Wyoming tops list for senior financial security


GOSHEN COUNTY – Wyoming leads the nation in senior financial security, according to a senior citizen resource website.
SeniorAdvice.com puts the Cowboy State at the very top of a list of states where retired individuals might see more bang for their buck.
Wyoming has several financial features lower than the national average, including adult daycare and nursing home costs, property taxes and state
sales tax.
“While taxes may be low in this state, it doesn’t mean that residents of Wyoming aren’t making enough to plan for a successful retirement,” SeniorAdvice.com analysts explained. “The average household income in Wyoming is well over $70,000, which is 10 percent higher than the national average. These financial perks paired with a moderate cost of living can help any senior plan for the retirement
they want.”
Wyoming is followed by Virginia at No. 2, South Dakota, Alabama and Louisiana.
Analysts used SeniorScore™, heralded as “the first comprehensive data-driven scoring system specifically designed to identify and measure the livability for seniors,” to determine the most and least accommodating states for
retiring seniors.
More than 100 variables over four different categories, including health and safety, recreation and leisure, general quality of life, and finance, were factored in the results.
While Wyoming ranked highly in the finance class, it received much lower scores in health and safety and recreation and leisure.

Highlights of the study include:

Health and safety
• Wyoming has a low number of hospitals within the state.
•Wyoming has a very low number of senior living facilities within the state.
• Wyoming has a low number of home healthcare providers operating in
the state.
• The average life expectancy in Wyoming is 78.3, compared to the national average of 78.6.
Recreation and leisure
• Wyoming has 46 golf courses in the state.
• Wyoming has an average number of municipal parks throughout the state.
• Wyoming has 529 churches in the state.


Finance
• The property taxes average 1.63 percent of total income in Wyoming, which is significantly lower than the national average of 2.79 percent.
• The property taxes average 0.57 percent of property value in Wyoming, which is significantly lower than the national average of 1.09 percent.
• The average sales tax in Wyoming is 5.99 percent, which is significantly lower than the national average of 6.97 percent.
• The mean household income in Wyoming is $71,357, which is significantly higher than the national average of $64,580.
• Wyoming’s median household income is $58,221, which is significantly higher than the national average of $51,560.
• The average per capita income in Wyoming is $28,919, which is significantly higher than the national average of $25,611.
• Nursing home costs in Wyoming average $89,159 per year, which are lower than the national average of $92,481.
• Costs for adult daycare in Wyoming average $9,573 per year, which are significantly lower than the national average of $17,931.
California topped the list of the worst states for retirement finances. Rhode Island, New York, Illinois and Maine rounded out the bottom five.

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