Maryland's high tax burden is causing it to rank as one of the worst states to retire to, while Virginia is among the top 10, according to a report by Bankrate.com.
Maryland tied with Vermont for 44th in the personal finance website's list of best states to retire to, with its high cost of living and large state and local tax burden blamed for dragging it down in the rankings.
"If you're looking at the state and local tax burden, it's 10.2 percent [in Maryland]. Compare that with Virginia at 9.3 percent and D.C. also at 9.3 percent," said Chris Kahn, author of the report. "In terms of cost of living, it ranked 42 out of 51 states and D.C."
Maryland tied with Vermont for 44th in the personal finance website's list of best states to retire to, with its high cost of living and large state and local tax burden blamed for dragging it down in the rankings.
"If you're looking at the state and local tax burden, it's 10.2 percent [in Maryland]. Compare that with Virginia at 9.3 percent and D.C. also at 9.3 percent," said Chris Kahn, author of the report. "In terms of cost of living, it ranked 42 out of 51 states and D.C."
Tic tic tic toc get out now i am MD is doomed
ReplyDeleteI'm surprised that Delaware is in the top 10 of worst states to retire. I thought Delaware was a mecca for retirement.
ReplyDeleteNew York and New Jersey did better than Delaware and Maryland. Wow, who would have thought.
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