The top five states to retire to in 2023 are Ohio, Iowa, Minnesota, Florida, and Nebraska. You can really get some bang for your buck, housing wise. The median home value in the state is a meager $127,000, according to Zillow. Pursuits at an elevation of 3,600 feet around the north-flowing Deschutes River include downhill and cross-country skiing, fishing, tubing, hiking, rock climbing, bicycling, paragliding and, except in the dead of winter, golf on nearly two dozen nearby courses. Property and sales taxes are relatively low and Social Security benefits dont get taxed at all. 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. The 2023 leave year begins for most federal employees on Sunday, Jan. 1, 2023. We adhere to strict standards of editorial integrity to help you make decisions with confidence. The 10 Best Places to Retire in the U.S. in 2022: 1. Some of the street scenes of the homeless can be daunting, but this hilly, scenic city offers much in the way of arts/culture, fine dining (dozens of Michelin-starred restaurants) and outdoor land and water activities. The state is considered relatively safe to live in as well and The Motley Fool ranks it No. The city is both highly walkable and bikeable and gets high marks for volunteering. Elevation is 60 feet. Generally, states without any income taxes may seem . And of course, there are the beaches! FEMA rates Pinehurst as having a relatively moderate natural hazard risk. In addition to examining the local laws, we considered the percentage of the population over 65, the percentage of the population identified as LGBTQ+, the average home price, and the cost of living to generate a list of states. The city is pretty walkable and bikeable. Aimlockbelch on Quora recommends the local eateries in the state. The city is beautiful and great for walking or biking. Gainesville has a moderate rating on the FEMA National Risk Index, especially favorable compared with some other Florida locations. Nevada. Brian Beers is the managing editor for the Wealth team at Bankrate. Virginia also has some of the best elder abuse protections across the U.S., particularly in terms of total expenditure. Weve got the normal entertainment youd find everywhere and we get pretty decent Broadway tours if youre into that. 18 in Bankrates affordability index. We acknowledge theres plenty of subjectivity in choosing a place to live in retirement. Some say the grass really is greener in the Bluegrass State which offers plenty of perks aside from horses and fine bourbon. What are index funds and how do they work? 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. Here, in ascending order, are the best states for LGBTQ+ retirees to live. Idahos graduated state income tax rate hits a top rate of 6% at just $15,878 of income for married couples. Gulf Coast resort 170 miles south of Tampa boasts 100 area golf courses, plus extensive shoreline for outdoor water pursuits and a big arts scene. More: Debt isn't the enemy of a comfortable retirement. I am told that we have good fishing streams, and people certainly do hunt.. No other states surpass their density of residents over the age of 65. 6. 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 Affordability was once a big selling point for Florida retirees, but that advantage is fading. The 10 Best Places to Retire in the U.S . Do these seven things now. The content provided on MoneyWise is information to help users become financially literate. (Because the FBI significantly changed the reporting format for 2020 data, we did not rely on those statistics. One downside: Charleston has a relatively high (but not very high) risk rating for natural hazards from FEMA. August 31, 2022 There is one list that no state wants to be on - the one that names the worst states for retirement. Arts/culture and fine dining are considered tops and there are ample opportunities for outdoor water and land activities. Elevation is 140 feet. Those are deeply personal questions. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. 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. 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. Montana ranks relatively well for its quality of life and affordability. Portland has a relatively high (but not very high) risk for natural hazards, according to FEMA. A Red Ventures company. Farmland is a highly intriguing choice for long-term investors. North Carolina 4. We do not include the universe of companies or financial offers that may be available to you. Southern Oregon University hosts a lifelong learning institute and allows free auditing of college classes. Most of the state is exceptionally friendly and welcoming, writes resident Martin Mann on Quora. Louisiana. There is also a state estate tax. Weve maintained this reputation for over four decades by demystifying the financial decision-making That means high living costs or taxes arent in themselves disqualifiersthough notably, more than a fourth of our picks have housing costs near or below the current national median of $404,000. We placed the heaviest weighting on affordability. There is no state income tax on Social Security benefits or a portion of pension income, and no state estate tax. How much should you contribute to your 401(k)? Our methodology: Our editors considered a variety of factors including each state's retirement rankings from WalletHub, MoneyRates and The Motley Fool to create our proprietary index. Fayetteville has a moderate natural hazard risk, but the serious crime rate is above the national average. California is the worst state for retiring. Midwestern states scored well in our ranking for affordability, healthcare, and safety, leading to. 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. HERE ARE THE BEST PLACES TO RETIRE IN FLORIDA. Elevation is 7,200 feet. Diversity scores used the Census racial and ethnic diversity index and LGBTQ population densities compiled by the Movement Advancement Project. 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. Utah ranks relatively well for its health care, and its crime rate is lower than average. We value your trust. Colorado 4. Other pluses include a high number of physicians per capita, a low serious crime rate, good air quality and a good economy. Connecticut: 6.99% on incomes over $500,000 ($1 million for married filers of joint returns) Nebraska: 6.84% on income over $32,210 ($64,430 for married filers of joint returns) West Virginia: 6.5% on income over $60,000 (for both single filers and married filers of joint returns) [Fargo is] a cool place to live if you're into outdoors-related things. For this study, Bankrate looked at five broad categories: affordability, wellness, culture, weather and crime. Theres an Osher Lifelong Learning Institute at San Francisco State, a high ratio of doctors per capita and good air quality. The lower the score, the higher the state ranks as a retirement destination. The state includes plenty of recreational opportunities for seniors, according to resident Torrey Stephen Whitman on Quora. There is a high ratio of doctors per capita, good air quality and a low serious crime rate. Bankrate looked at several public and private datasets related to the life of a retiree. While everyone (young or old) seems to moving to Florida, it's still also the top state destination for retirees, according to a new report by WalletHub. Karen, now 69, a neonatal intensive care nurse, and David, 70, an investment banker turned software CEO, turned screenwriter and producer, had long known they wanted to settle in a smaller, scenic locale. All Rights Reserved. Get advice on your investment portfolio from a certified professional through Datalign. Check out WalletHub's 10 best states for retirement to get the most out of your golden years: 1. The College of Charleston exempts senior citizens from tuition. The four seasons include cold winters. The city is very bikeable and somewhat walkable. 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. Social Security benefits are exempt and theres no state estate tax. 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. Here's how the Secure Act 2.0 could help you get what you're owed. 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. From a financial perspective, there are a lot of things to consider. I showed her around one community, and she fell in love with it., (Are you planning to retire in 2022? Youll require a large nest egg to retire in Americas tiniest state it isnt particularly tax friendly for retirees and housing is expensive but it might be well worth the costs. Meanwhile, Florida was found to have the highest percentage of the population age 65 and older, while Utah was found to have the lowest. En espaol | Choosing where to live after retirement is a huge decision and a very personal one. Real estate comes pretty cheap in Indiana, plus property taxes dont amount to much either. Bankrate.com is an independent, advertising-supported publisher and comparison service. The Villages in Florida is one of the largest retirement communities in the U.S. Fox Business Flash top headlines for January 24. Alabama #7. For me, I enjoy the outdoors and am heavily involved in equestrian things so the low price for land is perfect. Believe it or not, you will find some of the finest cuisine in Vermont. 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. It is freakin beautiful here! 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 . 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. Naples has good weather and air quality, an adequate number of physicians per capita and a very low serious crime rate. The state was dragged down by back-of-the-pack scores in affordability and weather. GET FOX BUSINESS ON THE GO BY CLICKING HERE. The Best States to Retire 1. The . A recent Vanguard study revealed a self-managed $500,000 investment grows into an average $1.7 million in 25 years. This is due to a low cost of living and light tax burden for residents. Decide whats truly worth it while picking out a place for your golden years. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. 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. 10 Tax Breaks for People Over 50. The island is somewhat bikeable but not all that walkable. "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? Wisconsin is considered moderately tax friendly for retirees since Social Security is exempt, but any withdrawals from your retirement accounts will get taxed. Just watch out for high housing costs, if youre buying property in the Sunshine State, and the occasional alligator. Midwestern and Northeastern states top the list, while some warmer states that might seem appealing for retirement, such as Hawaii and California, rank lower. 2023 FOX News Network, LLC. According to Bankrates study, Florida is the best state for retirement in 2022, followed by Georgia, Michigan, Ohio and Missouri. 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. Powered and implemented byFactSet Digital Solutions. Its considered relatively tax friendly for retirees, with Social Security benefits fully exempt from the state income tax. Melbourne, Florida. 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. I love the red sandstone I was able to purchase a house here for way less than I thought I would, and my wife loves it! We have a ton of coastline and incredible seafood you'd pay a premium for right outside, you just have to dig it up! Another negative: The serious crime rate is above the national average. Seattle has a relatively high (but not very high) natural hazard risk. A range of lifestyles and living costs are on offer, including ranches and farms in . Wyoming #10. I can see Zion National Park from my backyard. Florida 2. Tallahassee, Florida, is pictured. Another downside: Serious crime is above the national average. Social Security doesnt get taxed in the state, but other forms of retirement income can get taxed at rates as high as 7.15%, says SmartAsset. 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. The Most Affordable Places to Retire. As a result, many retirees are looking for ways to stretch their savings. Up Next. At an elevation of 20 feet, Charleston is moderately walkable and very bikeable. Debt isn't the enemy of a comfortable retirement, How to get your retirement plan back on track, Bolster your retirement portfolio with farmland, 17 million Americans are missing out on free money. If you retired in 2022 or are going to retire in 2023, find details below on which state you may consider retiring in if your main source of income is from Social Security retirement, . There is no state income tax, but there is a stiff state estate tax and a high sales tax. Elevation is 2,200 feet. Access to medical care is another important factor. All Rights Reserved. Our editorial team does not receive direct compensation from our advertisers. 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. Oklahoma. While some scenic destinations top the list, like sunny Florida and mountainous Colorado, the bottom of the list features two of the most populated states in the northeast. Beantown's about a 45-minute drive south. By comparison, the 2024 leave year won't begin for most employees until Sunday, Jan. 14, 2024 and the 2025 leave . Are you confident in your retirement savings? Zero down, 3.25%, 30-year fixed. Florida has no state income or estate tax. My mortgage is $1,149 per month with everything included. Michigan ranks as the most affordable state to retire in 2022, according to a recent Bankrate analysis. Time to head to the mountains! If youre making $100,000 in retirement income and moving to a $400,000 house, its a different scenario than if youre making $1 million and moving to a $5 million house., Ginni Field, a real estate broker in Oceanside, California, who specializes in senior buyers and sellers and holds the National Association of Realtors Senior Real Estate Specialist designation: Sometimes, people just want to get out of the snow. Social Security income is tax-exempt, and most types of retirement income if your 62 or older. Our editors and reporters thoroughly fact-check editorial content to ensure the information youre reading is accurate. Do you prefer golf or cross-country skiing? These are the most affordable states to retire to, based on the adjusted cost of living, tax friendliness and the cost of care services. With frontage on an inlet of Lake Michigan, Traverse City also offers water sports, more than 30 area golf courses and a reputation as a top dining town. All rights reserved. The states crime rate is also fairly low, according to The Motley Fool. As it turns out, Ashland and the two other finalists in the Griffiths' search, Santa Fe, N.M., and Boulder, Colo., all earned spots on Forbes' new list of the 25 Best Places To Enjoy Your. By Liz Brumer-Smith - Feb 23, 2022 at 7:00AM Key Points. 7.. These are the top 10 states that retirees are moving to: 1. Same for what the best states are to retire to. Our choices span all four continental time zones and 16 states. When delaying your RMDs might not be the best idea . Sarasota, FL 2. Coeur dAlene has a high number of physicians per capita, good air quality, and a low serious crime rate. Ashland is at moderate risk for natural hazards. 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. The state income tax rate is a flat 4.99% for 2022, but Social Security income is exempt and theres no state estate tax. Climate is warm but pleasant. Uruguay. 4. When they were ready to retire, Karen and David Griffiths sold their Spanish-style Los Angeles home and moved 700 miles north to a 134-year-old Eastlake Victorian in Ashland, Ore., with 11-foot ceilings, bay windows, a covered porch and views of the surrounding mountains. Florida ranks No. Wyoming. The Bankrate survey analyzed all 50 states for affordability, based on the cost of living index and the effective tax rate. In minutes, you can connect with a local or remote advisor and get a free initial consultation. The city is extremely walkable and famously bikeable. 1 spot as the most affordable state to retire in . Nevada 10. What to do when you lose your 401(k) match, Home prices have shattered one record after another, Are you planning to retire in 2022? 5 of the best states to retire in. The state ranks relatively well for quality of life and WalletHub reports that it has one of the lowest numbers of elder abuse complaints in the nation. 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. But recent trends may help point you in the right direction. Boulder has a favorable relatively low risk for natural hazards. 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. John Coletti/Getty Images For retirees looking to move soon, recent data on Redfin shows there were more sales for homes in the state as of December 2022 than there was a year earlier, but the . process and giving people confidence in which actions to take next. Texas. Top criteria include the happiness of local residents, housing affordability, tax rates and health care quality. Most are good for multiple passions, and oneAustin, Tex.hits all seven. At an elevation of 2,700 feet, the city is very bikeable, though not as walkable. Winters are cold. Thousands benefit from our email every week. New Hampshire. The scenic city is very walkable and bikeable and has a high ratio of doctors per capita, plus good air quality. A surprisingly mild climate in Idaho's capital city is conducive to outdoor activities, while Boise State University offers discounted tuition for seniors. The states cost of living has been rising, although the tax burden remains light. Thats why a number of otherwise appealing choices, including New York City, didnt make the cut. No more sweating work deadlines, playing office politics or struggling to stay afloat in a city with a soul-crushing commute and a punitive cost of living. A stiff 7% state income tax kicks in at $16,040 of taxable income, but there is no state income tax on Social Security earnings and theres a state income tax break for pension income. Beautiful state parks too. 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. Here are the 25 greatest states to retire in 2022, ranked from average to best. Go trekking through the gorgeous Yellowstone and Grand Teton National Parks and dont miss Cheyennes annual Frontier Days Rodeo. Lancaster, Pennsylvania. Another good one is to pursue your avocational passions. Our experts have been helping you master your money for over four decades. California 48. WalletHub published a report on Monday that found the best U.S. states to retire in 2022. Plus, theres no state estate tax. Quaintly historic coastal city offers fine dining, a big arts scene, outdoor water activities and golf (with 39 courses in the area). 1. Elevation is 1,400 feet and air quality is good. "Nevada is a tax-friendly state, making it ideal for many retirees. Amid dramatic scenery, activities include skiing, hiking, climbing and biking. By Kirk Miller. Market data provided byFactset. Here's a look at the Best Places. Tennessee 7. We have culture. Aside from its annual motor racing spectacle, the Hoosier State offers some delightfully picturesque state parks and the Indiana Dunes National Park which lies along Lake Michigan. 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. 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. Heres what to do if you didnt get one, The worlds 10 richest people have all lost money since 2022 started except for Warren Buffett, Heres how much money Americans are aiming to save in 2022, Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. The Keystone State ranks lower than average for affordability it wont tax your Social Security or retirement accounts, but you will contend with high gas and property taxes. Nothing too crazy to worry about like earthquakes or hurricanes or dangerous wildlife, says DChristy87 on Reddit. After all, 26% of non-retirees have no retirement plan at all, according to a 2021 report by the Federal Reserve. 3. It's not easy deciding where you'll spend what will hopefully be some of the most relaxing years of your life. But there is no state income tax on Social Security benefits and no state estate tax. Colorado #5. Go to a variety of different places that you seem to be attracted to places that have a lower cost of living and lower property taxes and test them out for a while. Check out WalletHub's 10 best states for retirement to get the most out of your golden years: Sign up now: Get smarter about your money and career with our weekly newsletter, Don't miss: All $1,400 stimulus checks have been issued. Idaho 8. . 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. The Sunshine State has long been a haven for retirees. 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. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. 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. On Monday, WalletHub published a report that found the best U.S. states to retire in in 2022. 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. 10. Its interesting to see that low-tax states like South Dakota and Texas dont make the top 10, or even the top 20 states with the most millionaires. Should you settle down by the beach or in the mountains? Its hard to make a blanket statement. What Are The best states to retire in 2022? Montana 8.. Boston has good air quality and abundant doctors per capita. In a new ranking, southeast states swept the top three spots judged the best places for retirees in 2021. 2021-2022 U.S. News Best Places to Retire - Top 10 *See the full rankings here. Its considered decently safe to live in and ranks above average for quality of life. 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. I semi-retired in Charleston five years ago after working full-time here since 2011. Florida named the best state to retire in 2022, study says by: Caleb Wethington, Nexstar Media Wire Posted: Sep 5, 2022 / 06:23 AM EDT Updated: Sep 5, 2022 / 07:11 AM EDT DALLAS ( KDAF). Situated between Brazil and Argentina, Uruguay is a Spanish-speaking nation of around 3.5 million people, with warm summers and mild winters. Alaska did rank first in one subcategory its residents bear the nations lowest tax burden. Temperatures can plummet to an average low of 2 degrees Fahrenheit in Glasgow and 22 degrees Fahrenheit in Flathead Lake in the month of January, according to climate and forecast site Weather Atlas. Considering a retirement move? Here are the 25 worst states to retire in 2022, ranked from bad to worst. Delaware #6. 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. Look at how youre going to spend your money, too. The Great Arch in Zion National Park, Utah. 2022's Best States for LGBTQ+ Retirees. While we adhere to strict It ranks slightly higher than average for its quality of life and crime rates, and WalletHub says it has one of the lowest complaints of elder abuse in the country. A downside: The serious crime rate is above the national average. When youre still working, take some time to go preview different types of communities and different types of lifestyles. Elevation is 150 feet. We are an independent, advertising-supported comparison service. I could go on and on about Hen of the Wood (Bernie Sanderss favorite place to eat), Caf Provence in Brandon, Pho Hong in Burlington, Superfresh! We continually strive to provide consumers with the expert advice and tools needed to succeed throughout lifes financial journey.