Want to Retire Rich? North Dakota Is the Wrong Place for That
The thought of retirement is pretty amazing. You never have to work again! Only problem is, you need money. And when you retire in North Dakota, you won't have any.
The website GoBankingRates.com ranked all 50 states from the worst to the best to retire in.
Unfortunately, North Dakota ranked as one of the worst states for retiring rich. North Dakota is the No. 3 state for the worst states to retire rich.
According to GoBankingRates.com, these are how things break down:
- Average Social Security benefits: $1,228.89
- Average health insurance premium: $304
- Average Medicare spending per capita: $7,972.92
- Average savings interest rate: 0.090%
- Average 2-year CD interest rate: 0.507%
- Average home listing price: $257,624
Social Security in North Dakota pays some of the lowest benefits, and benefits are taxed to the extent they are taxed at the federal level. Medicare payouts per person are among the lowest as well. These factors, combined with poor savings account interest rates and the second-lowest two-year CD account interest rates, make North Dakota one of the worst states to retire wealthy.
Take whatever money you may be saving for retirement, and start saving more of it. This is not the first time we've heard that North Dakota is not a good state to retire in.