When you retire, whether you feel rich or poor after the job is gone depends on how far your retirement savings and income go in meeting your expenses.

Nobody wants to feel poor, but unfortunately, the odds of your doing so can increase depending on where you live after you’ve left those commuting days behind.

GOBankingRates thought about that, and had a look at where in the country retirees were more likely to be able to cover all their bills and make their money go further—and where they were less likely to get by on the money they had.

In evaluating how the 50 states and District of Columbia shake out, GOBankingRates checked each of them for taxes—state sales tax, state tax on Social Security benefits and property tax; living expenses—including average home listing price, median home value and a cost of living index; banking—such things as the savings account interest rate and two-year CD account interest rate; and health and Social Security—the amounts of the average health insurance premium, average Social Security benefit and Medicare spending per capita.

Below are the 10 states where you’ll likely end up feeling more like a poor relation, struggling to make ends meet. Forewarned is forearmed; consider the location of your retirement along with all the other factors you’ve undoubtedly already been taking into account.

(Want some good news? Here are the 10 states where you might actually feel rich after retirement.)

At the Flying Bee Beefmaster Ranch in Bayard, Neb. (Photo: AP)

No beehives here: at the Flying Bee Beefmaster Ranch in Bayard, Nebraska, with owner Louise Kinnaman and ox Tuffy. (Photo: AP)

10. Nebraska

Property taxes for Cornhuskers are surprisingly high, at 1.84 percent—as they are in many other Midwestern states. And that will take a toll on your retirement income year after year.

Some small compensations are cheaper home listing prices and a low cost of living.

As a side note, the state insect is the honeybee: Maybe you could keep hives to boost your retirement income. As long as you’re not allergic to bee stings, that is—even though Medicare payouts are $8,547.83 (not terrible), health insurance premiums average $313 (not great).

Social Security benefits are low in Maine, but thanks to these boats in Portland, your lobster will be fresh. (Photo: AP)

9. Maine

If you’re going to be heavily dependent on Social Security benefits during retirement, think more than twice about Maine, where, at $1,226.73, benefits are the second lowest in the country.

Medicare payouts are low, too, at $8,059.44, while property taxes aren’t—they run 1.28 percent. They may not be the highest, but they’re certainly not cheap.

A mural depicting a more vibrant time in Welch, West Virginia decorates a building; unemployment has caused many to leave the state, contributing to low home prices. (Photo: AP)

8. West Virginia

Home prices are really cheap here, at an average of just $180,253, and property taxes are cheap too, at just 0.59 percent.

But before you jump in with both feet, remember that you’ll be paying for it for the rest of your life with low Social Security ($1,273.43) and Medicare ($8,260.07) benefits, plus the state tax on Social Security benefits.

High home prices in Colorado are offset by scenes such as this view in Rocky Mountain National Park. (Photo: AP)

7. Colorado

If you’re retiring here, you’d better be rich before you feel rich.

High sales taxes will hit you every time you go to the store, while home prices, the fifth highest average in the country at $507,896, will really dent your wallet. Low property taxes, at 0.61 percent, won’t really make up for that.

Average Social Security benefits of $1,307.39 are taxed here, although those younger than age 65 can exclude up to $20,000, while those 65 and older can exclude up to $24,000. And the average Medicare spending per capita isn’t exactly generous at $8,020.22.

With health costs high in Alaska, retirees might think twice about potentially risky fun such as paragliding. (Photo: AP)

6. Alaska

While Trekkies might dispute Alaska’s declaration of itself as the last frontier, remember that your bank account might not be so hesitant. Health care costs alone are the highest in the country, with premiums running $719, and its Social Security benefits are stingy, at $1,259.86.

While interest rates on CDs are the highest in the country, at 0.919 percent, regular savings accounts get the lowest (in a tie with Idaho, where banks are also tight with savings interest), at a downright pitiful 0.010 percent. There is one bright spot, though: sales tax is the lowest (above zero, that is), at 1.78 percent.

Chimayo, New Mexico (photo: AP)

Rich in history, New Mexico isn't going to make retirees feel rich, with low Medicare payouts. (Photo: AP)

5. New Mexico

Before you become too enchanted with the Land of Enchantment, consider these facts: despite having the cheapest health insurance premiums in the country, at $183, Medicare payouts are also low, at $7,546.88. Oh, and your lower-than-average Social Security benefits—just $1,227.11—will be taxed, too.

While you can avoid some of the tax on Social Security benefits through a retirement income exemption of up to $8,000 per person, you’ll still have to pay a substantial 7.51 percent state sales tax.

Butte, Montana (photo: AP)

In spite of Montana's million-dollar views, such as this from a neighborhood in Butte, money in the form of Medicare and Social Security is less than plentiful here. (Photo: AP)

4. Montana

The Big Sky Country may tempt you, but remember that Montana’s official nickname is the Treasure State and its state motto is “Oro y Plata”—gold and silver.

It’ll be your treasure and your gold and silver the state is talking about, since it certainly isn’t Montana’s—the state has the lowest CD account interest rates in the country, at 0.471 percent, and it’s stingy with savings interest rates, too, at 0.053 percent.

In addition, the Social Security benefits it pays are low, at $1,249.74, and its Medicare payouts per capita are also low, at an average of $7,082.48.

Farmland near Minot, North Dakota (photo: AP)

The wide-open spaces near Minot, North Dakota belie the close scrutiny the state has on Social Security benefits, taxing them at the same level as the Feds. (Photo: AP)

3. North Dakota

Social Security payouts are smaller than average in North Dakota at $1,228.89, but that doesn’t mean the state gives you a break on how it taxes them; in fact, it’s another state that taxes Social Security benefits at the same level as the Feds.

Add to that lower-than-average Medicare payouts per capita, at $7,972.92, poor savings account interest rates and the second-lowest two-year CD account interest rates in the country, and you’ll find it hard to hold onto enough retirement income to feel anything close to rich.

Photo: AP

Vermont's high cost of living may indeed make retirees welcome bicycles as a cheap means of conveyance. (Photo: AP)

2. Vermont

Living in Vermont as a retiree will tax you—literally—in many ways, property taxes and Social Security benefits among them; in fact, the state taxes Social Security benefits—which it pays at an average of $1,320.04—at the same level the Feds do. The state has a high cost of living, too.

In addition, with expensive health insurance premiums—the second highest in the country, at $468—and Medicare spending at a lower per capita level, at $7,882.76, than in many other states, you’ll likely find yourself spending a lot of your retirement money on your health.

These days in Hawaii, most retirees do not live as well as King Kamehameha did, but you can at least get a great view of snow on Mauna Kea from his statue near Hilo. (AP Photo/Tim Wright)

1. Hawaii

While you may yearn to retire in a tropical paradise, think twice before choosing the Aloha State unless you want to say aloha to all your money.

Hawaiian residents, said GOBankingRates, are the most likely in the country to be living paycheck to paycheck, and only part of that is due to its insanely high housing costs: an average home listing runs $865,445.

But wait, as the commercials say; there’s more. The state also has the highest cost of living, while its average Medicare payout per person is the lowest in the country at $6,941.74. There is a little good news, though; if you can stomach the home cost, Hawaii has the lowest property tax of all 50 states, and you won’t be paying state tax on your Social Security benefits—which run an average of $1,302.53.

Instant Insights /

10 worst states to retire rich and watch your money disappear

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