Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. Best states to live in retirement - Fidelity Investments The . We do not include the universe of companies or financial offers that may be available to you. Despite an elevation of just 10 feet, Hilton Head has a moderate FEMA rating for natural hazard risk. Not to mention it's more of a suburban-based state. Austin is very bikeable and somewhat walkable. Meanwhile, for potential retirees seeking a cultural melting pot, Florida boasts solid racial diversity and a significant LGBTQ population. Crime rates in the state sit relatively low as well. 1. Money concerns play a big factor in those low rankings, with New York ranking as the least affordable state and New Jersey following right behind, whereas Mississippi ranks at the bottom in terms of the quality of life, according to WalletHub. Florida was at the top of the list. Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. If you love the outdoors, you can settle down by the sea and take part in sailing, surfing and fishing Rhode Islands coastline stretches for 400 miles. 6. 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. Report: Texas among top 10 best states to retire in 2022 The Old Dominion State ranks relatively well for quality of life and safety, and residents here experience relatively mild winters. A surprisingly mild climate in Idaho's capital city is conducive to outdoor activities, while Boise State University offers discounted tuition for seniors. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. The city enjoys a higher number of doctors per capita and good air quality. Bankrate follows a strict For me, I enjoy the outdoors and am heavily involved in equestrian things so the low price for land is perfect. Best & Worst Places to Retire - WalletHub Diversity scores used the Census racial and ethnic diversity index and LGBTQ population densities compiled by the Movement Advancement Project. WalletHub published a report on Monday that found the best U.S. states to retire in 2022. A new, lower flat income tax rate will take effect in 2023. Other popular retirement states. I paid $189,000 under a USDA loan. The city is very bikeable, although not very walkable. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. You can live close enough to a city that you're just 20 minutes away from doing whatever, but have the benefit of sparse enough homes that you're not living on top of each other. Were transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Florida: Florida is a top retirement destination for many reasons. 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. After all, 26% of non-retirees have no retirement plan at all, according to a 2021 report by the Federal Reserve. Its hard to make a blanket statement. 3. What a $1 million nest egg looks like in today's America . No other states surpass their density of residents over the age of 65. Elevation is 300 feet. The state income tax rate is a flat 4.25%, but it excludes Social Security income and some pension income and theres no state estate tax. 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. The city is very bikeable and somewhat walkable. Toughest States for Retirees. 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. You can really get some bang for your buck, housing wise. This haven for foodies has a big arts/culture scene, more than 60 area golf courses, lots of other outdoors activities, a culture of volunteering and free senior citizen auditing of classes at Portland State University. You have money questions. FEMA ranks Boise relatively low in natural hazard risk. By Sara Ventiera. Located 285 miles south of Portland, this artsy outpost offers galleries, a vibrant restaurant scene and the acclaimed nine-month-a-year Oregon Shakespeare Festival, all set amid scenic mountains and forests. A maximum score of 150 was possible. Look No Further: The 10 Best States for Retirement in 2023 - PODS Blog While health care is quite costly, WalletHub ranks Connecticut highly for its access and outcomes the state has one of the largest numbers of physicians per capita and the third lowest heart disease rates in the country. Another downside: Serious crime is above the national average. Another downside: a higher-than-average serious crime rate. To see the overall ranking, here are the best states to retire in this year, according to WalletHub. Bankrate.com is an independent, advertising-supported publisher and comparison service. A Division of NBC Universal, Jeffrey Greenberg | Universal Images Group | Getty Images. Interesting Findings. Where you decide to . Melbourne, Florida. 2023 FOX News Network, LLC. Theres no estate tax or tax on Social Security benefit, but the state income tax rate is a hefty 8% on taxable income above $96,870 per couple and goes up to 13.3% for the very wealthy. But there is no state income tax on Social Security benefits and no state estate tax. Florida is runner-up for the best states to retire in this year, thanks to its golden sunshine, gorgeous beaches, low taxes and large retirement communities. Not everyone can afford to live on fixed incomes as prices rise. And the states strong economy means housing has only gotten more expensive as well, reports KSL News Radio. 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. Arizona Honorable Mention: South Carolina 5 Worst States For Retirement #1. Best U.S. states to retire in 2022 | Empower - Personal Capital However, Hawaii was found to have the highest life expectancy, while West Virginia was found to have the lowest. 18 in Bankrates affordability index. Elevation is 1,400 feet and air quality is good. Large enough for us and our dogs plus lots of room for company, writes Brian Trapp on Quora. But this compensation does not influence the information we publish, or the reviews that you see on this site. 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. Plus, theres no state estate tax. The end of your career also raises new questions about where and how to spend your days now that youre no longer tied to a specific location. Just watch out for high housing costs, if youre buying property in the Sunshine State, and the occasional alligator. Tired of living in an overcrowded metropolis? But there is no state income tax on Social Security earnings and theres no state estate tax. To that end, Forbes has identified 25 top places to follow seven leisure interests in retirement: arts/culture, fine dining, lifelong learning, volunteering, outdoor activities on water, outdoor activities on land, and a special subset, golf. 10 Best States To Retire Aarp - RetirementTalk.net 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. Indiana. Georgia came out the winner, followed closely by Florida and Tennessee, in a list . Virginia #4. All of our content is authored by This abandoned high school was converted into a 31-unit apartment building. FEMA rates the natural hazards risk as moderate, which is the middle ranking. Do you still want to be able to play golf, tennis or pickleball? Elevation is 3 feet. A maximum score of 150 was possible. More: Is borrowing from a 401(k) a bad idea? Most of the state is exceptionally friendly and welcoming, writes resident Martin Mann on Quora. 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 60 feet. Michigan ranks as the most affordable state to retire in 2022, according to a recent Bankrate analysis. who ensure everything we publish is objective, accurate and trustworthy. Alabama #7. The winters are rainy but surprisingly temperate given the northern latitude. However, when it comes to health care, youll need to prepare for high insurance premiums and limited access with few physicians per capita, according to WalletHub. The city is pretty walkable and bikeable. FEMA rates Tampa as having a relatively high (but not very high) natural hazard risk. Wisconsin is considered moderately tax friendly for retirees since Social Security is exempt, but any withdrawals from your retirement accounts will get taxed. Nature trails are just outside town. I don't want to go to any state with excessive bugs or . According to Bankrates study, Florida is the best state for retirement in 2022, followed by Georgia, Michigan, Ohio and Missouri. Special mentions go to Delaware, Virginia, and Washington, which were all in the top 20 on both lists. The Villages in Florida is one of the largest retirement communities in the U.S. Fox Business Flash top headlines for January 24. How much should you contribute to your 401(k)? Generally, states without any income taxes may seem . There is also a state estate tax. 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 recent trends may help point you in the right direction. See all Retirement articles The 15 Worst States for Retirees in 2022 - MSN Florida really may be the best state to retire in, according to a new report. The state ranks relatively well for health care, but lags behind for its elder abuse protections. highly qualified professionals and edited by WalletHub has released a list of the best states in the country to retire in for 2022. 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. Hiking and outdoor activities are all big, we have lots of trails for ATV and biking. Mountains and water, including 25-mile-long Lake Coeur dAlene, make this city 300 miles east of Seattle a hot spot for fishing, boating, swimming, hiking and skiing. 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. 2. City is very bikeable but not so walkable. This Is the Most Affordable State To Retire In | The Motley Fool 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. 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. US News ranks Best Places to Retire in US in 2022 - WTOP News Bankrate looked at several public and private datasets related to the life of a retiree. 1 spot as the most affordable state to retire in . Alaska, on the other hand, held last place in our ranking. The serious crime rate is above the national average. in Brattleboro, Marys at the Inn at Baldwin Creek in Bristol, The New American Grill in Londonderry. Among its health-related strengths, the state. (Because the FBI significantly changed the reporting format for 2020 data, we did not rely on those statistics. Delaware #6. Get personalized advice from a financial advisor that understands your needs. Idahos graduated state income tax rate hits a top rate of 6% at just $15,878 of income for married couples. Nevada. Southern Oregon University hosts a lifelong learning institute and allows free auditing of college classes. The state is expensive to live in and youll pay taxes on your retirement income, but Vermont gets lauded for its low crime rates and great health care. The city is somewhat bikeable, although not all that walkable. To identify the best places to retire, U.S. News analyzed data for the 150 largest metropolitan areas in the U.S. to assess how well they meet Americans' retirement needs and expectations. We prefer our rural areas to crowded places anyway We live a lifestyle that others may call slow, but we love things such as boating, fishing, hunting, and sitting around a campfire, says resident Audrey Seibel on Quora. Mississippi 5. The University of Arkansas offers free tuition and fee waivers to senior citizens at its flagship campus in this Ozarks city 200 miles northwest of Little Rock. The study examined five categories (weightings in parentheses): affordability (40 percent), wellness (20 percent), culture (15 percent), weather (15 percent) and crime (10 percent).Affordability was calculated using the Cost of Living Index from the Council for Community and Economic Research, published in July 2022, and property and sales tax rates from the Tax Foundations rankings for 2022. West Virginia. 10 Best States for Military Retirement (2023 Edition) - VeteranLife Its ideal for someone living on a fixed income, since theres no state income tax or estate and inheritance taxes. 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. Which certificate of deposit account is best? As a result, many retirees are looking for ways to stretch their savings. WalletHub says Vermont has one of the highest percentages of residents aged 65 and older living in the state, but also notes that many of them are in the workforce as well. The ratio of doctors per capita is high, the air quality is good, and the serious crime rate is very low. The Sunflower State also exempts Social Security income from being taxed if you have an adjusted gross income of $75,000 or less and also exempts public pensions from being taxed. 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. 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.