For me, I enjoy the outdoors and am heavily involved in equestrian things so the low price for land is perfect. 40. Get personalized advice from a financial advisor that understands your needs. It is freakin beautiful here! Best places to retire. !function(e,t,s,i){var n="InfogramEmbeds",o=e.getElementsByTagName("script"),d=o[0],r=/^http:/.test(e.location)? However, Hawaii was found to have the highest life expectancy, while West Virginia was found to have the lowest. Its hard to make a blanket statement. Mild weather, gorgeous scenery, and welcoming citizens are a few . We do take into account a variety of quality-of-life metrics, ranging from air quality and availability of doctors to the crime rate and a towns walkability. 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. Mostly summer weather is pleasant. Check out WalletHub's 10 best states for retirement to get the most out of your golden years: 1. . 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. A retiree will need to contend with the chilly winter months if they choose to reside in North Dakota but its relatively affordable housing and health care can make it well worth the climate. 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. 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. who ensure everything we publish is objective, accurate and trustworthy. More: How to get your retirement plan back on track. New Hampshire T-45. 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. After all, 26% of non-retirees have no retirement plan at all, according to a 2021 report by the Federal Reserve. 3. Eagle, Idaho Don Johnson Arrowrock Photography / Courtesy City of Eagle Population: 31,880 Population 50+: 41% Days of sunshine a year: 209 Median home price: $544,185 This picturesque Boise suburb is perfect for those looking for an active retirement. Another downside: a serious crime rate above the national average. Beantown's about a 45-minute drive south. 4. 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. 02-24-2023, 10:08 PM E-Twist : 5,264 posts, read 3,199,303 times Reputation: 19973. The 15 best, worst states for retirement in 2022 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 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. At an elevation of 2,700 feet, the city is very bikeable, though not as walkable. 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. 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. Here are the Global Retirement Index's top-10 retirement destinations for 2022. Winters are cold. [Fargo is] a cool place to live if you're into outdoors-related things. Maine's summer is made for retired people. On the other hand, Maryland is way below the cadre of ranking. 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.. 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. 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. Despite getting some bad press, Oregons largest city has a lot going for it. Do you still want to be able to play golf, tennis or pickleball? We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. 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. Alaska, on the other hand, held last place in our. Alaska, on the other hand, held last place in our ranking. We pay an extra $500 per month. 2022's Best States for LGBTQ+ Retirees. Another good one is to pursue your avocational passions. Just be prepared for cold, snowy winters. The Sunshine State also has the second-highest percentage of residents 65 years and older, WalletHub says, topped only by Maine. 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. Getting older has its benefits. Nestled on Floridas Gulf Coast along Tampa Bay, this port city has a big restaurant scene, lots of water activities and 80 golf courses in the area. There is a low serious crime rate, a very high ratio of doctors per capita and good air quality. And, of course, not everyone likes the sweltering summers of the Sun Belt states that populate the top of our rankings. Louisiana T-3. To determine the best states to retire, WalletHub examined a few key factors like affordability, health care . Top criteria include the happiness of local residents, housing affordability, tax rates and health care quality. The Palmetto States lush shoreline and mild climate lure plenty of retirees looking for a warm place to relax and unwind. By comparison, the 2024 leave year won't begin for most employees until Sunday, Jan. 14, 2024 and the 2025 leave . Plus they have a favorable income tax rate. editorial policy, so you can trust that our content is honest and accurate. Some states offer tax breaks on retirement income. The Sunshine State has long been a haven for retirees. Yet, Delaware ranks second in best states to retire and the data supports it. Elevation is 140 feet. Elevation is 950 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. 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. Still, on average, people across the U.S. have roughly $400,000 dollars to nest on. Social Security benefits dont get taxed and seniors can claim a deduction of up to $12,000 a year against their other retirement income. Worst State: 2x Difference West Virginia vs. Minnesota 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. The city is very bikeable and somewhat walkable. If you like a warm climate, Florida has the second-hottest average temperatures, right behind Hawaii. Its considered decently safe to live in and ranks above average for quality of life. All of our content is authored by According to The Motley Fool, housing comes relatively cheap in the state and the weathers pretty decent, with mild winters and warm summers. One downside: a serious crime rate above the national average. Those are deeply personal questions. Bankrate follows a strict editorial policy, so you can trust that were putting your interests first. Worst State: 2x Difference Alabama vs. Hawaii Annual Cost of In-Home Services Lowest 1. You wont have to pay taxes on your Social Security benefits and you can claim a deduction on other types of retirement income. The Pine Tree State boasts beautiful beaches, an abundance of green spaces and some delightful lobster shacks. But there is no state income tax on Social Security earnings and theres no state estate tax. Best States to Retire in 2022 Arizona No matter where in Arizona you choose to retire, you will be within a few hours of major historic sites, stunning National Parks, beautiful golf courses, and you'll be able to explore them while enjoying the warm desert weather. 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. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. 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. Winters can be challenging, but if you are an active senior then this is a great place to retire. These states might offer blue skies and beaches or affordable housing and health care but its important to have a decently-sized nest egg before you decide where to live in your retirement. Kansas received middling scores for affordability and health care but watch out for its higher-than-average crime rates. It features a big music and dining scene as well as free senior citizen tuition for six credits a semester at the University of Texas at Austin. You can read more about our data sources and selection methodology and how the Griffiths found their retirement bliss, here. Housing is relatively cheap and Zillow places the median home value in the state at just around $225,500. Texas 6. Santa Fe has a high number of doctors per capita, good air quality and a low serious crime rate. 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. Situated between Brazil and Argentina, Uruguay is a Spanish-speaking nation of around 3.5 million people, with warm summers and mild winters. Weve got the normal entertainment youd find everywhere and we get pretty decent Broadway tours if youre into that. 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. Thats the second-largest share of 65+ folks of any state, Census data shows. A Division of NBC Universal, Jeffrey Greenberg | Universal Images Group | Getty Images. Oklahoma Bonsales / Shutterstock Average annual benefit in 2022: $19,393.40 In Oklahoma, 551,853 retirees are getting Social Security benefits in 2021 that average $1,526.08 a month, or $18,312.94 for the year. Utah ranks relatively well for its health care, and its crime rate is lower than average. Delaware also has a major perk of being close to Washington, D.C. so you can have a calm weekend or a rocking one out on the town. The island is somewhat bikeable but not all that walkable. The Most Affordable Places to Retire. If you own a paid-off home in a high-cost area like Boston or San Francisco, maybe affordability isnt a priority for you. Here's an explanation for how we make money Washington 50. The city is both highly walkable and bikeable and gets high marks for volunteering. editorial integrity, The state topped our ranking of culture and diversity. Florida 2. Not everyone can afford to live on fixed incomes as prices rise. There is no state income tax, but there is a stiff state estate tax. It's no surprise that money is such an important consideration when choosing the best place to spend your retirement years. Sarasota has a relatively high (but not very high) risk of natural hazards according to FEMA. The Best Places to Retire in 2021-2022. We have culture. Plus there's a lot of opportunity to work part-time here if you're so inclined, writes Claire515 on Reddit. Aug 1, 2022.