For employees, a good question to ask to is not only when they plan to retire, but where. According to recent data from the Federal Reserve, nearly 30% of non-retired adults haven’t saved any money for retirement.
If retirement is still a big question mark for workers due to financial difficulties, they could consider relocating to a state that allows them to keep more without requiring a drastic change to lifestyle.
Some states fare better than others, and financial website WalletHub has compared states across three key metrics: affordability, quality of life and healthcare.
Affordability was calculated using metrics such as tax-cut friendliness, adjusted cost of living and pension and Social Security incomes. Quality of life measured areas including crime rates and water and air quality. Lastly, healthcare put weight on topics including healthcare facilities, physicians per capita and life expectancies.
Total score (out of 100): 50.55 Affordability score (out of 50; 1 is the best, 50 is the worst): 3 Quality of life score (out of 50; 1 is the best, 50 is the worst): 48 Healthcare score (out of 50; 1 is the best, 50 is the worst): 48
Total score: 50.31 Affordability score: 49 Quality of life score: 36 Healthcare score: 3
8. New Mexico
Total score: 49.76 Affordability score: 39 Quality of life score: 42 Healthcare score: 35
Total score: 49.15 Affordability score: 17 Quality of life score: 41 Healthcare score: 46
6. West Virginia
Total score: 48.29 Affordability score: 16 Quality of life score: 43 Healthcare score: 49
Total score: 46.89 Affordability score: 20 Quality of life score: 50 Healthcare score: 45
Total score: 46.28 Affordability score: 10 Quality of life score: 49 Healthcare score: 50
3. Rhode Island
Total score: 45.14 Affordability score: 48 Quality of life score: 46 Healthcare score: 22
2. New Jersey
Total score: 44.94 Affordability score: 50 Quality of life score: 28 Healthcare score: 33
Total score: 43.06 Affordability score: 38 Quality of life score: 47 Healthcare score: 47
As many as tens of millions of women may never return to the labor force, even after a vaccine is found. Altogether, global gross domestic product could be $1 trillion less in 2030 than it would be without a gender unemployment gap.
By Olivia Rockeman, Reade Pickert and Catarina Saraiva