Here are the best and worst places to build a nest egg.
1. Wyoming — Go west! In Wyoming, the cost of living is low along with the taxes — no income tax or taxes on capital gains — making it No. 1 on U.S. News and World Report‘s list of best places to build a nest egg.
CNN also touted the unexpected value of Wyoming living, noting that it also topped Bankrate’s list of top cities to retire, comparing such values as "weather, cost of living, crime, quality of health care, state and local taxes, and general well-being."
2. New Hampshire — New Hampshire offers plenty of bounty for retirees hoping to save, U.S. News reported, putting the Granite state at No. 2 on its best list for nest-egg building. The state boasts the nation’s fourth lowest unemployment rate.
Market Watch also pointed out New Hampshire’s benefits. "Compared with some other parts of the Northeast, the state is a bargain: costs in New Hampshire are still roughly 20 percent less than in neighboring Massachusetts and 10 percent less than in New York state. Meanwhile, the median home costs $183,900, compared with $281,500 for Massachusetts and $233,200 for the Empire State."
3. Ohio — The recession took its toll on the Midwest, particularly in Ohio where home values are falling and where taxes are rising. Noted Yahoo Finance: Ohio’s "state and local tax burden, expressed in terms of taxes as a percentage of income, is 10.4 percent, the seventh highest in the country."
4. California — High cost of living, home prices and taxes make California a tough place for retirees to build a nest egg, Yahoo Finance noted, adding that "The state’s most redeeming quality for those looking to build a nest egg is its salaries."
5. Tampa, Florida — Tampa topped Wallet Hub‘s list of best and worst cities to retire. The survey ranked cities in affordability, quality of life, activities and health care. Hitting the bottom of Wallet Hub’s list? Newark, New Jersey, the publication noted in its study of 150 best or worst cities.