The Old Dominion State ranks relatively well for quality of life and safety, and residents here experience relatively mild winters. 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. Idahos considered one of the safest states to live in, thanks to its low crime rate, and has one of the lowest average monthly health insurance premiums in the country, according to WalletHub. Missouri #8. 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. The city is very bikeable and somewhat walkable. Louisiana. City is very bikeable but not so walkable. The southeast borders the Atlantic Ocean, and its Sea Islands like Hilton Head and Cumberland Island are top attractions. But there's good news: As of early 2022, federally taxed Social Security income is officially deductible for those 65 and older. It bristles with dozens of art galleries, fine restaurants and museums, plus world-class skiing and other outdoor land activities. Santa Fe has a favorable moderate natural hazard risk rating from FEMA. There is no state income tax on Social Security benefits or a portion of pension income, and no state estate tax. Among the downsides: Austin has a relatively high (but not very high) risk for natural hazards and a serious crime rate above the national average. According to Bankrate's study, the best state to retire in the US is Georgia. Another: A 6.5% state income tax kicks in for couples at just $16,040 of taxable income. Home prices have shattered one record after another since the COVID pandemic began, and inflation rocked the U.S. economy in 2022. At an elevation of 20 feet, Charleston is moderately walkable and very bikeable. One downside: a serious crime rate above the national average. A maximum score of 150 was possible. There is no state estate tax. (Because the FBI significantly changed the reporting format for 2020 data, we did not rely on those statistics. The state topped our ranking of culture and diversity. 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. Midwestern and Northeastern states top the list, while some warmer states that might seem appealing for retirement, such as Hawaii and California, rank lower. My mortgage is $1,149 per month with everything included. Plenty of farms also, although they are increasingly larger and larger and run by fewer and fewer people, writes noshelter on Reddit. 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. Another negative: The serious crime rate is above the national average. The Palmetto States lush shoreline and mild climate lure plenty of retirees looking for a warm place to relax and unwind. Idaho 8. Georgia is ranked high for being tax-friendly to retirees. Here's how the Secure Act 2.0 could help you get what you're owed. It's not easy deciding where you'll spend what will hopefully be some of the most relaxing years of your life. Gainesville has a moderate rating on the FEMA National Risk Index, especially favorable compared with some other Florida locations. This energetic historic coastal state capital can feed a variety of passions, particularly lifelong learning, given its more than 50 area colleges. 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. Arizona 3. Nevada. Up Next. Florida was at the top of the list. Special mentions go to Delaware, Virginia, and Washington, which were all in the top 20 on both lists. Whats vitally important for people in that age group are medical care, access to shopping and public transportation. Here are the Global Retirement Index's top-10 retirement destinations for 2022. [Fargo is] a cool place to live if you're into outdoors-related things. Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. After all, 26% of non-retirees have no retirement plan at all, according to a 2021 report by the Federal Reserve. Another downside: a serious crime rate above the national average. The Bankrate survey analyzed all 50 states for affordability, based on the cost of living index and the effective tax rate. Florida really may be the best state to retire in, according to a new report. The following 12 states tax at least a portion of social security income: Colorado Connecticut Kansas Minnesota Missouri Montana Nebraska New Mexico North Dakota Rhode Island Utah Vermont Iowa is the best state overall for retiring. 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. 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'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. Climate is warm but pleasant. But recent trends may help point you in. Virginia is tax friendly for retirees and offers a wealth of green spaces and beaches whats not to love? MONEY CHECKLIST FOR PEOPLE AGED 50 AND OLDER. The city is pretty walkable and bikeable. All Rights Reserved. Property and sales taxes are relatively low and Social Security benefits dont get taxed at all. For example, WalletHub ranked Virginia as the best state to retire in its 2023 study, followed by Florida, Colorado, Wyoming, and Delaware. The ratio of doctors per capita is high, the air quality is good, and the serious crime rate is very low. Its considered relatively tax friendly for retirees, with Social Security benefits fully exempt from the state income tax. "http:":"https:";if(/^\/{2}/.test(i)&&(i=r+i),window[n]&&window[n].initialized)window[n].process&&window[n].process();else if(!e.getElementById(s)){var a=e.createElement("script");a.async=1,a.id=s,a.src=i,d.parentNode.insertBefore(a,d)}}(document,0,"infogram-async","//e.infogram.com/js/dist/embed-loader-min.js"); Why should retirees pick Florida? Maryland not only has an income tax, but were also one of only seven states that has an estate tax. Meanwhile, for potential retirees seeking a cultural melting pot, Florida boasts solid racial diversity and a significant LGBTQ population. As a resident of Delaware who is looking to retire in five years, I can personally state that I will be retiring in the state of Delaware because it is centrally located between major cities and modes of transportation and the cost of living will work well with our retirement funds, writes Antionette Blake on Quora. Tampa, Florida. Just watch out for high housing costs, if youre buying property in the Sunshine State, and the occasional alligator. Elevation is 50 feet. The Sunshine State has long been a haven for retirees. To see the overall ranking, here are the best states to retire in this year, according to WalletHub. At an elevation of 40 feet, Annapolis is also a somewhat walkable and very bikeable town with good air quality, and a surprisingly low natural hazards risk. I don't want to go to any state with excessive bugs or . Alaska, on the other hand, held last place in our ranking. Florida: Florida is a top retirement destination for many reasons. . in Brattleboro, Marys at the Inn at Baldwin Creek in Bristol, The New American Grill in Londonderry. According to Bankrate's study, Florida is the best state for retirement in 2022, followed by Georgia, Michigan, Ohio and Missouri. Tallahassee, Florida, is pictured. Serious crime rate is higher than national average. Not to mention it's more of a suburban-based state. Nevada 10. The Gem State really says it all in the name residents brag of their friendly neighbors, Idahos scenic beauty and outdoor activities and the low cost of living. North Carolina 4. After a lifetime of hard work, two-plus years of dealing with COVID-19, and the . A new list came out last week from bankrate.com, and it immediately got a lot of attention.While their list isn't bad, it really misses the most important thing - lists like this don't make sense because they don't take into account that everyone's retirement . The highly walkable downtown (elevation: 1,950 feet) is set in a comfortable climate with little snow, good air quality, a low serious crime rate and a high number of doctors per capita. FEMA rates the natural hazards risk as moderate, which is the middle ranking. Southern Oregon University hosts a lifelong learning institute and allows free auditing of college classes. What Are The best states to retire in 2022? Considering a retirement move? We are an independent, advertising-supported comparison service. Hunting and fishing are obviously popular. North Dakota 7. Information and timely news from our team of trusted money specialists. We will have it paid off in 18 years instead of 30, and save over $38,000 in interest. Other pluses include good air quality, a low serious crime rate and a high number of doctors per capita. 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. Water is big in the summer. What are index funds and how do they work? Tired of living in an overcrowded metropolis? Here are the 25 greatest states to retire in 2022, ranked from average to best. Michigan ranks as the most affordable state to retire in 2022, according to a recent Bankrate analysis. Winters can be challenging, but if you are an active senior then this is a great place to retire. Uruguay. But there is no state income tax on Social Security earnings and theres no state estate tax. Cheap gas, amazing meat for amazing prices, plenty of open sky. Kansas received middling scores for affordability and health care but watch out for its higher-than-average crime rates. The top state income tax rate (on taxable income over $39,700) is 5.5%, dropping to 5.3% next year. We have culture. Our goal is to give you the best advice to help you make smart personal finance decisions.
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