best states to retire in 2022
Elevation is 2,200 feet. Housing costs are on the cheaper end as well. Interesting Findings. The Sunshine State also has the second-highest percentage of residents 65 years and older, WalletHub says, topped only by Maine. But Social Security benefits are exempt and theres no state estate tax. 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. South Carolina ranks poorly for its crime and safety it has one of the highest property crime rates in the country and health care, but its relatively affordable to live in. That's a good thing, as the Peach State has over 350 golf courses, plus many parks, lakes, and rivers. 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. 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. Tampa, FL 7. The weather is great, with an average temperature of 70 degrees. The town is somewhat bikeable, but not all that walkable. Midwestern and Northeastern states top the list, while some warmer states that might seem appealing for retirement, such as Hawaii and California, rank lower. This 422-year-old scenic state capital mountain town, 60 miles north of Albuquerque, punches above its population weight. I paid $189,000 under a USDA loan. Winters can be challenging, but if you are an active senior then this is a great place to retire. The content provided on MoneyWise is information to help users become financially literate. WalletHub published a report on Monday that found the best U.S. states to retire in 2022. The city is very bikeable, although not very walkable. Despite an elevation of just 10 feet, Hilton Head has a moderate FEMA rating for natural hazard risk. 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. Volunteering is a way of life. 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 Retirement. We also used NOAA data for tornado strikes and hurricane landfalls, along with earthquake reports from the U.S. Geological Survey.We calculated crime using the rates of property crimes and violent crimes per 100,000 inhabitants for each state from the FBIs 2019 Crime in the United States report. But there is no state income tax on Social Security benefits and no state estate tax. Wise up with top stories and timely tips Tuesdays and Thursdays. The state is made almost entirely from limestonea sedimentary rock that is not gold-bearing! Colorado ranks fourth in the United Health Foundation's senior health rankings, with particularly high marks in clinical care and positive behaviors. The Best States To Retire In. Massachusetts and Maryland are more expensive in these categories, according to the report, while Hawaii and New Mexico are less expensive, with some costs nearly 50% lower. Elevation of 2,100 feet makes most summers non-sweltering. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. 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? Newport and Providence are popular cities in the state and they both have their merits, Newport is awesome if you're rich or love to sail, Providence has lots of art and music and really good food, writes one Redditor. While property taxes are relatively high, the median home value is just around $180,000, according to Zillow. Also only 45 minutes away from Cheyenne or Ft. Collins, recommends one Redditor. Kansas received middling scores for affordability and health care but watch out for its higher-than-average crime rates. Plenty of farms also, although they are increasingly larger and larger and run by fewer and fewer people, writes noshelter on Reddit. Michael S. Fischer. I have one client whos 83 [years old] who didnt want to live in an active adult community because she had pre-determined that it would be filled with old people. Elevation is 150 feet. According to Bankrates study, Florida is the best state for retirement in 2022, followed by Georgia, Michigan, Ohio and Missouri. Winters can be cold. The University of Florida provides a number of lifelong learning opportunities, including no tuition for auditing courses, in this inland college town 115 miles northwest of Orlando. Here are the 25 greatest states to retire in 2022, ranked from average to best. 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. FEMA rates Portland as having a relatively low natural hazard risk. Climate is warm but pleasant. Other attributes include good air quality and a high ratio of doctors per capita. Best States to Retire in 2022 Arizona No matter where in Arizona you choose to retire, you will be within a few hours of major historic sites, stunning National Parks, beautiful golf courses, and you'll be able to explore them while enjoying the warm desert weather. After all, 26% of non-retirees have no retirement plan at all, according to a 2021 report by the Federal Reserve. Nestled on Floridas Gulf Coast along Tampa Bay, this port city has a big restaurant scene, lots of water activities and 80 golf courses in the area. Sarasota, FL 2. Not to mention it's more of a suburban-based state. According to Bankrate's study, Florida is the best state for retirement in 2022, followed by Georgia, Michigan, Ohio and Missouri. They evaluated those. To that end, Forbes has identified 25 top places to follow seven leisure interests in retirement: arts/culture, fine dining, lifelong learning, volunteering, outdoor activities on water, outdoor activities on land, and a special subset, golf. The states crime rate is also fairly low, according to The Motley Fool. 40. We acknowledge theres plenty of subjectivity in choosing a place to live in retirement. Special mentions go to Delaware, Virginia, and Washington, which were all in the top 20 on both lists. 5 of the best states to retire in. Missouri ranks below average for health care and crime, but its quite affordable to live in, thanks to cheap housing costs. 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. Iowa is an underrated state, which means it is far from crowded. Oregon 9. Some say the grass really is greener in the Bluegrass State which offers plenty of perks aside from horses and fine bourbon. Property and sales taxes are relatively low and Social Security benefits dont get taxed at all. Melbourne, Florida. The Sunshine State has long been a haven for retirees. Alaska Best Places For Tax-Friendly Social Security Treatment 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. Decide whats truly worth it while picking out a place for your golden years. 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. You'll pay no regular or retirement income tax, and Nevada property taxes are low," RetirementLiving.com says. Wisconsin offers cheaper housing costs and a relatively low crime rate. By Kirk Miller. Maine is by no means cheap to live in, but if you can afford the housing and taxes, youll benefit from a relatively high quality of life and lack of crime. The city is very walkable and bikeable. editorial policy, so you can trust that our content is honest and accurate. (Because the FBI significantly changed the reporting format for 2020 data, we did not rely on those statistics. This center of tart cherry production 250 miles northwest of Detroit is near the famous Interlochen Center for the Arts, which hosts hundreds of yearly music performances. Washington. 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. I don't want to go to any state with excessive bugs or . Plus, theres a solid volunteering culture. So it's generally peaceful and quiet, comments resident Haley Rose on Quora. To identify the best places to retire, U.S. News analyzed data for the 150 largest metropolitan areas in the U.S. to assess how well they meet Americans' retirement needs and expectations. Bend is a scenic outdoor playground, 160 miles southeast of Portland. 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 We will examine some states that are less expensive, tha. Colorado #5. Arizona Honorable Mention: South Carolina 5 Worst States For Retirement #1. Please be aware that some (or all) products and services linked in this article are from our sponsors. Do these seven things now. 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. Colorado 49. 02-24-2023, 10:08 PM E-Twist : 5,264 posts, read 3,199,303 times Reputation: 19973. Tennessee. The state income tax rate is a flat 4.25%, but it excludes Social Security income and some pension income and theres no state estate tax. And, of course, not everyone likes the sweltering summers of the Sun Belt states that populate the top of our rankings. Theres an Osher Lifelong Learning Institute at San Francisco State, a high ratio of doctors per capita and good air quality. Just come prepared for the frigid winters and snowfall. Among its health-related strengths, the state. Naples, FL 3. Getting older has its benefits. It also ranks relatively well for health care and has one of the highest percentages of the population aged 65 and older, according to WalletHub. Elevation is 3 feet. Get personalized advice from a financial advisor that understands your needs. The top state income tax rate (on taxable income over $39,700) is 5.5%, dropping to 5.3% next year. highly qualified professionals and edited by Boston has good air quality and abundant doctors per capita. But a lot of areas are definitely living at a slow pace, writes APtop2015 on Reddit. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout lifes financial journey. Tallahassee, Florida, is pictured. Meanwhile, Florida was found to have the highest percentage of the population age 65 and older, while Utah was found to have the lowest. Other pluses include a high number of physicians per capita, a low serious crime rate, good air quality and a good economy. Thousands benefit from our email every week. Nature trails are just outside town. What drew them to Ashland was the Oregon Shakespeare Festival, which stages nine months a year of productions ranging from the Tempest to modern musicals and is located just 300 yards from their home. 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. Our goal is to give you the best advice to help you make smart personal finance decisions. We also have thousands of acres of forest and miles of freshwater riverways bubbling from some of the largest springs in the world. Florida was at the top of the list. Score fresh maple syrup and ski down snowy slopes in the Green Mountain State, renowned across the country for its natural splendor. Florida is the best state for retirement in 2022, followed by Georgia, Michigan, Ohio and Missouri. Check out the Mammoth Cave National Park and go hiking in the Red River Gorge area if youre interested in an outdoor adventure. 10. Its considered decently safe to live in and ranks above average for quality of life. Oregon 47. It ranked within the top 15 states for the lowest rates of identity theft, fraud, and violent crime. There is also a state estate tax. Hilton Head has good air quality, an adequate number of physicians and a low serious crime rate. Just watch out for high housing costs, if youre buying property in the Sunshine State, and the occasional alligator. Aug 1, 2022. To see the overall ranking, here are the best states to retire in this year, according to WalletHub. At Bankrate we strive to help you make smarter financial decisions. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. The city is very bikeable, but not so walkable. 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. It also ranks as No. Sarasota has a relatively high (but not very high) risk of natural hazards according to FEMA. There is no state income tax, but there is a stiff state estate tax and a high sales tax. Thats the second-largest share of 65+ folks of any state, Census data shows. Elevation is 140 feet. Extensive outdoor activities include hiking, climbing, biking and fishing. Mostly summer weather is pleasant. Michigan took the No. For example, WalletHub ranked Virginia as the best state to retire in its 2023 study, followed by Florida, Colorado, Wyoming, and Delaware. FEMA rates Tampa as having a relatively high (but not very high) natural hazard risk. Are your retirement savings on track? Naples has good weather and air quality, an adequate number of physicians per capita and a very low serious crime rate. Georgia came out the winner, followed closely by Florida and Tennessee, in a list . "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? We offer large metropolitan areas and beautiful countrysides. The state is considered relatively safe to live in as well and The Motley Fool ranks it No. There is also a state estate tax. However, Hawaii was found to have the highest life expectancy, while West Virginia was found to have the lowest. With an elevation of 50 feet, the city is very walkable and bikeable. Boulder itself is very walkable and bikeable with a low serious crime rate, good air quality and abundant doctors. Situated between Brazil and Argentina, Uruguay is a Spanish-speaking nation of around 3.5 million people, with warm summers and mild winters. Florida ranks well, as it does. 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. Meanwhile, for potential retirees seeking a cultural melting pot, Florida boasts solid racial diversity and a significant LGBTQ population.