If you are interested in moving after retirement, there are many factors to consider when determining the state you will move to. Your state of health and the daily activities you enjoy will have an impact on the state that works best for you. Additionally, you may need to plan to be near family, while others long for a fresh start.
Cost of Living
When working out where can people retire comfortably, this list provided by MyRetirementPaycheck.org looks into these four factors:
- housing
- transportation
- utilities
- food
If you drive, you have more options. Your personal retirement goals will also need to be carefully considered. For those who love the outdoors, access to the amenities of bigger cities, such as a large airport where you can get cheaper flights, may not matter.
Make sure that you physically scout out your new city to be sure that the neighborhoods you can afford are safe. Larger cities offer a larger range of rents and housing, but lower prices often mean higher risks and food deserts.
Tax Considerations
Tax friendly states are getting much easier to find. Additionally, there are many states that offer amenities born of high taxes but do not tax social security benefits or pensions. Depending on your sources of income, states such as Tennessee and South Dakota can be a terrific choice.
If you plan to buy a home in your new state, you will need to keep an eye on property tax rates. Louisiana and Alabama offer both a low cost of living compared to the rest of the nation as well as low property taxes.
It is also a good idea to consider sales taxes. No matter how good you are at budgeting, you will still need to make some purchases. Montana and Delaware offer the chance to buy what you need without paying a sales tax. Once the whole tax burden is considered for retirees, states including Wyoming and Wisconsin are considered to be the most tax friendly states for retirees.
Fitness and Well Being
If staying fit and healthy is one of your retirement goals, it is a good idea to focus on the neighborhood amenities as well as desirable retirement states. For example, you may get a free gym membership from your Silver Sneakers subscription through Medicare. Once enrolled, you can use the facility locator provided by the International Council on Active Aging to help you find
- rec centers
- walking centers
- fitness facilities
- health tips, including foot care
One of the big concerns for new retirees is how they will fill their time. With a senior friendly fitness center, you can get in a workout, shower, dress, enjoy a cup of coffee with a friend, and read the paper all in the same facility. Your life will change immeasurably in retirement, but it does not have to get smaller or leave you feeling isolated.
Activities
For those looking for a big change, it may be a good idea to look at a college town. Many college towns, such as Lincoln, Nebraska, offer a wonderful university where you can audit two classes per year for just $25. Whether or not you ever got to go to college, auditing classes on campus is a wonderful way to stretch your legs and your mind while connecting with people of all ages.
Many colleges have sports teams. They may also offer museums, live theatre, musicals and even operas to attend for very little money. When working out your most desirable retirement states, keep an eye on ways to enjoy brand new experiences.
Weather
When considering where can people retire cheap, weather and climate can have a huge impact. Florida is lovely in the winter, but hurricanes can put your property at risk. Wisconsin offers beautiful summers, but the winters can be dark and depressing, not to mention cold and expensive.
Retiring closer to the coast can help, but the cost of living may be higher. Your best bet may be to take a good look at your health concerns. If you struggle with inflammatory conditions such as rheumatoid arthritis, dry air may be better.
You may find that a home in Arizona suits you well, but if you cannot tolerate the heat, New Mexico may be easier on your joints. While the cost of living in New Mexico is cheaper than much of the United States on food and housing, the utilities can be a bit higher.
There are a lot of factors to consider when determining where you will retire. Your activity goals, interests and income sources should all be taken into consideration before you sign a lease or hire a moving truck. Lower taxes matter, but so do factors such as access to transportation services, senior friendly gyms, and cultural opportunities.
