Published On: Apr 24 2014 01:15:46 PM CDTUpdated On: Apr 25 2014 01:00:00 AM CDT
Some states are more friendly to a retiree's bank account than others. Take a look at the 10 worst states for retirement determined by TopRetirements.com based on property tax rates, taxes on different sources of retirement income, the cost of living and inheritance taxes.
New Jersey. New Jersey has the highest property and estate taxes in the country, according to TopRetirements.com.
Illinois. Illinois has the second highest property taxes in the U.S. and the fifth highest gas taxes.
Wisconsin. Wisconsin has the fourth highest property taxes in the country, and retirement income is taxable in the state.
Nebraska. Nebraska has a high property tax as a percentage of home value and taxes Social Security and pension income.
Michigan. Michigan has a high property tax as a percentage of home value. Tax exemptions for pension and retirement income won't apply to people born after 1952.
Vermont. Vermont has high property taxes, taxes social security and pension incomes and has a high cost of living.
Ohio. Ohio taxes some pension and retirement income.
Connecticut. Connecticut has high property, gas and estate taxes. It also has a high cost of living and expensive homes.
Rhode Island. Rhode Island has high property and estate taxes, and the state's funds are stressed by deficits and funding pensions.
New York. New York has high property taxes as a percentage of home value and a very high cost of living.
Head to TopRetirements.com to take a look at some of the positive sides to retiring in each of these states and a few more of the states with high taxes for retirees.