Are you looking for the best place to retire? We looked at a study by WalletHub that compared the retirement friendliness of different states- taking into consideration financial factors such as tax rates and cost of living, as well as access to quality medical care. Below, you will find the best states to retire.
11 Best Places to Retire in Florida
Best States to Retire
1. Florida
Florida is the best place to retire because it has low taxes for retirees, including no estate, inheritance or income taxes. Seniors can also save on healthcare costs with lower prices for adult day health care and homemaker services than in most states.
You won’t believe how affordable it is to live in Florida. Check out the 18 Cheapest Places to live in Florida
Florida provides an ideal environment for retirees with its warm weather and plenty of opportunities for activities like volunteering, attending theater performances, playing golf, and joining a country club. These activities help seniors stay healthy and happy, and Florida has a low death rate for people aged 65 and older.
While the cost of living is higher in Florida than in other states, it is still considered the best state for retirees because of its favorable tax policies and many activities.
2. Colorado
Colorado is ranked as the second-best state for retirees and provides a taxpayer-friendly environment, without any estate or inheritance taxes. Retirees who prefer the refreshing air of the Rocky Mountains rather than the hot climate of Florida may find Colorado a perfect place to call home.
Colorado has one of the lowest rates of social isolation for seniors, and a very small percentage of residents above the age of 65 live in poverty. Additionally, Colorado has some of the best geriatrics hospitals in the country and is highly ranked when it comes to the share of seniors who are in good health and physically active.
3. Virginia
Virginia is ranked the third-best state for retirement due to its excellent protections against elder abuse and high-quality geriatrics hospitals.
Another reason why Virginia is a great place to retire is because Virginia does not have an estate or inheritance tax and is one of the most taxpayer-friendly states.
The only downside to retiring in Virginia is the cost of living can be higher.
4. Delaware
Delaware ranks fourth among the best state for retirement due to its low overall tax burden, including no estate or inheritance taxes.
Lots of seniors are retiring in Delaware, almost 20% of its population are seniors! Because of that, Delaware has the second-lowest risk of social isolation for seniors. The state also has the lowest rate of poverty among people aged 65 and older.
5. Wyoming
Wyoming ranks fifth among the best states to retire in due to its excellent protections against elder abuse, low violent crime rates, and clean air. The state also has one of the lowest tax burdens and no estate or inheritance tax. Retirees in Wyoming tend to be active volunteers, which contributes to the low risk of social isolation for seniors.
6. Idaho
Idaho is considered one of the best states for retirement due to its favorable tax policies, such as no gift or inheritance tax. Accessible and reasonably priced healthcare facilities, as well as top-rated hospitals, make it a comfortable and secure place to live for older adults.
Idaho also offers a high quality of life with its low crime rate and breathtaking natural scenery. From majestic mountains to serene lakes, the state’s natural beauty makes it a great place to live in.
7. New Hampshire
New Hampshire ranks 7th as the best state to retire in due to its tax-friendly policies, with no personal income tax, sales tax, estate tax, or inheritance tax. It’s also one of the safest states to live in, with a very low crime rate. The healthcare system in New Hampshire is one of the best, perfect for retirees.
If you’re a nature lover, New Hampshire’s picturesque landscape makes it an ideal place to reside in. Additionally, its proximity to Boston is a plus for seniors.
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