He oversees editorial coverage of banking, investing, the economy and all things money. More: Jump-start your retirement plan. Washington 50. The winters are rainy but surprisingly temperate given the northern latitude. 1 spot as the most affordable state to retire in . To determine the best states to retire, WalletHub examined a few key factors like affordability, health care . Virginia 3. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Alaska, on the other hand, held last place in our ranking. This 422-year-old scenic state capital mountain town, 60 miles north of Albuquerque, punches above its population weight. That number is higher in states like Connecticut, where the average person has a retirement balance of roughly $520,000. Here are the Global Retirement Index's top-10 retirement destinations for 2022. (iStock). Real estate comes pretty cheap in Indiana, plus property taxes dont amount to much either. Elevation is 1,400 feet and air quality is good. This is a BETA experience. Its considered relatively tax friendly for retirees, with Social Security benefits fully exempt from the state income tax. Retirement often brings a slower pace of life. Other pluses include good air quality, a low serious crime rate and a high number of doctors per capita. According to a 2021 report from the Health Policy Institute of Ohio, the state tanks for population health (which includes metrics like adult smoking and heart disease mortality), health care spending and prevention. Georgia, Michigan, Ohio and Missouri all made the top five best states for retirement. Wisconsin. New York #3. Just come prepared for the frigid winters and snowfall. 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. Home prices have shattered one record after another since the COVID pandemic began, and inflation rocked the U.S. economy in 2022. Alaska, on the other hand, held last place in our ranking. I cover personal finance, taxes, retirement, nonprofits, scandals and other stuff, Best Places To Retire In 2022: Sioux Falls And Other Hot Spots, Why Millennials, Gen X & Retiring Boomers Need To Find Their Happy Place, How To Find The Best Place To Enjoy Your Retirement In 2022. West Virginia 2. Aimlockbelch on Quora recommends the local eateries in the state. This abandoned high school was converted into a 31-unit apartment building. The median home value in the state is a meager $127,000, according to Zillow. 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. Retirees may want to take a gamble on living in Nevada. All rights reserved. With an elevation of 50 feet, the city is very walkable and bikeable. Also only 45 minutes away from Cheyenne or Ft. Collins, recommends one Redditor. Another good one is to pursue your avocational passions. I paid $189,000 under a USDA loan. Homebuyers are paying nearly 50% more on their mortgage bill than last year. Most of the state is exceptionally friendly and welcoming, writes resident Martin Mann on Quora. so you can trust that were putting your interests first. According to Bankrates study, Florida is the best state for retirement in 2022, followed by Georgia, Michigan, Ohio and Missouri. 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. Sarasota has a relatively high (but not very high) risk of natural hazards according to FEMA. 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. But others are not as well-equipped to exit the workforce, which is why affordability is one of the key factors to consider when you're looking for places to settle down. The city is very bikeable, but not so walkable. 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. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. Quaintly historic coastal city offers fine dining, a big arts scene, outdoor water activities and golf (with 39 courses in the area). Colorado 4. As a result, many retirees are looking for ways to stretch their savings. 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. Here are the 25 worst states to retire in 2022, ranked from bad to worst. Same for what the best states are to retire to. Considering a retirement move? Aside from its overall ranking, WalletHub also found how different states ranked within a few of those 47 measurements. HOW TO RETIRE WITH $1M ON A $50,000 SALARY. Other attributes include good air quality and a high ratio of doctors per capita. This scenic city in the Pacific Northwest wedged between Puget Sound and Lake Washington offers a vibrant arts/culture scene, famous restaurants, and an Osher Lifelong Learning Institute at the University of Washington. Another negative: The serious crime rate is above the national average. 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. 02-24-2023, 10:08 PM E-Twist : 5,264 posts, read 3,199,303 times Reputation: 19973. Plus they have a favorable income tax rate. We are an independent, advertising-supported comparison service. I am told that we have good fishing streams, and people certainly do hunt.. 2023 Bankrate, LLC. Brian Beers is the managing editor for the Wealth team at Bankrate. Texas. However, the high incidence of hurricanes and tornadoes hurts Floridas weather ranking. Oregon 9. We will have it paid off in 18 years instead of 30, and save over $38,000 in interest. Other times, they want to be closer to family. Connect with a financial planner today. The offers that appear on this site are from companies that compensate us. Most are good for multiple passions, and oneAustin, Tex.hits all seven. Indiana. The Beehive States sweet spot lies in its moderate weather, low property and sales taxes and abundance of outdoor activities. Situated between Brazil and Argentina, Uruguay is a Spanish-speaking nation of around 3.5 million people, with warm summers and mild winters. 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. 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. We also have thousands of acres of forest and miles of freshwater riverways bubbling from some of the largest springs in the world. However, Hawaii was found to have the highest life expectancy, while West Virginia was found to have the lowest. Portugal has become one of the most popular retirement destinations in recent years for Europeans and others from around the world. Here's how the Secure Act 2.0 could help you get what you're owed. City is very bikeable but not so walkable. 23. Daytona Beach, FL 4. Decide whats truly worth it while picking out a place for your golden years. The state income tax rate for most couples is 4.9% on taxable income that includes Social Security benefits, but tops out at 5.9% for couples with taxable income above $315,000. But there is no state income tax on Social Security earnings and theres no state estate tax. Gainesville has a moderate rating on the FEMA National Risk Index, especially favorable compared with some other Florida locations. Delaware 5. The summers aren't too hot and long and the winters not too cold and long. If you want to be warm all the time and play golf all year round, then this isnt the place to come, says resident Debbi Fuller on Quora. Large enough for us and our dogs plus lots of room for company, writes Brian Trapp on Quora. By Liz Brumer-Smith - Feb 23, 2022 at 7:00AM Key Points. The Small Wonder might not be the first state that comes to mind when you think of retirement its not flashy and hot like Florida or adventure-filled like Arizona but it is the one of the most affordable states to retire to in the U.S. Delaware has no sales or estate and inheritance taxes, extremely low property taxes and wont tax you on your Social Security benefits. The Best Places to Retire in 2021-2022. Which certificate of deposit account is best? Here are the 25 greatest states to retire in 2022, ranked from average to best. 10 Best States For Retirement #1. There is a low serious crime rate, a very high ratio of doctors per capita and good air quality. Michigan took the No. If you decide to retire in Pennsylvania, youll enjoy access to some stunning historical architecture and monuments, outdoor activities in the state parks and forests and the Philly cheesesteak, of course. It ranked within the top 15 states for the lowest rates of identity theft, fraud, and violent crime. That's a good thing, as the Peach State has over 350 golf courses, plus many parks, lakes, and rivers. "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. An additional 21 states don't tax military retirement pay but do have state personal income tax, which is why you might consider them the best tax-friendly states for military retirees. They've built it up over the course of a few generations since air conditioning became a thing. There are several compelling reasons to make a long distance move in retirement: to be closer to family, to cut costs, to enjoy better weather. We value your trust. The Treasure State features stunning vistas and clear-blue lakes and its one of the least populated states in the country. Tampa, Florida. Every year, new data is released on which states are the best for a retiree to reside in, factoring in metrics like affordability, health care, quality of life, crime and weather. Florida: Florida is a top retirement destination for many reasons. Housing is relatively cheap and Zillow places the median home value in the state at just around $225,500. 3. The Palmetto States lush shoreline and mild climate lure plenty of retirees looking for a warm place to relax and unwind. Iowa has more than just endless fields of golden corn it also ranks as the best place for a retiree to live out their golden years. The top state income tax rate (on taxable income over $39,700) is 5.5%, dropping to 5.3% next year. According to the report, South Dakota has the highest percentage of the workforce age 65 and older, while West Virginia has the lowest. The city is very bikeable and somewhat walkable. Check out WalletHub's 10 best states for retirement to get the most out of your golden years: 1. 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. Midwestern states scored well in our ranking for affordability, healthcare, and safety, leading to. Alaska, on the other hand, held last place in our ranking. Maryland #4. The 10 Best Places to Retire in the U.S. in 2022: 1. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Mississippi 5. Social Security income is tax-exempt, and most types of retirement income if your 62 or older. Take our 3 minute quiz and match with an advisor today. In minutes, you can connect with a local or remote advisor and get a free initial consultation. 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 income tax is a flat 4.55%, but it now excludes Social Security benefits and up to $24,000 of other retirement income. Believe it or not, you will find some of the finest cuisine in Vermont. Seattle has a relatively high (but not very high) natural hazard risk. 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). It also has one of the lowest crime rates across the country. Other pluses include a high number of physicians per capita, a low serious crime rate, good air quality and a good economy. Iowa is the best state overall for retiring. Whats vitally important for people in that age group are medical care, access to shopping and public transportation. Forbes says the city of Fargo has appeared on its Best Places to Retire list for 10 years in a row due to its cost of living, doctors per capita and walkability. Florida was at the top of the list. This year's list of the 25 Best Places to Retire highlights places with affordable homes, low taxes and high ratings for happiness and health care quality. Florida has no state income or estate tax. Tampa, FL 7. 10. 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. 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. Here are the 25 greatest states to retire in 2022, ranked from average to best. Wisconsin is considered moderately tax friendly for retirees since Social Security is exempt, but any withdrawals from your retirement accounts will get taxed. The serious crime rate is above the national average. Its kind of a mix of small town/big town. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. 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. subject matter experts, Florida Affordability rank: 4 Quality of life rank: 5 Healthcare rank: 27 Condominiums along. Homes and rent are expensive downtown, and people often look for a home or rental off the peninsula (the traditional city of Charleston), writes Patrick Jones on Quora. Idaho 8. Florida came in first in the overall ranking. I semi-retired in Charleston five years ago after working full-time here since 2011. Other downsides: San Franciscos serious crime rate is higher than the national average and it has a relatively high (but not very high) natural hazard risk, according to FEMA.