The Best places to retire in the u.s. and the best places to retire. I have done the research for you by consolidating information from a variety of places.
The worst states to retire:
1) New Jersey
2) Maryland
3) New York
4) West Virginia
5) Connecticut
New Jersey has the worst combination of not only being among the top 6 most expensive states - for example, it has the highest property taxes in the U.S. at 2.4% vs. an average of 1.2% for the rest of the country, but they also have one of the highest costs of health care, and below average quality of life.
Retirees in Maryland have the 2nd highest household income, but high taxes and cost of living will exhaust that pretty quickly. It’s 17% higher than average to live in this state. They don’t tax social security, but IRAs are taxable. And they tax estates and inheritance, so it’s miserable for your heirs.
New York is one of the most expensive states to live in, with one of the highest poverty rates among retirees at over 11%. The state has high property tax and sales tax as well. And if that’s to bad enough, Healthcare is also expensive.
West Virginia has better than average affordability, but its health care is one of the two worst in the nation, and Quality of life is in the bottom 10. And the state is not tax friendly either.
Connecticut is the least tax friendly state in the country. Real estate taxes are the 2nd highest, retirement income is fully taxed with no exemptions, and all this is on top of one of the highest cost of living states - being 24% higher than average.
The Five Best States to retire:
1) South Dakota
2) New Hampshire
3) Florida
4) Idaho
5) Utah
South Dakota is most famously known as the state that has Mount Rushmore. It is also highly affordable with no state income tax, and very low cost of living, and low health care costs. There is zero taxes on retiree income, and there is no inheritance tax. There are plenty of outdoor activity options like hiking, hunting, and fishing. Retirees in this state are among the most enthusiastic about the state citing social and community as being attractive. The main drawback in moving to this state is the bitterly cold winter weather.
New Hampshire is among the 10 tax friendliest states. They do not impose income on most forms of income which means they don’t tax social security or retirement income, income from 401Ks or IRAs. They also do not have any sales tax. They do tax dividends and interest income on taxable accounts. The state of their retirees’ health is among the best in the country. They also have low crime, good cultural entertainment options. Weather is cold - which is great if you enjoy winter weather, but not so good if you like heat. The main detractors for this state are its higher than average living costs ranking 43 out of 50 states, and the cold winter weather.
Florida has the highest number retirees in the country. So maybe they know something. Not only do you get warm weather year round in much of the state - the average yearly temperature is a pleasant 70 degrees Fahrenheit, or 21 degrees Celsius. And the tax situation is particularly friendly for retirees. Florida has no income tax, estate tax or inheritance tax. They don’t tax social security or other retirement income either. Health care availability is among the best but the cost of that healthcare is higher than average. Quality of life considering entertainment options is also top notch. Pretty much the only thing you will need to worry about is scorching hot weather in the Summer, and of course, an increasing number of hurricanes. Oh and they also have a higher than average crime rate.
Idaho as you probably know is known for their potatoes. But it is also one of the most affordable states. Although they do have a 6% sales tax and income tax, they do not tax social security, and do not have an estate or inheritance tax. Natural beauty and outdoor entertainment, particularly in the winter is abundant. Low crime rates, good health scores for their retirees - they scored top 10 in well being, low cost of living, and low healthcare costs. The main drawbacks are lack of cultural options and cold winter weather.
Utah has the second best overall health in the country for its 65 and over community. It is one of the largest states in land area. They have a myriad of options for outdoor recreation, with 5 national parks, and 5 nations forests. Cost of living is lower than average. And their overall crime rates are among the lowest in America. They do tax social security, but overall tax rates are relatively low, and the poverty rate among seniors is the 3rd lowest in the country. Access to health care is also quite good. The main drawbacks would be cold winter weather, and a lack of a culturally diverse population.
Do you agree with the list? Please put a comment below.
7 авг 2024
