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We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Not everyone can afford to live on fixed incomes as prices rise. And, of course, not everyone likes the sweltering summers of the Sun Belt states that populate the top of our rankings. Other attributes include good air quality and a high ratio of doctors per capita. Wyoming #10. If youre looking for retirement-age friends, youll have a good chance of finding them in this state where 21 percent of the population is age 65 and older. For its report, WalletHub compared all 50 states based on 47 measurements within three categories: affordability, quality of life and health care. Plenty of farms also, although they are increasingly larger and larger and run by fewer and fewer people, writes noshelter on Reddit. When they were ready to retire, Karen and David Griffiths sold their Spanish-style Los Angeles home and moved 700 miles north to a 134-year-old Eastlake Victorian in Ashland, Ore., with 11-foot ceilings, bay windows, a covered porch and views of the surrounding mountains. Retirement savings cheat sheet: A quick contribution guide for 2023 . Elevation is 150 feet. 5 of the best states to retire in. Florida has a lot of infrastructure for older folks health care, lots of gated adult communities, golf courses. Bankrate follows a strict editorial policy, Move over, Florida. Pursuits at an elevation of 3,600 feet around the north-flowing Deschutes River include downhill and cross-country skiing, fishing, tubing, hiking, rock climbing, bicycling, paragliding and, except in the dead of winter, golf on nearly two dozen nearby courses. Beantown's about a 45-minute drive south. While property taxes are relatively high, the median home value is just around $180,000, according to Zillow. Affordability was once a big selling point for Florida retirees, but that advantage is fading. Many Florida cities have high desirability ratings based on a U.S. News online survey about where people age 45 and older are most interested in retiring. There are adequate physicians per capita and good air quality. Alabama T-3. See all Retirement articles Here are the 25 greatest states to retire in 2022, ranked from average to best. Get personalized advice from a financial advisor that understands your needs. I cover personal finance, taxes, retirement, nonprofits, scandals and other stuff, Best Places To Retire In 2022: Sioux Falls And Other Hot Spots, Why Millennials, Gen X & Retiring Boomers Need To Find Their Happy Place, How To Find The Best Place To Enjoy Your Retirement In 2022. Colorado 4. Tennessee #9. Crime rates in the state sit relatively low as well. This energetic historic coastal state capital can feed a variety of passions, particularly lifelong learning, given its more than 50 area colleges. A surprisingly mild climate in Idaho's capital city is conducive to outdoor activities, while Boise State University offers discounted tuition for seniors. Our editors and reporters thoroughly fact-check editorial content to ensure the information youre reading is accurate. The University of Florida provides a number of lifelong learning opportunities, including no tuition for auditing courses, in this inland college town 115 miles northwest of Orlando. Montana ranks relatively well for its quality of life and affordability. I could go on and on about Hen of the Wood (Bernie Sanderss favorite place to eat), Caf Provence in Brandon, Pho Hong in Burlington, Superfresh! With frontage on an inlet of Lake Michigan, Traverse City also offers water sports, more than 30 area golf courses and a reputation as a top dining town. After all, 26% of non-retirees have no retirement plan at all, according to a 2021 report by the Federal Reserve. When youre considering a community, you have to think about what you still want to do. Believe it or not, you will find some of the finest cuisine in Vermont. The city is very bikeable, although not very walkable. We also have thousands of acres of forest and miles of freshwater riverways bubbling from some of the largest springs in the world. subject matter experts, One downside: a serious crime rate above the national average. Most of the state is exceptionally friendly and welcoming, writes resident Martin Mann on Quora. The states crime rate is also fairly low, according to The Motley Fool. [Fargo is] a cool place to live if you're into outdoors-related things. The state is made almost entirely from limestonea sedimentary rock that is not gold-bearing! New Jersey #2. One downside: Charleston has a relatively high (but not very high) risk rating for natural hazards from FEMA. I don't want to go to any state with excessive bugs or . The city is very bikeable and somewhat walkable. Oklahoma. These states might offer blue skies and beaches or affordable housing and health care but its important to have a decently-sized nest egg before you decide where to live in your retirement. My mortgage is $1,149 per month with everything included. It also has one of the lowest crime rates across the country. We do take into account a variety of quality-of-life metrics, ranging from air quality and availability of doctors to the crime rate and a towns walkability. 5. If youre making $100,000 in retirement income and moving to a $400,000 house, its a different scenario than if youre making $1 million and moving to a $5 million house., Ginni Field, a real estate broker in Oceanside, California, who specializes in senior buyers and sellers and holds the National Association of Realtors Senior Real Estate Specialist designation: Sometimes, people just want to get out of the snow. Maine's summer is made for retired people. The median home value is little over $213,000, according to Zillow and you might be able to claim an exemption from the state income tax based on your income. While health care is quite costly, WalletHub ranks Connecticut highly for its access and outcomes the state has one of the largest numbers of physicians per capita and the third lowest heart disease rates in the country. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Plus, theres a solid volunteering culture. GET FOX BUSINESS ON THE GO BY CLICKING HERE. Alaska, on the other hand, held last place in our. We maintain a firewall between our advertisers and our editorial team. Our reporters and editors focus on the points consumers care about most how to save for retirement, understanding the types of accounts, how to choose investments and more so you can feel confident when planning for your future. What is the number 1 retirement state? Maine is by no means cheap to live in, but if you can afford the housing and taxes, youll benefit from a relatively high quality of life and lack of crime. Alaska, on the other hand, held last place in our ranking. An 85-year Harvard study found the No. The median home value in the state is a meager $127,000, according to Zillow. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. According to Bankrate's study, the best state to retire in the US is Georgia. Weve maintained this reputation for over four decades by demystifying the financial decision-making Minnesota #5. The Pine Tree State boasts beautiful beaches, an abundance of green spaces and some delightful lobster shacks. Alaska, on the other hand, held last place in our ranking. Pittsfield, Massachusetts CITY POPULATION: 43,927 SHARE OF POPULATION 65+: 20.2% COST OF LIVING FOR RETIREES: 10% above the national average AVERAGE INCOME FOR POPULATION 65+: $56,620 Another negative: The serious crime rate is above the national average. The offers that appear on this site are from companies that compensate us. The state topped our ranking of culture and diversity. Cheap gas, amazing meat for amazing prices, plenty of open sky. New Hampshire T-45. Santa Fe has a high number of doctors per capita, good air quality and a low serious crime rate. Eagle, Idaho Don Johnson Arrowrock Photography / Courtesy City of Eagle Population: 31,880 Population 50+: 41% Days of sunshine a year: 209 Median home price: $544,185 This picturesque Boise suburb is perfect for those looking for an active retirement. Florida was at the top of the list. The weather is great, with an average temperature of 70 degrees. The city is very walkable and bikeable. Other popular retirement states. Florida has no state income or estate tax. Aside from its annual motor racing spectacle, the Hoosier State offers some delightfully picturesque state parks and the Indiana Dunes National Park which lies along Lake Michigan. We prefer our rural areas to crowded places anyway We live a lifestyle that others may call slow, but we love things such as boating, fishing, hunting, and sitting around a campfire, says resident Audrey Seibel on Quora. 10 Tax Breaks for People Over 50. More: Debt isn't the enemy of a comfortable retirement. The city boasts a high number of physicians per capita, good air quality and high marks for volunteering. The states cost of living has been rising, although the tax burden remains light. Colorado 49. Washington 50. Getting older has its benefits. According to Bankrate's study, Florida is the best state for retirement in 2022, followed by Georgia, Michigan, Ohio and Missouri. The College of Charleston exempts senior citizens from tuition. Surrounded by water, most notably the Chesapeake Bay, this quaint state capital 30 miles east of Washington, D.C., is a mecca for sailors, powerboaters, kayakers and fishermen, with about a dozen boating schools and a generally comfortable climate. The Sunshine State also has the second-highest percentage of residents 65 years and older, WalletHub says, topped only by Maine. Nature trails are just outside town. To calculate these rankings, we used 13 different metrics across three categories health, housing and quality of life pulled from publicly accessible databases to rank all 50 states. Arizona Honorable Mention: South Carolina 5 Worst States For Retirement #1. Midwestern and Northeastern states top the list, while some warmer states that might seem appealing for retirement, such as Hawaii and California, rank lower. Weve averaged three recent state rankings to create one master list. As far as entertainment goes, New York has the most museums per capita and, along with California and Minnesota, the most theaters per capita. . Tallahassee, Florida, is pictured. Florida ranks No. Florida was at the top of the list. Serious crime rate is higher than national average. Top criteria include the happiness of local residents, housing affordability, tax rates and health care quality. Other downsides: San Franciscos serious crime rate is higher than the national average and it has a relatively high (but not very high) natural hazard risk, according to FEMA. There are as many opinions on retirement as there are places to retire, especially in a country as large and diverse as the United States. Winters are cold. Some of the street scenes of the homeless can be daunting, but this hilly, scenic city offers much in the way of arts/culture, fine dining (dozens of Michelin-starred restaurants) and outdoor land and water activities. However, it does have the lowest percentage of the population aged 65 or older in the U.S. and ranks poorly for elder abuse protections. !function(e,t,s,i){var n="InfogramEmbeds",o=e.getElementsByTagName("script"),d=o[0],r=/^http:/.test(e.location)? I showed her around one community, and she fell in love with it., (Are you planning to retire in 2022? Colorado ranks fourth in the United Health Foundation's senior health rankings, with particularly high marks in clinical care and positive behaviors. West Virginia 2. The surrounding terrain is suitable for hiking and biking. FAQ - New Privacy Policy. Idahos graduated state income tax rate hits a top rate of 6% at just $15,878 of income for married couples. There are plenty of activities to keep you busy, from golfing and fishing to visiting the many theme parks. There will be a few hot and humid days, but not six months of it as there is down South. One factor we now consider disqualifying is a very high susceptibility to climate change and natural hazards as measured by the Federal Emergency Management Agencys new National Risk Index, which looks at 18 natural hazard risks, plus communities preparation for and ability to cope with them. With an elevation of 50 feet, the city is very walkable and bikeable. There is also a state estate tax. Lakes, rivers, mountains, deserts, wildlife, we have it all and its quite varied throughout the state. No more sweating work deadlines, playing office politics or struggling to stay afloat in a city with a soul-crushing commute and a punitive cost of living. Georgia ranks fifth-warmest state, meaning retirees have more days to enjoy the great outdoors. Outdoor experiencesforests, parks, hiking terrain and whitewater paddlingand in-town culture abound around this scenic city in the Blue Ridge Mountains region of western North Carolina. Just be prepared for cold, snowy winters. Washington. Every year, new data is released on which states are the best for a retiree to reside in, factoring in metrics like affordability, health care, quality of life, crime and weather. Our experts have been helping you master your money for over four decades. Temperatures can plummet to an average low of 2 degrees Fahrenheit in Glasgow and 22 degrees Fahrenheit in Flathead Lake in the month of January, according to climate and forecast site Weather Atlas. Mild weather, gorgeous scenery, and welcoming citizens are a few . Texas 6. The Sunshine State has long been a haven for retirees. All Rights Reserved. The Best States to Retire 1. We will examine some states that are less expensive, tha. Another: A 6.5% state income tax kicks in for couples at just $16,040 of taxable income. Maine is known for its outdoor recreation activities, and Portland is an excellent place for retirees who enjoy fishing, kayaking, and other outdoor pursuits. West Virginia has the fewest museums per capita, while Mississippi has the fewest theaters per capita. And the states strong economy means housing has only gotten more expensive as well, reports KSL News Radio. Massachusetts and Maryland are more expensive in these categories, according to the report, while Hawaii and New Mexico are less expensive, with some costs nearly 50% lower. Oregon has no sales tax but makes up for that with an income tax rate that hits 8.75% at just $18,400 of taxable income for a couple (with Social Security excluded). Still, on average, people across the U.S. have roughly $400,000 dollars to nest on. I am well aware of what a house/acreage like this would cost in LA or NY.. A new, lower flat income tax rate will take effect in 2023. Austin is very bikeable and somewhat walkable. To that end, Forbes has identified 25 top places to follow seven leisure interests in retirement: arts/culture, fine dining, lifelong learning, volunteering, outdoor activities on water, outdoor activities on land, and a special subset, golf. There are several compelling reasons to make a long distance move in retirement: to be closer to family, to cut costs, to enjoy better weather. That means high living costs or taxes arent in themselves disqualifiersthough notably, more than a fourth of our picks have housing costs near or below the current national median of $404,000. Thats the second-largest share of 65+ folks of any state, Census data shows. Information and timely news from our team of trusted money specialists. As a resident of Delaware who is looking to retire in five years, I can personally state that I will be retiring in the state of Delaware because it is centrally located between major cities and modes of transportation and the cost of living will work well with our retirement funds, writes Antionette Blake on Quora. There are five national parks within Utah alone (and another three nearby). Plenty of parks and outdoors areas offer hundreds of miles of trails for hiking and biking. Florida #2. Nevada 10. Top 10 Florida Georgia Michigan Ohio Missouri Kentucky Texas Tennessee Pennslyvania South Dakota Bottom 10 Alaska Maine California New Mexico Montana Vermont Mayland Connecticut Hawaii Washington. The state income tax is a flat 4.55%, but it now excludes Social Security benefits and up to $24,000 of other retirement income. Generally, states without any income taxes may seem . According to a 2021 report from the Health Policy Institute of Ohio, the state tanks for population health (which includes metrics like adult smoking and heart disease mortality), health care spending and prevention. I love the red sandstone I was able to purchase a house here for way less than I thought I would, and my wife loves it! There is also a state estate tax. The top state income tax rate (on taxable income over $39,700) is 5.5%, dropping to 5.3% next year. "Nevada is a tax-friendly state, making it ideal for many retirees. The Yellowhammer State ranks poorly for quality of life and health care, but if youre just looking for a state thats inexpensive to live in, youve come to the right place. At an elevation of 16 feet, the area is very walkable and bikeable, with good air quality and an adequate number of physicians per capita. Get advice on your investment portfolio from a certified professional through Datalign. But recent trends may help point you in the right direction. South Carolina 5. Michigan took the No. Access to medical care is another important factor. As noted above, the best state to retire in will depend on an individual or couple's budget, lifestyle, and values. I paid $189,000 under a USDA loan. At Bankrate we strive to help you make smarter financial decisions. Indiana. Time to head to the mountains! Wyoming might be Americas most sparsely populated state, but it could be ideal for a retiree trying to escape the bustle of big cities and seeking adventure in the outdoors. MONEY CHECKLIST FOR PEOPLE AGED 50 AND OLDER. Housing costs are on the cheaper end as well. My property tax is $600 per year, writes resident Christopher Finch on Quora. New Hampshire. The whole place was practically built for snowbirds and retirees, says bicyclemom on Reddit. A downside: The serious crime rate is above the national average. What a $1 million nest egg looks like in today's America . Are you confident in your retirement savings? A confusing state income tax structure tops out at 4.5% on high earners but is scheduled to drop to 2.5% in future years. Indiana. These are the top 10 states that retirees are moving to: 1. Aimlockbelch on Quora recommends the local eateries in the state. By Kirk Miller. There are above-average doctors per capita and good air quality. Real estate comes pretty cheap in Indiana, plus property taxes dont amount to much either. Idaho 8. I lived in downtown Charleston for nine years and enjoyed walking to restaurants, bars, theater, the Spoleto Festival and other parts of Charleston.
