Raise your hand if you’re surprised to see California on a state list about retirement. Didn’t think so. Get Rich Slowly and CreditCards.com both say California residents are definitely not golden when it comes to socking away money for retirement. But who could blame them? Their cost of living is sky high, and they have an income tax rate as high as 13.3%. Unless retirees have millions in the bank — and most do not — Californians will be relying greatly on Social Security payouts for daily living.
Next: Many New Jersey residents rely on Social Security as their sole source of income.