With 50 states, there are lots of great places to retire. However, which are truly the best? Well, thankfully, the company BankRate publishes a yearly list comparing how every state measures up for retiree. Comparing affordability, wellness, weather, culture, and crime, these are the best five states to retire in!
5. Virginia
Virginia takes fifth place, a magnificent state with all four seasons, plus lots of mountains and beaches to explore during retirement days. If hiking and exploring sound like too much work, don’t worry, Virginia also features 200+ vineyards, horse tracks, and festivals, and some of the best cuisine in the country. Low taxes and crime rate also make this state a comfortable place to retire. Plus, people ages 65 pay no Social Security tax if they receive less than $12,000 annually!
4. Utah
Many know Utah for high taxes, and they’re right. However, any senior can claim up to a $450 tax credit on Social Security, property, sale, or any other type of income! And retirees can use that saved money on all the incredible destinations that Utah has within its borders. The state is home to over 17 national parks, forests, and monuments that retirees and their families can explore. Furthermore, Utah features fantastic healthcare, a quieter life perfect for retirees, and excellent public transportation! So, while you might pay a bit more in taxes, Utah more than makes up for it.
3. New Hampshire
The only thing that keeps New Hampshire out of the top two states to retire in is its 5% tax on dividends and interest earnings. Thankfully, this is the only tax retirees need to worry about, as New Hampshire has no income or sale tax! So, while their interest tax might take a little out, retirees will earn it back with cheaper food, clothing, and everything else. Unfortunately, the state can get quite pricey. In the quiet town of Portsmouth, an average one-bedroom apartment will cost around $1,300 a month, above the country average.
2. Florida
There’s a reason they set Golden Girls in Florida! Florida has long been known as one of the best places for retirees. From white, soft sand beaches to the peaceful Everglades to the towns thriving with history, Florida features something for everyone. Plus, as long as retirees stay out of big cities’ downtowns, rent is quite affordable. Not only that, but Florida features more retirement communities than any other state. Finally, there’s no income, inheritance, Social Security, or pension taxes along with no estate tax. There’s only one state that can beat Florida for retirees…
1.South Dakota
It might come as a surprise, but South Dakota is the best state for retirement. Most importantly, it has some of the lowest cost of living in the US. Here you can find a sizable one-bedroom place for an average of $760 a month, and that’s in the center of a city! South Dakota also has no Social Security, pension, income, or inheritance tax. Meanwhile, the state sales tax is only 4.5%, much lower than other states. Also, while it does snow, the rest of the year, South Dakota is beautiful. Retirees can enjoy camping, hiking, fishing, and hunting in the beautiful scenery of the breathtaking state.
So, here are the best states to retire in this year. If you’re not retiring just yet, we suggest looking out for any changes in the annual list!