunt except at the end you get a ticket instead of a prize you can try public transportation but that comes with its own quirks like random delays and the occasional guy that's playing the Pan Flute next to you on the bus to live comfortably in Oregon retirees need around $120,000 annually that's assuming you're not splurging on local organic Hal or trying to keep up with your neighbor's collection of vintage bikes Oregon may be beautiful but it's also a financial black hole unless you're coming here with Deep Pockets you'll be spending more time worrying about your budget than enjoying the view of Mount Hood and number three heading back to the east coast we have Massachusetts the land of wicked high prices ah yes Massachusetts the land of clam chowa Red Sox fandom and prices that'll make you say are you freaking kidding me living here isn't just expensive it's like Massachusetts sees your wallet and says uh we could take more let's dig a Little Deeper first off let's talk about housing the median home price is a staggering 623,000 plus dollar and if you're in Boston oh you're in for a treat house is there average around $747,000 plus that's not a mansion folks that's a three-bedroom house built in 1912 that probably needs new Plumbing if you think renting is the answer well think again a one-bedroom in Boston cost around $2900 a month and don't assume you'll be saving much by moving to a cheaper spot like Wooster it's still pricey and you'll spend half of your life stuck on the Mass Pike trying to get anywhere and taxes the state taxes most retirement income at 5% because apparently Massachusetts thinks you didn't pay enough in taxes during your working years then there's property taxes which will have you wondering if owning a home is even worth it and let's move on to car insurance which averages about $1,800 annually why is it so high because you're driving on roads that feel like they haven't been repaved since Paul Riv rode through yelling about the British and if you are brave enough to drive into Boston good luck finding parking near Fenway Park without selling a kidney even if you do snag a spot it'll probably cost more than the tickets to the game oh and food sure Massachusetts has great Seafood but enjoying a lobster roll can set you back about $30 if you're lucky want to eat out more than once a month well you better pick up a side gig to live comfortably in Massachusetts you'll need around $130,000 annually that's assuming you're okay with only occasionally sing on things like heat in the winter or some chowa now Massachusetts might be Wicked smart but financially it's just [Music] Wicked number two swinging back out to the West Coast California the land of dreams and debt California where every dream comes with a price tag and every price tag comes with a side of regret you hear sunshine and palm trees but what they don't tell you is that those palm trees are basically the middle finger pointing to this guy mocking your bank account first up is housing the median home price is a jaw-dropping $94,000 plus you heard that right almost 1 million bucks and you're not even getting a house with a view of the Hollywood Sign you're getting something where your neighbor's bathroom window is about 5 ft from your kitchen sink renting isn't much better in La a one-bedroom costs $2,700 plus dollar a month and in San Francisco oh that's about $3,500 a month that's for the privilege of living in the city where you'll have to step over at least five tech Bros and seven startup CEOs just to grab a coffee and the taxes California doesn't just take a piece of your pie they take the whole Bak baky retirement income is taxed at a rate of 13.
