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Just In: The 5 Worst States For Retirement In 2016

See if your state will break the bank in your golden years.
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By 

Huff/Post 50 Editor, The Huffington Post

When planning your golden years, there's more to consider than just the weather. With a limited income, many retirees also have to consider the financial feasibility of a retirement destination.

Kiplinger's, the personal finance website, recently released its annual list of the 15 worst states for retirement. Taking into consideration some of the top concerns shared by retirees, Kiplinger's ranked all 50 states based on overall cost of living, the population of residents over 65, tax laws, health care costs and other factors.

Though the states that fared the worst were spread out throughout the nation, there were a few states which also appeared on last year's list, including one popular place known for its weather and easy breezy lifestyle.

Check out the top five worst states below and head over to Kiplinger's to see the full list and methodology. 

5
Illinois
Jumper via Getty Images
This midwestern state's cost of living isn't far above the national average, unlike many others on the list. However, Kiplinger's cites the state's poor fiscal condition, according to the Mercatus Center, as a reason retirees may want to avoid Illinois.
4
Connecticut
SeanPavonePhoto
The small state's cost of living is well above the U.S. national average -- 29 percent to be exact, Kiplinger's says. Add to that its unfriendly tax laws for retirees, including a high real estate tax, and Connecticut ranks poorly.
3
California
Andrew Zarivny via Getty Images
Bad news for anyone who was California dreamin'. The state, unsurprisingly, has a cost of living over the national average and also is on Kiplinger's list of worst tax states for retirees.
2
New Jersey
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Sitting next to New York, New Jersey also has a higher-than-average cost of living. Though it's in close proximity to the Big Apple, retirees might want to rethink spending their golden years in this state as it has some of the highest retiree health care costs in the country.
1
New York
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Sorry, New Yorkers. You might not fare so well, living out your retirement in the Big Apple. The cost of living here is 29 percent above the U.S. national average.

 

 

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Before You Go

Top 6 College Towns For Retirees
Gainesville, FL(01 of06)
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School: University of FloridaTeam Mascot: Albert & Alberta GatorMedian home price: $118,900Start practicing that gator chomp! Home to the University of Florida, Gainesville offers local Boomers priority access to some of the most rip-roaring football match-ups in the NCAA. But Gainesville’s more than just a sports fan’s town. Each year, nearly 60,000 people drop anchor at the Hippodrome State Theatre – a.k.a. The Hipp to locals – to check out professional stage productions as well foreign, limited release and avant-garde films. With a tropical climate, bustling downtown, world-class fishing and the lowest median home price on the list, Gainesville will keep almost anyone busy without taking a big bite out of retirement funds. (credit:Alamy)
Austin, TX(02 of06)
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School: University of Texas at AustinTeam Mascot: Hook ‘Em & BevoMedian home price: $220,700Music lovers. Foodies. Artists. City slickers. Austin’s got something for everyone. With a thriving music scene, food truck paradise, vibrant arts community and downtown appeal, the Live Music Capital of the World is culture-rich and brimming with a soulful quirkiness that’s uniquely Austin. For adventure-seekers, retirees can choose from more than 5,000 educational trips around the world offered by the “Road Scholar” program through the University of Texas at Austin. (credit:AP)
Ithaca, New York(03 of06)
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Schools: Cornell University, Ithaca CollegeTeam Mascots: Big Red Bear, BomberMedian home price: $178,600Ithaca is gorges, literally! Located at the southern tip of Cayuga Lake -- the longest of the Finger Lakes -- Ithaca’s gorges, forests and more than 100 waterfalls complement its small town ambience and pedestrian-friendly communities. More than just a nature enthusiast’s dream, Ithaca is also home to not one but two colleges, both of which allow Boomers to audit classes. If you’re over 60, Cornell University’s Senior’s Program offers discounted rates -- up to 90 percent per credit -- for classes taken during the summer sessions. (credit:Alamy)
Beaufort, SC(04 of06)
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School: University of South Carolina Beaufort Team Mascot: University of South Carolina CockyMedian home price: $168,300Name that movie: "Life is like a box of chocolates." If you guessed, "Forrest Gump," then you know Beaufort, South Carolina. More than just home to the University of South Carolina Beaufort, this moss-covered antebellum beauty help set the stage for the Tom Hanks blockbuster as well as "Prince of Tides" and "The Big Chill." Located in the heart of Lowcountry and surrounded by barrier islands, Beaufort's ecological majesty, rich cultural heritage and proximity to Hilton Head Island -- a prime resort town -- have made it a hit for retirees. But if all that Southern charm doesn't whet your whistle, South Carolina residents age 60 and older who do not work full time can qualify for free tuition at the university. (credit:Alamy)
Eugene, OR(05 of06)
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School: University of OregonTeam Mascot: The Oregon DuckMedian home price: $192,200While it’s true the University of Oregon posed as the fictional Faber College in “Animal House,” that’s not all the “U of O” is famous for. The birthplace of Nike, Eugene has a rich track and field history -- the iconic runner Steve Prefontaine is an alumnus -- and often hosts Olympic Team Trials for Track & Field. As one of America’s most bicycle-friendly cities, Pedaling for Pinot on the Eugene Wine Trail -- part of the burgeoning Willamette Valley vineyards -- makes for a stunning excursion for wine and outdoor-enthusiasts alike. Retirees can also enjoy unlimited access to college courses thanks to The Osher Lifelong Learning Institute at the University of Oregon (OLLI-UO) partnership. Although the cost of living is above the U.S. average, no sales tax in Oregon helps make Eugene an affordable option. (credit:Alamy)
Oxford, MS(06 of06)
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School: University of MississippiTeam Mascot: Rebel Black BearMedian home price: $169,700If you’re enchanted by the written word, Oxford’s prize-winning literary community -- past and present -- won’t disappoint. Former home to Nobel prize-winning author William Faulkner and current home to best-selling writer John Grisham, Oxford hosts two major international literary conferences a year -- The Faulkner and Yoknapatawpha Conference and Oxford Conference for the Book. But like any college town, Oxford is about more than just its academic accolades. Nicknamed “The Little Easy” due to its cultural richness, eclectic shops and ornate balconies reminiscent of New Orleans, Oxford is also home to one of the fiercest football teams in the Southeastern Conference -- Ole Miss --whose match-ups make for a thrilling weekend outings. (credit:Alamy)
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