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10 worst states for retirement

Retirement » 10 Worst States For Retirement

No. 5: Hawaii
Hawaii © Shane Myers Photography/Shutterstock.com

No. 5: Hawaii

If it weren't for the sky-high cost of living, Hawaii would be one of the best states in the country for retirees. Its remoteness, popular beaches, wildlife and culture make America's 50th state a top tourism destination.

It also makes it tough to afford -- especially for anyone on a fixed income.

The Council for Community and Economic Research, which tracks consumer prices around the country, found Hawaii to be the most expensive state in the country for retirees.

A loaf of bread, for example, costs an average of $2.80 in Honolulu, according to the council's 2013 analysis. That's $1.30 higher than the national average. The city's gas stations charged an average of $4.19 a gallon last year, compared with a national average of $3.44. And a trip to the beauty parlor costs an average of $52 in Honolulu, about $18 higher than the national average.

Sources: Agency for Healthcare Research and Quality; Healthways; the Council for Community and Economic Research; the FBI; the Tax Foundation, and the National Oceanic and Atmospheric Administration.

Source methodology: Bankrate collected the latest available statistics on cost of living, violent and property crime, health care quality, state and local taxes, wellness and weather (humidity, percent available sunshine and temperature). States were then given standardized scores, with more points going to a lower cost of living, lower crime rate, lower tax burden, stronger health care, better wellness grades and better weather. The scores were combined to create a composite score.

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