Retirement savings cheat sheet: A quick contribution guide for 2023 . 10 Best States For Retirement #1. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. A surprisingly mild climate in Idaho's capital city is conducive to outdoor activities, while Boise State University offers discounted tuition for seniors. The city is very bikeable, although not very walkable. subject matter experts, Drive 45 minutes and youll have something completely different, writes Boise resident Matt Roderick on Quora. Getting older has its benefits. Missouri ranks below average for health care and crime, but its quite affordable to live in, thanks to cheap housing costs. Florida. Reminder: You still have time to add to your IRA for 2022 . By Liz Brumer-Smith - Feb 23, 2022 at 7:00AM Key Points. By Sara Ventiera. Nothing too crazy to worry about like earthquakes or hurricanes or dangerous wildlife, says DChristy87 on Reddit. Elevation is 150 feet. Santa Fe has a favorable moderate natural hazard risk rating from FEMA. FEMA rates the natural hazard risk in Walla Walla as relatively low. This New England state might not be the cheapest place to live in youll pay high property taxes and a 5% tax on interest and dividends greater than $2,400 however, it ranks well for quality of life and health care. Look at how youre going to spend your money, too. Air quality is good, and there are adequate physicians per capita. Related: 12 Best U.S. Cities for Retirement: 2022. . There are five national parks within Utah alone (and another three nearby). 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 Louisiana T-3. The Kansas Bureau of Investigation says there were almost 73,500 property crimes reported in the state in 2020, and violent crime reports increased by 9.3% from the previous year. Other pluses include a high number of physicians per capita, a low serious crime rate, good air quality and a good economy. 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. Maine (20.6%) Florida (20.5%) West Virginia (19.9%) Vermont (19.4%) Montana (18.7%) Delaware (18.7%) Best Overall State for Retiring Now, let's compare. 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. We acknowledge theres plenty of subjectivity in choosing a place to live in retirement. There is also a state estate tax. Start Slideshow . I can see Zion National Park from my backyard. Sponsored: Add $1.7 million to your retirement. Elevation is 140 feet. You can read more about our data sources and selection methodology and how the Griffiths found their retirement bliss, here. 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. As with Naples, hurricane exposure is real, but less than some other coastal towns. 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. 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. There are plenty of activities to keep you busy, from golfing and fishing to visiting the many theme parks. 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. Real estate comes pretty cheap in Indiana, plus property taxes dont amount to much either. 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. The state income tax rate is a flat 5%. Washington 50. . 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. 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 ratio of doctors per capita is high, the air quality is good, and the serious crime rate is very low. Georgia ranks fifth-warmest state, meaning retirees have more days to enjoy the great outdoors. Social Security benefits are exempt and theres no state estate tax. Brian Beers is the managing editor for the Wealth team at Bankrate. Tennessee 7. Virginia 3. We are an independent, advertising-supported comparison service. (Because the FBI significantly changed the reporting format for 2020 data, we did not rely on those statistics. 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. Connecticut: 6.99% on incomes over $500,000 ($1 million for married filers of joint returns) Nebraska: 6.84% on income over $32,210 ($64,430 for married filers of joint returns) West Virginia: 6.5% on income over $60,000 (for both single filers and married filers of joint returns) Hiking and outdoor activities are all big, we have lots of trails for ATV and biking. Youll enjoy low property taxes, no taxes on your Social Security and a sizable deduction on other forms of retirement income. Boulder itself is very walkable and bikeable with a low serious crime rate, good air quality and abundant doctors. The serious crime rate is above the national average. 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. Wise up with top stories and timely tips Tuesdays and Thursdays. WalletHub published a report on Monday that found the best U.S. states to retire in 2022. Naples, FL 3. The content provided on Moneywise is information to help users become financially literate. The city enjoys a higher number of doctors per capita and good air quality. 3. Aug 1, 2022. 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. Elevation of 2,100 feet makes most summers non-sweltering. The city is pretty walkable and bikeable. Tampa, FL 7. Other pluses include good air quality, a low serious crime rate and a high number of doctors per capita. The island is somewhat bikeable but not all that walkable. The Mountain State peaks at the top when it comes to both affordability and natural beauty West Virginia flaunts breathtaking parks and preserves and numerous hiking trails. 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. Florida has a lot of infrastructure for older folks health care, lots of gated adult communities, golf courses. Florida was at the top of the list. Our choices span all four continental time zones and 16 states. Idaho 8. Coeur dAlene has a high number of physicians per capita, good air quality, and a low serious crime rate. That number is higher in states like Connecticut, where the average person has a retirement balance of roughly $520,000. 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. Oregon has no sales tax but makes up for that with an income tax rate that hits 8.75% at just $18,400 of income for joint filers (with Social Security excluded) and tops out at 9.9% for taxable income above $250,000. Elevation is 50 feet. FEMA ranks Boise relatively low in natural hazard risk. This material may not be published, broadcast, rewritten, or redistributed. Doctors are abundant. 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. Daytona Beach, FL 4. Idaho is gorgeous. 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. The Pine Tree State boasts beautiful beaches, an abundance of green spaces and some delightful lobster shacks. Taxes This is a big consideration throughout our lives, but when incomes decrease in retirement, it can become a huge factor. 5. The 10 Bestand Most AffordablePlaces To Retire in America, 2022 Edition. 10. There is a high rate of volunteering. The summers aren't too hot and long and the winters not too cold and long. 10 Tax Breaks for People Over 50. The surrounding terrain is suitable for hiking and biking. The Old Dominion State ranks relatively well for quality of life and safety, and residents here experience relatively mild winters. I have a 2,400-square-foot, four-bedroom, three-bathroom, all-brick house sitting on 1.25 acres. 10. There is no state estate tax. Richmond has an amazing food and culture scene. Virginia's average combined state and local rate of 5.75% is the 11th-lowest in the nation. 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. The Sunshine State also has the second-highest percentage of residents 65 years and older, WalletHub says, topped only by Maine. Another: A 6.5% state income tax kicks in for couples at just $16,040 of taxable income. Despite an elevation of just 10 feet, Hilton Head has a moderate FEMA rating for natural hazard risk. California 48. The state was dragged down by back-of-the-pack scores in affordability and weather. I have to say, living in central VA, its nice being only two-ish hours from nice, usually calm beaches, and two-ish hours from gorgeous, rolling-green mountains. WalletHub also considers it the best state for elder abuse protection, especially for its protection funding and eldercare organizations and services. We are surrounded by mountains, forests, rivers, lakes, the whole shebang Overall cost of living is pretty low here, although property values in Laramie are higher here than some other parts of the state.. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. I googled this and got a completely different list for 2022: Florida North Carolina Michigan Arizona Georgia Pennsylvania Washington Indiana Texas Virginia . I paid $189,000 under a USDA loan. 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! Nevada. 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. Score fresh maple syrup and ski down snowy slopes in the Green Mountain State, renowned across the country for its natural splendor. Our editorial team does not receive direct compensation from our advertisers. Florida named the best state to retire in 2022, study says by: Caleb Wethington, Nexstar Media Wire Posted: Sep 5, 2022 / 06:23 AM EDT Updated: Sep 5, 2022 / 07:11 AM EDT DALLAS ( KDAF). We do not include the universe of companies or financial offers that may be available to you. Check out what's clicking on FoxBusiness.com. 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. What are index funds and how do they work? ), Experts: How to pick your best state to retire, Full results: How your state ranks for retirement. Idahos graduated state income tax rate hits a top rate of 6% at just $15,878 of income for married couples. The serious crime rate is above the national average. Elevation is 7,200 feet. Oregon has no sales tax but makes up for that with an income tax rate that hits 8.75% at just $18,400 of income for joint filers (with Social Security excluded) and tops out at 9.9% for taxable income above $250,000. Other attributes include good air quality and a high ratio of doctors per capita. Florida 2. You wont have to pay taxes on your Social Security benefits and you can claim a deduction on other types of retirement income. 4. South Carolina 5. But there is no state income tax on Social Security benefits and no state estate tax. Alaska, on the other hand, held last place in our ranking. 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. I have one client whos 83 [years old] who didnt want to live in an active adult community because she had pre-determined that it would be filled with old people. Just watch out for high housing costs, if youre buying property in the Sunshine State, and the occasional alligator. 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. Should you accept an early retirement offer? 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. This year's list of the 25 Best Places to Retire highlights places with affordable homes, low taxes and high ratings for happiness and health care quality. All of our content is authored by Mutual Fund and ETF data provided byRefinitiv Lipper. For this study, Bankrate looked at five broad categories: affordability, wellness, culture, weather and crime. At an elevation of 600 feet, Traverse City has a very low natural hazard risk, according to FEMA. Legal Statement. Decide whats truly worth it while picking out a place for your golden years. We will have it paid off in 18 years instead of 30, and save over $38,000 in interest. Check out the Mammoth Cave National Park and go hiking in the Red River Gorge area if youre interested in an outdoor adventure.