Check Out Most Convenient States to Move for Retirement
Are you close to retirement age? It’s time to consider the location you’d like to live in during your golden years. Choosing a state is ultimately a personal decision, but these five present affordable and tax-friendly options to enjoy the next stage of your life.
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Georgia
Georgia is a top state for retirement. The Peach State has begun to rival Florida in drawing retirees in recent years. One of the factors attracting seniors is the affordable house prices. In 2021, the median Atlanta home price was $279,300, compared to the national average of $319,200 or the average Orlando home price of $325,000. For this reason, many Northern retirees are flocking to Georgia, and even some Southern retirees are, too.
Georgia’s tax climate is friendly to seniors. The state has relatively low rates, and Social Security income is exempt from state taxes. Additionally, up to $65,000 of most retirement income for individuals 65 and older is exempt. However, the state income tax is 5.75%.
If you like the idea of pleasant weather, affordable housing and a tax-friendly environment, you might want to consider moving to one of Georgia’s up-and-coming retirement communities.
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Florida
Florida is one of the most popular retirement states. Retirees flock here for the sunshine, warm weather and tax-friendly practices. In addition, the Sunshine State has no income tax and low property tax rates of 1.1%.
Florida’s lack of income tax keeps the cost of living low for most residents. Because of property taxes, housing is affordable and retiree communities are abundant. Whether you choose to live inside a retirement community or a home in a city, you’ll find many senior-specific services and activities available to you if you move to Florida.
Currently, 20.1% of the state population is over 65. Certain areas like the Villages, Punta Gorda, Sebring and Homosassa Springs primarily consist of residents this age. By 2040, if trends continue, one-quarter of Florida’s population will be over 65. If you love the idea of being surrounded by other retirees, settling in Florida might be the perfect state for you.
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Tennessee
Another state to consider when you hit retirement age is Tennessee. The Volunteer State has a warm climate and exciting recreational and cultural activities. Retirees have their pick of hiking in the Great Smoky Mountains, visiting Graceland, seeing a show at the Grand Ole Opry or taking the grandkids to Dollywood.
Additionally, the state is tax-friendly to retirees. Tennessee has no income tax, though it does have a hall tax, which applies to interests and dividends. However, the hall tax doesn’t apply to any form of retirement income. Tennessee doesn’t tax Social Security benefits, and its state property taxes are low, averaging 0.64%. Finally, if you or your partner have a disability, Tennessee has a Property Tax Relief Program that can supplement your homeowner payments.
If you’re looking for a milder winter and an action-packed retirement, consider Tennessee.
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Arizona
Arizona is a popular state for seniors. Retirees enjoy it for the sunshine and dry heat. There are also several senior communities and attractions that appeal to those over 65.
The Grand Canyon State is moderately tax-friendly. Arizona doesn’t tax Social Security benefits, but other forms of retirement income are either partially or fully taxed. Arizona has a state income tax and a high sales tax rate of 8.40%. On the other hand, retirees love the affordable homes due to low property taxes.
If you like the idea of retiring in a senior community and living out your years in eternal sunshine and warmth, look no further. Arizona is the state for you.
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Wyoming
Are you a nature lover? Do you imagine a retirement spent hiking the trails of Yellowstone National Park? Wyoming might be the perfect place for you to retire. Another perk of relocating to the Equality State is the low retirement taxes.
Wyoming is tax-friendly for seniors because it doesn’t have state income tax, meaning all forms of retirement income aren’t taxed at the state level. Additionally, the property tax rate is only 0.61%, making homeownership an affordable option for retirees. Wyoming doesn’t tax Social Security and it has no estate or inheritance tax.
For some seniors, the most challenging adjustment might be the Wyoming winters. However, if you love snow, this could be the state for your retirement.
The Five Best States for Retirement
Before making the final decision on where you’d like to relocate for your retirement, it might be wise to spend some time in each location so you get a sense of the area. Choosing a new state is a big decision and you’ll want to make sure the place feels right before you buy a property. When you consider homes in any of these five states, you’ll have a long and happy retirement.
We hope you found this blog post The 5 Best States to Move to for Retirement useful. Be sure to check out our post First Time Buyer? How To Furnish Your New Home For Less for more great tips!
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