Some states are great for living, working, and retiring– but not all states are created equal. These ten states collectively have the highest average insurance premiums, highest estate and inheritance taxes, and still load up on sales and property tax. Watch out!
1. New York. The cost of living in New York is higher than almost every other state, plus sales tax is put on nearly everything you’d want to buy.
2. New Jersey. Highest average insurance premiums, highest estate and inheritance taxes…need I say more?
3. Illinois. This state has an average cost of living, but low average Medicare payments, property tax and sales tax more than make up for any benefits.
4. Connecticut. While the health care benefits are great, everything comes with an extremely high tax, including estate tax, high sales tax, Social Security tax, high property tax and high housing costs.
5. California. Although you’ll avoid taxes on Social Security, estates, or inheritances, sales taxes are high, and houses are extremely expensive.
6. Vermont. There’s great health care in this Northern state (9th best in the nation) but everything else is taxed at an absurd rate, including Social Security.
7. Rhode Island. Almost ten percent. That’s how high the tax on Social Security income is in this coastal state.
8. Massachusetts. Although the taxes aren’t as terrible as that of other states on our list, the cost of living in MA is crazy high. Plus, with the second highest insurance premiums in the country, health care is hard to afford.
9. Washington. If 20% estate tax isn’t enough, sales taxes are one of the highest in the country in this rainy Northwestern state.
10. Nebraska. With one of the highest property taxes in the country, plus 18% estate and inheritance tax, it’s no surprise Nebraska made our list.
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