Tennessee ranks as 25th best state to retire rich

(Photo: WKRN)

NASHVILLE, Tenn. (WKRN) – We all want to retire rich, but Tennessee isn’t the best place to do it.

A new study shows the best and worst places to retire rich. It looks at all 50 states and bases the rankings on taxes, living expenses, banking, and health and social security.

Tennessee falls right in the middle at No. 25.

(Courtesy: Go Banking Rates)

The information from the Go Banking Rates 2017 Retirement Savings Survey shows with little to nothing in savings, more than half of Americans could retire broke.

Most baby boomers may not even be able to retire in the traditional sense. In order to leave the 9 a.m. to 5 p.m workday, they’ll need to take steps now to catch up on retirement savings.

The worst state to retire rich is Hawaii. The best is Delaware because with no sales tax, low property tax, and no tax social security benefits, retirees can hang onto more of their money.