Bankrate looked at several public and private datasets related to the life of a retiree. Delaware #6. The state includes plenty of recreational opportunities for seniors, according to resident Torrey Stephen Whitman on Quora. And, of course, not everyone likes the sweltering summers of the Sun Belt states that populate the top of our rankings. The 10 Best Places to Retire in the U.S . Elevation is 500 feet. Nevada 10. Maryland #4. I googled this and got a completely different list for 2022: Florida North Carolina Michigan Arizona Georgia Pennsylvania Washington Indiana Texas Virginia . Colorado 49. More: Jump-start your retirement plan. New York #3. Take our 3 minute quiz and match with an advisor today. 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. The state is made almost entirely from limestonea sedimentary rock that is not gold-bearing! As far as entertainment goes, New York has the most museums per capita and, along with California and Minnesota, the most theaters per capita. The Bankrate survey analyzed all 50 states for affordability, based on the cost of living index and the effective tax rate. Thats why a number of otherwise appealing choices, including New York City, didnt make the cut. Heres the thing: Retiring in Connecticut will cost you an arm and a leg but if you have the funds tucked away, youll enjoy excellent health care and low crime rates. 23. Oregon 47. 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. Nebraska offers a slower pace of living for a retiree whos content to simply sit back and relax plus a few cool geological monuments and parks to check out in your spare time. Diversity scores used the Census racial and ethnic diversity index and LGBTQ population densities compiled by the Movement Advancement Project. Mississippi 5. Check out what's clicking on FoxBusiness.com. To find some objective answers to the where-to-retire question, Bankrate crunched a bevy of statistics on costs of living, public health and other metrics. 5. Hunting and fishing are obviously popular. 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. Virginia #4. En espaol | Choosing where to live after retirement is a huge decision and a very personal one. Youll enjoy low property taxes, no taxes on your Social Security and a sizable deduction on other forms of retirement income. Gulf Coast resort 170 miles south of Tampa boasts 100 area golf courses, plus extensive shoreline for outdoor water pursuits and a big arts scene. If you decide to retire in Pennsylvania, youll enjoy access to some stunning historical architecture and monuments, outdoor activities in the state parks and forests and the Philly cheesesteak, of course. Interesting Findings. 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. 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. Aug 1, 2022. 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. Michigan ranks as the most affordable state to retire in 2022, according to a recent Bankrate analysis. These are the top 10 states that retirees are moving to: 1. Which certificate of deposit account is best? Maryland not only has an income tax, but were also one of only seven states that has an estate tax. 7.. Brian Beers is the managing editor for the Wealth team at Bankrate. Getting older has its benefits. 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 . We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. While property taxes are relatively high, the median home value is just around $180,000, according to Zillow. The worst state in the U.S. for retirement is New Jersey, followed by Mississippi and New York, based on WalletHub's findings. Its kind of a mix of small town/big town. The Best States To Retire in 2022 As noted above, the best state to retire in will depend on an individual or couple's budget, lifestyle, and values. There's no better time to retire than 2022 when life expectancy is at its all-time high of 79.05 years.However, choosing the best states to retire from a list of 50 is no easy feat. The city boasts a high number of physicians per capita, good air quality and high marks for volunteering. A stiff 7% state income tax kicks in at $16,040 of taxable income, but there is no state income tax on Social Security earnings and theres a state income tax break for pension income. Montana 8.. Iowa offers a lower cost of living, better healthcare, and lower home prices, making it safe and affordable. . Arizona Honorable Mention: South Carolina 5 Worst States For Retirement #1. editorial policy, so you can trust that our content is honest and accurate. Florida. Sponsored: Add $1.7 million to your retirement. The states cost of living has been rising, although the tax burden remains light. The state was dragged down by back-of-the-pack scores in affordability and weather. But recent trends may help point you in. 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. 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. Another negative: The serious crime rate is above the national average. The city is somewhat bikeable, although not all that walkable. Plenty of golf courses, if that's for you. A Division of NBC Universal, Jeffrey Greenberg | Universal Images Group | Getty Images. Virginia is tax friendly for retirees and offers a wealth of green spaces and beaches whats not to love? Boulder has a favorable relatively low risk for natural hazards. 1. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. But this compensation does not influence the information we publish, or the reviews that you see on this site. You'll pay no regular or retirement income tax, and Nevada property taxes are low," RetirementLiving.com says. You may opt-out by. The state income tax rate is a flat 5%. We also used NOAA data for tornado strikes and hurricane landfalls, along with earthquake reports from the U.S. Geological Survey.We calculated crime using the rates of property crimes and violent crimes per 100,000 inhabitants for each state from the FBIs 2019 Crime in the United States report. Check out WalletHub's 10 best states for retirement to get the most out of your golden years: 1. We will have it paid off in 18 years instead of 30, and save over $38,000 in interest. Colorado 4. Indiana. Midwestern and Northeastern states top the list, while some warmer states that might seem appealing for retirement, such as Hawaii and California, rank lower. 4. Legal Statement. For wellness rankings, Bankrate used the Sharecare Community Well-Being Index released in July 2022. WalletHub published a report on Monday that found the best U.S. states to retire in 2022. According to Bankrate's study, Florida is the best state for retirement in 2022, followed by Georgia, Michigan, Ohio and Missouri. But recent trends may help point you in the right direction. Our choices span all four continental time zones and 16 states. Zero down, 3.25%, 30-year fixed. Norfolk is up-and-coming with some amazing bars, and VB has the Oceanfront, which is a lot of fun day or night, says AquaKong35 on Reddit. But Social Security benefits are exempt and theres no state estate tax. Florida was at the top of the list. Do you prefer golf or cross-country skiing? Winters can be cold. A recent Vanguard study revealed a self-managed $500,000 investment grows into an average $1.7 million in 25 years. 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. At Bankrate we strive to help you make smarter financial decisions. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Its ideal for someone living on a fixed income, since theres no state income tax or estate and inheritance taxes. A range of lifestyles and living costs are on offer, including ranches and farms in . Theres no state income tax on Social Security earnings, but there is a state estate tax. Elevation is 60 feet. Our methodology: Our editors considered a variety of factors including each state's retirement rankings from WalletHub, MoneyRates and The Motley Fool to create our proprietary index. The state ranks relatively well for health care, but lags behind for its elder abuse protections. We maintain a firewall between our advertisers and our editorial team. Theres a wide variety of outdoor activities available on water and on land, including some 54 area golf courses. For weather scores, we relied on three decades of average daily temperature data from the National Oceanic and Atmospheric Administration. The offers that appear on this site are from companies that compensate us. Plenty of farms also, although they are increasingly larger and larger and run by fewer and fewer people, writes noshelter on Reddit. As a result, many retirees are looking for ways to stretch their savings. FEMA rates the natural hazard risk in Walla Walla as relatively low. All Rights Reserved. Florida 2. Minnesota 6. 3. 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. The whole place was practically built for snowbirds and retirees, says bicyclemom on Reddit. California 48. 6. Georgia came out the winner, followed closely by Florida and Tennessee, in a list . Its considered decently safe to live in and ranks above average for quality of life. Connect with a financial planner today. There is no state income or estate tax. Just be prepared for cold, snowy winters. Lancaster, PA 6. Access to medical care is another important factor. Doctors are abundant. With a raise next year of 5.9%, Nevada's Social Security recipients will get $1,614.41 per month. New Jersey #2. "Nevada is a tax-friendly state, making it ideal for many retirees. Missouri ranks below average for health care and crime, but its quite affordable to live in, thanks to cheap housing costs. I can see Zion National Park from my backyard. We acknowledge theres plenty of subjectivity in choosing a place to live in retirement. The city is extremely walkable and famously bikeable. Iowa is an underrated state, which means it is far from crowded. 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. Asheville is at moderate risk for natural hazards. Join here. PA is a fine place for birding Hawk Mountain for raptors, and Middle Creek Refuge for geese saw 20,000 snow geese there last February. There is a low serious crime rate, a very high ratio of doctors per capita and good air quality. We pay an extra $500 per month. Thats the second-largest share of 65+ folks of any state, Census data shows. HOW TO RETIRE WITH $1M ON A $50,000 SALARY. 02-24-2023, 10:08 PM E-Twist : 5,264 posts, read 3,199,303 times Reputation: 19973. Powered and implemented byFactSet Digital Solutions. Another downside: a higher-than-average serious crime rate. 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. Its interesting to see that low-tax states like South Dakota and Texas dont make the top 10, or even the top 20 states with the most millionaires. Florida came in first in the overall ranking. From a financial perspective, there are a lot of things to consider. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. There are above-average doctors per capita and good air quality. 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. Virginia 3. Drive 45 minutes and youll have something completely different, writes Boise resident Matt Roderick on Quora. Time to head to the mountains! Yet, Delaware ranks second in best states to retire and the data supports it. This center of tart cherry production 250 miles northwest of Detroit is near the famous Interlochen Center for the Arts, which hosts hundreds of yearly music performances. With 120 nearby wineries, this quaint rural town 260 miles southeast of Seattle, boasts a surprisingly robust fine dining scene. Some states offer tax breaks on retirement income. The capital of Texas hits all the leisure passions we rate. Its hard to make a blanket statement. What drew them to Ashland was the Oregon Shakespeare Festival, which stages nine months a year of productions ranging from the Tempest to modern musicals and is located just 300 yards from their home. Here's an explanation for how we make money Social Security income is tax-exempt, and most types of retirement income if your 62 or older. What are index funds and how do they work? We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. There is no state income tax on Social Security benefits or a portion of pension income, and no state estate tax. 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. 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. Housing is relatively cheap and Zillow places the median home value in the state at just around $225,500. GET FOX BUSINESS ON THE GO BY CLICKING HERE. The . The Peace Garden State has one of the highest numbers of hospital beds per capita and plenty of eldercare organizations and services available to the public, according to WalletHub. It ranks slightly higher than average for its quality of life and crime rates, and WalletHub says it has one of the lowest complaints of elder abuse in the country. However, you will need to contend with high property taxes and an inheritance tax, and your retirement income wont be exempt from taxation either. 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. But there is no state income tax on Social Security earnings and theres no state estate tax. But theres no estate tax or tax on Social Security benefits and theres an income tax break for pension income. 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.