Connecticut

Population: 3,626,205

Tax on retirement benefits: Yes

Cost of Living for Retirees: 15% higher than the national average

State income tax: 12.8%

Average property tax: 1.63% of market value

Even though this state has a much higher life expectancy than many other states in our country, it’s, unfortunately, a financial burden to many retirees looking to live out their golden years peacefully.

Connecticut is one of the few US states that taxes almost all forms of retirement income. It also has very high property taxes. In fact, the average tax per year is over $6,000.

But if you love this region and would really wish to move here, there are better, more financially good options in New England, including New Hampshire and Maine.