How much is $100 worth where you live?
If your paycheck has been feeling a little short lately, it may not be your imagination. In some states it costs more—sometimes a fair bit more—to buy certain things, and your money just doesn't go as far.
When thinking about where it might be a good idea to retire, factoring in how far your money will go is definitely a wise move—since if you don't take steps to compensate for a more expensive state's higher prices, you could find yourself doing without some of the things that make life worth living—or just a little more comfortable—when you have all that time to think about it.
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You might even have to go back to work!
If that's not on your list of things you really want to do in retirement, you might want to take a gander at some data the Tax Foundation has massaged that came from the Bureau of Economic Analysis.
Once the Tax Foundation was through with it, they made a list of just how much $100 will buy from state to state.
Here are the 10 states where $100 buys the least. If you live in one of these states and really want to make yourself miserable, you can always nip on over to have a look at the 10 states where $100 buys the most. Maybe you'll end up moving to one of them.
If you can afford to, that is…
1. Washington, D.C.
Okay, so it's not a state. But the fact that it costs more to live in D.C. than in some of the most expensive states in the country is nonetheless something of an accomplishment, albeit a negative one.
Your $100 here will only buy you $84.96—and that's before you count in all the time you'll lose to traffic in the area (even if you're retired, do you really want to sit on the Beltway?) and all the aggravation you'll feel from all those politicians clustered together in such a small area.
No matter what your party affiliation, you're bound to be out of charity with lots of them Every. Single. Day.
Not to mention that D.C. doesn't even have all the voting rights states do, so it's not as if you can change much of it…
2. Hawaii.
Well, there's no doubt that your $100 isn't going all that far so close to Waikiki—$86.06 is all you'll get out of it. But if your thing is tropical beaches, plumeria-scented tradewinds and surfing in an endless summer, you might still consider Hawaii a bargain.
After all, you can pick fruit right off the trees and go fishing for dinner—and no need for central heat or winter coats! Instead, you'll want to add to your wardrobe of bathing suits and orchid-ornamented shirts, and buy a ukelele to play in the moonlight.
3. New York.
Sure, New York costs a lot. $100 here will only buy you $86.73 worth of stuff—hey, have you ever taken a cab in the Big Apple, or paid to park your car?
But before you dismiss New York as just too costly, consider the number of museums, theaters and other aesthetic advantages—not to mention the ubiquitous presence of public transportation.
If you're into theater, history, or art, you might consider those extra dollars well spent—and, after all, what are you going to do in retirement? Didn't you want to have more time for all those lovely nonessentials you were always too busy to take advantage of when you were working?
4. New Jersey.
Yeah, sure, New Jersey's got beaches, too. But while it's marginally cheaper to live here than in Hawaii, with your $100 buying you $87.34 in whatever it is you're shopping for, there are also numerous disadvantages.
Garden State Parkway and Turnpike traffic? Fuggedaboudit!
Driving to Manhattan? Hey, haven't you heard what happened when just one lane closed to the Lincoln Tunnel? You could spend the rest of your retirement waiting for traffic to clear.
Wherever you live in New Jersey, you'll be paying through the nose for property taxes. And if you're at the shore, there are beach badges and parking fees to gobble up any spare dollars (who uses change any more?).
Oh, and if you have a New Jersey pension, you might want to check and see whether it's been funded. New Jersey's not doing really well in meeting its pension obligations—which could leave you with a lot less than $100 to spend.
5. California.
Beaches. Disneyland. The Pacific Coast Highway. Wineries. Somehow paying $100 for just $89.05 worth of stuff doesn't seem quite so bad when considered in that light.
Not that there aren't disadvantages to California other than money. Earthquakes, for one, which means you'll want—and maybe not be able to get—earthquake insurance.
Then there are mudslides (no, not the drink, the real thing that can carry your very expensive house from the mountaintop down to the bottom of the valley) and wildfires, not to mention El Niño. But if the Hollywood Walk of Fame is your thing, maybe you won't care.
6. Maryland.
If you're thinking of lazing on Rehoboth Beach during retirement and treating yourself to nightly crab dinners, be prepared to shell out more for the privilege: $100 in spending will buy you only $90.17 worth of crabs.
Still, we all know that ambience costs money. The question is, how much ambience are you willing to pay for when you're retired?
7. Connecticut.
Ah, the Nutmeg State, home to Mystic Seaport (and Pizza!) and quaint antique shops. It's pricey to live in Connecticut, with $100 buying just $92.17 of those items on your shopping list, so you'll need to watch those retirement dollars.
Oh, and if you're due to be the recipient of a Connecticut state pension, bear in mind that it's even more underfunded than New Jersey's—so maybe you should be looking for an alternate source of income during your golden years.
8. Massachusetts.
You may be sure to fall in love with old Cape Cod, but if that's where you're planning to retire, be sure to bring lots of clams—er, dough—that is, greenbacks.
Spending $100 in Massachusetts will get you just $93.20 in goods, so unless you want to spend your retirement beachcombing for lost change, you might want to set aside a few more bucks. The paper kind, not the ones with antlers.
Of course, you could always see if someone in Salem could conjure up a bigger retirement check for you.
9. Alaska.
Not only is it more expensive to live in Alaska—just think of how much you'll spend on heat and outdoor clothing!—you may end up paying higher tax bills with little or no warning.
While $100 will only buy you $94.34's worth of whatever it is you're buying, apparently tax revenues sometimes run short, too, and the state will probably turn to you to make up the difference.
Incidentally, the Pew Charitable Trusts reported that for fiscal 2012, Alaska got the smallest chunk of its income from federal dollars, at just 20 percent. If the feds aren't helping to pay the state's bills, guess who else will? Yep—you.
10. New Hampshire.
Before you plan on a protracted retirement driving up and down Mt. Washington, you might want to consider that your $100 will only buy you $94.43 worth of stuff in New Hampshire.
And when you add in the high cost of heat in the winter, you might need several hundreds to come out even.
In fact, Interest.com's most recent retirement income study said that New Hampshire seniors were getting by on a median annual income of $42,406—which is just 54.26 percent of what the next lower age bracket is currently living on during their working years.
Considering that financial planners usually advise that you'll need at least 70 percent of your working income in order to retire comfortably, that's falling pretty short of the goal. Do you think you can cut your consumption that much
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