New report ranks WA in top 10 worst states to spend retirement. Here are reasons why
If you or a loved one are living in Washington state and nearing retirement, it might be a good idea to consider a different locale.
A new report from personal finance website WalletHub ranked the best states to spend retirement. While locations such as Virginia and Florida landed at the top of the list, Washington state ranked 43rd, effectively being the 7th-worst state for retirement.
In addition to an overall score, each state earned a ranking for affordability, quality of life and health care based on 47 key indicators. Although Washington ranked modestly for quality of life at 13th and health care at 23rd, it got 45th for affordability.
To form its list, WalletHub gathered data from sources such as the U.S. Census Bureau, the Bureau of Labor Statistics, the Tax Foundation, and FBI, among others.
Source: WalletHub
Why WA is poor for retirement
Aside from the three main categories, WalletHub found that Washington ranked 49th – the second worst – for annual cost of in-home services, beaten out only by Minnesota.
The state is also fourth-worst for property crime rates. According to data website Neighborhood Scout, the chance of being a victim of property crime in Washington is 1 in 32. The rates for burglary, theft and motor vehicle theft per every 1,000 residents are also higher in Washington compared to the national average.
Washington doesn’t earn any awards when it comes to taxes, either. In a separate report from 2022, WalletHub found that Washington is the worst state when it comes to sales and excise taxes. Sales and excise taxes are taxes that local governments set and that are applied to specific goods and services, including personal property and items purchased online. The state sales tax is 6.5%. In addition, Washington is the fourth-worst state for combined state and local sales taxes, according to the think tank Tax Foundation.
WA state ranks high in some areas
Despite ranking poorly in various areas, WalletHub’s list gave Washington credit for some redeeming factors. The Evergreen State tied for fifth place for life expectancy, and 13th for its health care.
Also, although the state is high in certain taxes, Washington’s workers don’t pay an income tax.
As for the best cities and towns to retire in Washington for those who decide to retire here, website Smart Asset ranked Gig Harbor in a separate list as one of the best places to settle. In addition to being right next to Puget Sound, Gig Harbor has the highest number of medical centers per 1,000 residents. A quarter of the population are seniors, too. The four cities after Gig Harbor are Sequim, Snohomish, Olympia and Clarkston, citing factors like elderly population, tax burden, recreation centers and public parks as reasons to retire in these locales.
Washington also houses the best metro area for STEM professionals in the country.
