For employees, a good question to ask to is not only when they plan to retire, but where. According to recent data from the Federal Reserve, nearly 30% of non-retired adults haven’t saved any money for retirement.
If retirement is still a big question mark for workers due to financial difficulties, they could consider relocating to a state that allows them to keep more without requiring a drastic change to lifestyle.
Some states fare better than others, and financial website WalletHub has compared states across three key metrics: affordability, quality of life and healthcare.
Affordability was calculated using metrics such as tax-cut friendliness, adjusted cost of living and pension and Social Security incomes. Quality of life measured areas including crime rates and water and air quality. Lastly, healthcare put weight on topics including healthcare facilities, physicians per capita and life expectancies.
Total score (out of 100): 50.55 Affordability score (out of 50; 1 is the best, 50 is the worst): 3 Quality of life score (out of 50; 1 is the best, 50 is the worst): 48 Healthcare score (out of 50; 1 is the best, 50 is the worst): 48
Total score: 50.31 Affordability score: 49 Quality of life score: 36 Healthcare score: 3
8. New Mexico
Total score: 49.76 Affordability score: 39 Quality of life score: 42 Healthcare score: 35
Total score: 49.15 Affordability score: 17 Quality of life score: 41 Healthcare score: 46
6. West Virginia
Total score: 48.29 Affordability score: 16 Quality of life score: 43 Healthcare score: 49
Total score: 46.89 Affordability score: 20 Quality of life score: 50 Healthcare score: 45
Total score: 46.28 Affordability score: 10 Quality of life score: 49 Healthcare score: 50
3. Rhode Island
Total score: 45.14 Affordability score: 48 Quality of life score: 46 Healthcare score: 22
2. New Jersey
Total score: 44.94 Affordability score: 50 Quality of life score: 28 Healthcare score: 33
Total score: 43.06 Affordability score: 38 Quality of life score: 47 Healthcare score: 47
Ginsburg’s death throws an already chaotic general election campaign during a pandemic into more turmoil. But in the longer term, her absence from the bench could accelerate a trend underway to get cases to the Supreme Court toward invalidating the ACA and rolling back reproductive freedoms for women.
The new normal for brokers means consulting with their clients on benefit strategies and priorities in a new world, helping them address employees’ financial situation and making sure that benefit offerings adapt to current times.