Many websites venture into what state is best for retirees. Fewer websites factor financial benefits into selecting a state. Bankrate, Wallethub, Kiplinger, Go Banking Rates, and Caring.com decided to venture into retirement states with financial benefits with mixed results. Therefore, the ones on this list made the top 10 on three websites. Ironically, six on Wallethub‘s list made this list. Prepare to break away from stereotypes and embrace open-mindedness before reading.
Retirees craving snow year-round will appreciate Colorado’s snow-capped mountains and nearby ski resorts. Colorado’s strength lies in its healthcare, cost of living, and well-being/quality of life, according to Bankrate and Caring.com. The nature surrounding Colorado, including rivers, air, and trees, will attract outdoor enthusiasts too.
Florida’s warm weather, beautiful beaches, and endless amenities make it a premier retirement destination. Go Banking Rates and Kiplinger appreciate Florida’s affordable healthcare costs, low home prices, affordable cost of living, and no state income taxes. What Kiplinger adds to the pot is Homestead Exemption, a home saving opportunity for Florida seniors. Likewise, Florida title loans exist for seniors to pay for cars, motorcycles, and boats.
A state mainly overlooked as a retirement destination should now be on every retiree’s wish list. Bankrate and Caring.com adore Idaho’s cost of living, low crime rate, and overall well-being are great reasons to move there, putting seniors at ease about safety concerns. The non-taxable prescriptions and social security income makes healthcare affordable for seniors, says Caring.com. Include the mountains and the sunny-not-humid weather and retirement are complete.
Stretch the dollar further in Iowa if you’re willing to sacrifice beaches, mountains, and warm weather and embrace the Midwestern heartland. Bankrate and Caring.com loves Iowa for affordable home prices, cost of living, and healthcare. Bankrate boasts about Iowa’s low crime rates while Caring.com highlights the quality of life and senior assisted living options.
For anyone willing to brave the cold winters, the Granite State makes the tradeoff worthwhile. Bankrate appreciates the state’s excellent healthcare, low crime rates, and overall well-being. Go Banking Rates and Kiplinger touts New Hampshire’s social security benefits, no state income tax, and no state sales tax. Kiplinger specifically mentions a $1,200 exemption for property taxes and a city exemption for dividend interest for retiree residents.
The third state with no state income tax, South Dakota’s weather leans to both extremes: the hottest summers and the coldest winters. Additionally, Bankrate mentions overall well-being and cost of living as advantages. Likewise, Kiplinger shares the same sentiment on no state income tax, yet acknowledges the low sales taxes. With good spending habits, the dollars earned from social security and savings will last a long time.
The social security payouts pay dividends in Wyoming, according to Go Banking Rates. Large payouts, great bank interest rates, and a low cost of living make Wyoming a lovely destination for retirees. Kiplinger, meanwhile, loves the no state income tax, the fourth one on the list, and low property taxes. In addition, Wyoming has low sales taxes thanks to abundant oil and mineral resources. Eligible seniors can expect a small refund from property taxes, sales taxes, and utilities combined.
The combined list shows that warmer climates aren’t the best retirement areas financially. It makes sense. Everyone’s moving there, which increases home prices, cost of living, and other expenses. In closing, retire where you feel financially comfortable and don’t let peer pressure sway you to live elsewhere. It’s important to plan long-term retirement with the state that will stretch the dollar the farthest.