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Winters are cold. The states cost of living has been rising, although the tax burden remains light. Whats vitally important for people in that age group are medical care, access to shopping and public transportation. 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. If you like the outdoors, youll find near world-class hiking, skiing, mountain biking, hunting, ATV riding, fishing, photography, backcountry flying, boating, bird watching, I could go on.. Iowa has more than just endless fields of golden corn it also ranks as the best place for a retiree to live out their golden years. Volunteering is a way of life. Nothing too crazy to worry about like earthquakes or hurricanes or dangerous wildlife, says DChristy87 on Reddit. The Ocean State ranks relatively well for its quality of life and health care and WalletHub reports that it has the second highest total expenditures on elder abuse prevention. Louisiana. Virginia is tax friendly for retirees and offers a wealth of green spaces and beaches whats not to love? The state topped our ranking of culture and diversity. Were transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Other popular retirement states. Aside from its overall ranking, WalletHub also found how different states ranked within a few of those 47 measurements. FEMA rates the natural hazards risk as moderate, which is the middle ranking. Do you still want to be able to play golf, tennis or pickleball? Plus, the state wont tax your Social Security benefits and provides a tidy deduction for those who depend on other forms of retirement income as well. For me, I enjoy the outdoors and am heavily involved in equestrian things so the low price for land is perfect. Generally, states without any income taxes may seem . subject matter experts, Ashland is at moderate risk for natural hazards. This Atlantic Ocean city 100 miles north of Boston offers a wide variety of water and land recreation, including boating, kayaking, rafting, cross-country snow skiing, hiking and bicycling. En espaol | Choosing where to live after retirement is a huge decision and a very personal one. What are index funds and how do they work? What a $1 million nest egg looks like in today's America . At Bankrate we strive to help you make smarter financial decisions. Theres no estate tax or tax on Social Security benefit, but the state income tax rate is a hefty 8% on taxable income above $96,870 per couple and goes up to 13.3% for the very wealthy. Newport and Providence are popular cities in the state and they both have their merits, Newport is awesome if you're rich or love to sail, Providence has lots of art and music and really good food, writes one Redditor. The Most Tax-Friendly States to Retire originally appeared on usnews.com. Iowa is an underrated state, which means it is far from crowded. [Fargo is] a cool place to live if you're into outdoors-related things. Beantown's about a 45-minute drive south. Retirees may want to take a gamble on living in Nevada. Plenty of farms also, although they are increasingly larger and larger and run by fewer and fewer people, writes noshelter on Reddit. On Monday, WalletHub published a report that found the best U.S. states to retire in in 2022. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. 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. Our editors and reporters thoroughly fact-check editorial content to ensure the information youre reading is accurate. FEMA rates Tampa as having a relatively high (but not very high) natural hazard risk. 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. Located 285 miles south of Portland, this artsy outpost offers galleries, a vibrant restaurant scene and the acclaimed nine-month-a-year Oregon Shakespeare Festival, all set amid scenic mountains and forests. 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. The summers aren't too hot and long and the winters not too cold and long. In minutes, you can connect with a local or remote advisor and get a free initial consultation. Here's an explanation for how we make money Plus, theres no state estate tax. Bankrate.com is an independent, advertising-supported publisher and comparison service. Virginia's average combined state and local rate of 5.75% is the 11th-lowest in the nation. These are the top 10 states that retirees are moving to: 1. Americas Dairyland is renowned for its beer and cheese but retirees tend to relocate to the state for its wide-open spaces and recreational opportunities. New York #3. If you own a paid-off home in a high-cost area like Boston or San Francisco, maybe affordability isnt a priority for you. FEMA rates the natural hazard risk in Walla Walla as relatively low. Meanwhile, Florida was found to have the highest percentage of the population age 65 and older, while Utah was found to have the lowest. Theres an Osher Lifelong Learning Institute at San Francisco State, a high ratio of doctors per capita and good air quality. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. There is no state income tax, but there is a stiff state estate tax. The winters are rainy but surprisingly temperate given the northern latitude. 40. In fact, the two top states in WalletHub's rankings, Florida and Virginia, are both among the 10 most affordable states in the U.S. Up Next. Elevation is 150 feet. Virginia 3. All rights reserved. The four seasons include cold winters. They evaluated those. The median home value in the state is a meager $127,000, according to Zillow. There is no state estate tax. Idaho 8. The ratio of doctors per capita is high, the air quality is good, and the serious crime rate is very low. More: Is borrowing from a 401(k) a bad idea? But there is no state income tax on Social Security benefits and no state estate tax. The serious crime rate is above the national average. Michael S. Fischer. Most of the state is exceptionally friendly and welcoming, writes resident Martin Mann on Quora. 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. Forbes says the city of Fargo has appeared on its Best Places to Retire list for 10 years in a row due to its cost of living, doctors per capita and walkability. The Sunshine State also has the second-highest percentage of residents 65 years and older, WalletHub says, topped only by Maine. Florida has no state income or estate tax. You have money questions. There is a high rate of volunteering. The state income tax rate is a flat 4.99%, but Social Security income goes untaxed at the state level, and there is no state estate tax. The states low taxes and lack of crime make Wyoming sound rather idyllic. If you want a small retirement place, $100K will get you a nice two-bedroom ranch that is driving distance from an NFL stadium and an airport, writes resident Don Torrez on Quora. The Best States To Retire In. It is very bikeable, although not as walkable. Route 66 provides the historic backdrop for this outdoors-oriented town at an elevation of 7,000 feet, 145 miles north of Phoenix near the Grand Canyon. The Keystone State ranks lower than average for affordability it wont tax your Social Security or retirement accounts, but you will contend with high gas and property taxes. For its report, WalletHub compared all 50 states based on 47 measurements within three categories: affordability, quality of life and health care. The serious crime rate is above the national average. I googled this and got a completely different list for 2022: Florida North Carolina Michigan Arizona Georgia Pennsylvania Washington Indiana Texas Virginia . 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. Alabama #7. New Hampshire T-45. That's a good thing, as the Peach State has over 350 golf courses, plus many parks, lakes, and rivers. But there is no state income tax on Social Security earnings and theres no state estate tax. Another: The state has both an inheritance and estate tax and the combined state and county income tax rate tops 8%, although Social Security benefits and $34,300 per person in pension payments and 401(k) withdrawals are exempt. Those who are able to travel tend to find good excuses to head south during parts of the winter Having said that, many retirees enjoy winter activities, including alpine and cross-country skiing, snowshoeing, snowmobiling and ice fishing, writes resident Tom Britz on Quora. There are plenty of activities to keep you busy, from golfing and fishing to visiting the many theme parks. Taxes This is a big consideration throughout our lives, but when incomes decrease in retirement, it can become a huge factor. Check out WalletHub's 10 best states for retirement to get the most out of your golden years: 1. Another downside: Serious crime is above the national average. Tampa, 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. . Coeur dAlene has a high number of physicians per capita, good air quality, and a low serious crime rate. The city is extremely walkable and famously bikeable. Zero down, 3.25%, 30-year fixed. Dont like where youre at? Florida was at the top of the list. By Liz Brumer-Smith - Feb 23, 2022 at 7:00AM Key Points. Homebuyers are paying nearly 50% more on their mortgage bill than last year. According to Bankrate's study, the best state to retire in the US is Georgia. Washington. Arkansas Highest T-45. 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. 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. 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. 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 restaurant scene is robust. Theres no state income tax on Social Security earnings, but there is a state estate tax. Boulder is also the home the University of Colorado, which nurtures a big arts/culture and fine dining scene and allows seniors to audit courses at minimal cost. Florida #2. Fayetteville has a moderate natural hazard risk, but the serious crime rate is above the national average. 3. He oversees editorial coverage of banking, investing, the economy and all things money. Virginia #4. Gainesville has a moderate rating on the FEMA National Risk Index, especially favorable compared with some other Florida locations. August 18, 2022 / 12:01 AM / MoneyWatch What to do with your 401(k) in bear market Amid recession fears in bear market, experts say 401(k) investors should think long term 04:58 We value your trust. Nevada 10. Social Security benefits dont get taxed and seniors can claim a deduction of up to $12,000 a year against their other retirement income. Mississippi 5. As it turns out, Ashland and the two other finalists in the Griffiths search, Santa Fe, N.M., and Boulder, Colo., all earned spots on Forbes new list of the 25 Best Places To Enjoy Your Retirement. Elevation is 7,200 feet. The Best Places to Retire in 2021-2022. ), Bankrate, LLC NMLS ID# 1427381 | NMLS Consumer Access I semi-retired in Charleston five years ago after working full-time here since 2011. Social Security benefits are exempt and theres no state estate tax. 23. Uruguay. A surprisingly mild climate in Idaho's capital city is conducive to outdoor activities, while Boise State University offers discounted tuition for seniors. Air quality is good, and there are adequate physicians per capita. . Hunting and fishing are obviously popular. We also have thousands of acres of forest and miles of freshwater riverways bubbling from some of the largest springs in the world. Best State vs. Considering a retirement move? There is no state income tax on Social Security benefits or a portion of pension income, and no state estate tax. New Jersey #2. Diversity scores used the Census racial and ethnic diversity index and LGBTQ population densities compiled by the Movement Advancement Project. WalletHub has released a list of the best states in the country to retire in for 2022. Distilleries and breweries are good too if you like to drink! writes Redditor BlackRoseRedApple. It's no surprise that money is such an important consideration when choosing the best place to spend your retirement years. A maximum score of 150 was possible. There are five national parks within Utah alone (and another three nearby). Should you accept an early retirement offer? Hello All, Welcome to my channel!Today we are examining which states are the best to retire in 2022. 02-24-2023, 10:08 PM E-Twist : 5,264 posts, read 3,199,303 times Reputation: 19973. We have culture. The College of Charleston exempts senior citizens from tuition. 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. These are the most affordable states to retire to, based on the adjusted cost of living, tax friendliness and the cost of care services. Nature trails are just outside town. A recent Vanguard study revealed a self-managed $500,000 investment grows into an average $1.7 million in 25 years. Toughest States for Retirees. We will examine some states that are less expensive, tha. A new, lower flat income tax rate will take effect in 2023. Plus they have a favorable income tax rate. West Virginia has the fewest museums per capita, while Mississippi has the fewest theaters per capita. Cheap gas, amazing meat for amazing prices, plenty of open sky. The scenic area has extensive parks and waterways conducive to hiking, fishing and boating, plus 21 golf courses. FEMA rates Pinehurst as having a relatively moderate natural hazard risk. This abandoned high school was converted into a 31-unit apartment building. As a result, many retirees are looking for ways to stretch their savings. This material may not be published, broadcast, rewritten, or redistributed. Thanks to its famed theater complex, the town of 22,000 also punches above its weight when it comes to art galleries and fine dining a priority for the Griffiths. And the states strong economy means housing has only gotten more expensive as well, reports KSL News Radio. I am well aware of what a house/acreage like this would cost in LA or NY.. The state ranks relatively well for quality of life and WalletHub reports that it has one of the lowest numbers of elder abuse complaints in the nation. 1. 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. The top state for retirement this year leads in affordability and quality of life but lags when it comes to healthcare, according to one new ranking. But others are not as well-equipped to exit the workforce, which is why affordability is one of the key factors to consider when you're looking for places to settle down. The offers that appear on this site are from companies that compensate us. Do you prefer golf or cross-country skiing? Colorado #5. Minnesota Best State vs. 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. Worst State: 2x Difference Alabama vs. Hawaii Annual Cost of In-Home Services Lowest 1. Elevation is 300 feet. I paid $189,000 under a USDA loan. Kansas received middling scores for affordability and health care but watch out for its higher-than-average crime rates. Home equity line of credit (HELOC) calculator. I can see Zion National Park from my backyard. The financial site's 2022 Best States to Retire list had a panel of experts score the 50 states on 47 different affordability, quality of life and health care metrics. 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. Property and sales taxes are relatively low and Social Security benefits dont get taxed at all. To identify the best places to retire, U.S. News analyzed data for the 150 largest metropolitan areas in the U.S. to assess how well they meet Americans' retirement needs and expectations. Florida is the best state for retirement in 2022, followed by Georgia, Michigan, Ohio and Missouri. 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. The Great Arch in Zion National Park, Utah. At an elevation of 600 feet, Traverse City has a very low natural hazard risk, according to FEMA. Just be prepared for cold, snowy winters. All Rights Reserved. South Carolina ranks poorly for its crime and safety it has one of the highest property crime rates in the country and health care, but its relatively affordable to live in. Montana 8.. Interesting Findings. Best places to retire. Naples has good weather and air quality, an adequate number of physicians per capita and a very low serious crime rate. Sponsored: Add $1.7 million to your retirement. All Rights Reserved. 10 Tax Breaks for People Over 50. For those who do not mind colder winters, a lakeside community in a state like Michigan or Ohio can. The city is very bikeable, but not so walkable. It also scored third place on both WalletHubs and The Motley Fools tax rankings there are no sales taxes, property taxes are quite low and Social Security is only partially taxed. Cheap housing costs, low crime rates and low taxes attract plenty of retirees to Kentucky. Heres advice from experts who help retirees and soon-to-be-retired workers through the decision: Laura Kovacs, former director of education at the Scottsdale Area Association of Realtors in Arizona and a recent retiree herself: Spend some time in places where you want to live before you commit to moving there. Perhaps most importantly, where do your kids, grandkids, friends and health care providers live? According to The Motley Fool, housing comes relatively cheap in the state and the weathers pretty decent, with mild winters and warm summers. At an elevation of 40 feet, Annapolis is also a somewhat walkable and very bikeable town with good air quality, and a surprisingly low natural hazards risk. Of the 12 states that do tax social security income, many of them include some provisions for excluding a portion of the social security income. It also ranks relatively well for health care and has one of the highest percentages of the population aged 65 and older, according to WalletHub. Money concerns play a big factor in those low rankings, with New York ranking as the least affordable state and New Jersey following right behind, whereas Mississippi ranks at the bottom in terms of the quality of life, according to WalletHub. Wyoming #10. The 15 best, worst states for retirement in 2022 18 in Bankrates affordability index. John Coletti/Getty Images For retirees looking to move soon, recent data on Redfin shows there were more sales for homes in the state as of December 2022 than there was a year earlier, but the . Its considered relatively tax friendly for retirees, with Social Security benefits fully exempt from the state income tax. That number is higher in states like Connecticut, where the average person has a retirement balance of roughly $520,000. Here are the 25 worst states to retire in 2022, ranked from bad to worst. 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. One downside: Charleston has a relatively high (but not very high) risk rating for natural hazards from FEMA. Reminder: You still have time to add to your IRA for 2022 . Alabama has some of the lowest adjusted costs of living, housing costs and annual costs of in-home services across the country. 1 spot as the most affordable state to retire in . Karen, now 69, a neonatal intensive care nurse, and David, 70, an investment banker turned software CEO, turned screenwriter and producer, had long known they wanted to settle in a smaller, scenic locale. "http:":"https:";if(/^\/{2}/.test(i)&&(i=r+i),window[n]&&window[n].initialized)window[n].process&&window[n].process();else if(!e.getElementById(s)){var a=e.createElement("script");a.async=1,a.id=s,a.src=i,d.parentNode.insertBefore(a,d)}}(document,0,"infogram-async","//e.infogram.com/js/dist/embed-loader-min.js"); Why should retirees pick Florida? You can live close enough to a city that you're just 20 minutes away from doing whatever, but have the benefit of sparse enough homes that you're not living on top of each other. Worst State: 2x Difference West Virginia vs. Minnesota The town is somewhat bikeable, but not all that walkable. Extensive outdoor activities include hiking, climbing, biking and fishing. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Arts/culture and fine dining are considered tops and there are ample opportunities for outdoor water and land activities. Special mentions go to Delaware, Virginia, and Washington, which were all in the top 20 on both lists. Do these seven things now, Why Florida is Bankrates best state for retirement in 2022, The best and worst states for driving: All 50 states, ranked, Why Georgia is Bankrates best state for retirement in 2021, One of the least populated states should be Americas hottest retirement destination heres why, California Consumer Financial Privacy Notice. FEMA rates Coeur dAlene as at a very low risk for natural hazards. Information and timely news from our team of trusted money specialists. Homes and rent are expensive downtown, and people often look for a home or rental off the peninsula (the traditional city of Charleston), writes Patrick Jones on Quora. Idaho Idaho solidifies its ranking as a top retirement state by offering many tax breaks for seniors. Florida ranks well, as it does. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. Seattle has a relatively high (but not very high) natural hazard risk. With an elevation of 50 feet, the city is very walkable and bikeable. According to Bankrates study, Florida is the best state for retirement in 2022, followed by Georgia, Michigan, Ohio and Missouri. Utah ranks relatively well for its health care, and its crime rate is lower than average. Elevation is 560 feet. Florida Affordability rank: 4 Quality of life rank: 5 Health care rank: 27 Florida has the highest population of people over 65, but is one of the states with. Louisiana T-3. Daytona Beach, FL 4. Are your retirement savings on track? Minnesota 6. Here with some help is personal finance website WalletHub, which has a new report ranking the best and worst U.S. states to retire in based on factors like affordability, quality of life and health-care. But Social Security benefits are exempt and theres no state estate tax. Florida really may be the best state to retire in, according to a new report. The Gem State really says it all in the name residents brag of their friendly neighbors, Idahos scenic beauty and outdoor activities and the low cost of living. Nearby beaches, fishing, boating, classy restaurants, a big arts/cultural scene and 30 golf courses dominate the appeal of this Gulf Coast city 60 miles south of Tampa. When I see people retire and move to different parts of the country, 70 to 80 percent of the time, its to be close to family. If you want to be warm all the time and play golf all year round, then this isnt the place to come, says resident Debbi Fuller on Quora. Just watch out for high housing costs, if youre buying property in the Sunshine State, and the occasional alligator. Even though Texas and Florida have no income tax, they do have higher homeowners insurance costs because of hurricanes. After all, Americans 65 years and older spend an average of about seven hours a day on leisure and sports, compared to the five or fewer hours for those of prime working age. To identify the most retirement-friendly states, WalletHub researchers compared the 50 states across the key dimensions of affordability, quality of life and health care. Mostly summer weather is pleasant. Youll enjoy low property taxes, no taxes on your Social Security and a sizable deduction on other forms of retirement income. Tallahassee, Florida, is pictured. And, of course, not everyone likes the sweltering summers of the Sun Belt states that populate the top of our rankings. Sarasota has a relatively high (but not very high) risk of natural hazards according to FEMA. Tired of living in an overcrowded metropolis? Idaho is gorgeous. 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. Amid dramatic scenery, activities include skiing, hiking, climbing and biking. My property tax is $600 per year, writes resident Christopher Finch on Quora. Oklahoma. Idahos considered one of the safest states to live in, thanks to its low crime rate, and has one of the lowest average monthly health insurance premiums in the country, according to WalletHub. Alabama T-3. Florida has a lot of infrastructure for older folks health care, lots of gated adult communities, golf courses. Plenty of golf courses, if that's for you. To help Americans find the best cities to spend their golden years, WalletHub compared the retirement-friendliness of 182 cities including the 150 most populated U.S. cities, plus at least two of the most populated cities in each state across four key dimensions: 1) Affordability, 2) Activities, 3) Quality of Life and 4) Health Care. We adhere to strict standards of editorial integrity to help you make decisions with confidence. The city boasts a high number of physicians per capita, good air quality and high marks for volunteering. There is also a state estate tax. WalletHub published a report on Monday that found the best U.S. states to retire in 2022. Michigan took the No. Tampa, FL 7. ), Experts: How to pick your best state to retire, Full results: How your state ranks for retirement.