Looking forward to that day when you retire and are able to start traveling in earnest? Youre not the only one. And given that women are paid less than men throughout their careers, its important for women to think about where theyll retire to squeeze the most out of that put-aside money. Whether its a yearly trip to Yosemite, a splurge to one of Floridas beaches, or an income-enhancing trip to Vegas, youll want to take care of yourself. Insider Monkeys 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. Thats because of a high monthly average for the social security benefits women receive here: $1,608. The score isnt completely even, but women do earnif 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 womens earnings are 85.8 percent of mens. 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, Minnesotas estimated average social security monthly benefits are $1,548, and women earn 91 percent of what men do. With these structures in place, womens life expectancy is 81.4, and the cost of living is 94.1. Alas, its not particularly tax-friendly.
4. Colorado. The average social security benefit is $1,505, and the womans earnings are 87 percent. Life expectancy is 80.9, and the cost of living is 105.1. Colorados pretty tax-friendly, offering better social security benefits than many other states. Plus, with a mile-high capital, youll be breathing that healthy mountain air.
5. Florida. Didnt 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 womens earnings are 84.2 percent of mens. Women can expect to live to 80.5 and the cost of living is 100.7. Florida is a very tax-friendly state!/