Looking forward to that day when you retire and are able to start traveling in earnest? You’re not the only one. And given that women are paid less than men throughout their careers, it’s important for women to think about where they’ll retire to squeeze the most out of that put-aside money. Whether it’s a yearly trip to Yosemite, a splurge to one of Florida’s beaches, or an income-enhancing trip to Vegas, you’ll want to take care of yourself. Insider Monkey’s list of the five best states for women to retire lets you capitalize on all your hard work.
1. Delaware. The best state for women to retire to is Delaware. That’s because of a high monthly average for the social security benefits women receive here: $1,608. The score isn’t completely even, but women do earn—if they continue working after retirement – 95.5 percent of what men make. Not perfect, but getting up to speed. However, the life expectancy for women in Delaware is 79.5, which strikes us as pretty low. The cost of living is 101.1. Delaware is known to be tax-friendly as well.
2. Washington. Here, the estimated average social security monthly benefits are $1,547, and women’s earnings are 85.8 percent of men’s. They can expect to live to 81.6 with a cost of living of 116. Washington is said to be tax-friendly.
3. Minnesota. With a dollar more than you get in Washington, Minnesota’s estimated average social security monthly benefits are $1,548, and women earn 91 percent of what men do. With these structures in place, women’s life expectancy is 81.4, and the cost of living is 94.1. Alas, it’s not particularly tax-friendly.
4. Colorado. The average social security benefit is $1,505, and the woman’s earnings are 87 percent. Life expectancy is 80.9, and the cost of living is 105.1. Colorado’s pretty tax-friendly, offering better social security benefits than many other states. Plus, with a mile-high capital, you’ll be breathing that healthy mountain air.
5. Florida. Didn’t we all grow up hearing that Florida was the place to retire to? Here, the estimated average social security monthly benefits are $1,449, and women’s earnings are 84.2 percent of men’s. Women can expect to live to 80.5 and the cost of living is 100.7. Florida is a very tax-friendly state!/