The whole place was practically built for snowbirds and retirees, says bicyclemom on Reddit. Aimlockbelch on Quora recommends the local eateries in the state. Bankrate follows a strict And, of course, not everyone likes the sweltering summers of the Sun Belt states that populate the top of our rankings. Its hard to make a blanket statement. "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? While health care is quite costly, WalletHub ranks Connecticut highly for its access and outcomes the state has one of the largest numbers of physicians per capita and the third lowest heart disease rates in the country. Colorado ranks fourth in the United Health Foundation's senior health rankings, with particularly high marks in clinical care and positive behaviors. 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. 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. So it's generally peaceful and quiet, comments resident Haley Rose on Quora. Elevation is 300 feet. I googled this and got a completely different list for 2022: Florida North Carolina Michigan Arizona Georgia Pennsylvania Washington Indiana Texas Virginia . The . But there is no state income tax on Social Security benefits and no state estate tax. Where you decide to . 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. Legal Statement. Special mentions go to Delaware, Virginia, and Washington, which were all in the top 20 on both lists. There is no state income tax, but there is a stiff state estate tax. The surrounding terrain is suitable for hiking and biking. Social Security income is tax-exempt, and most types of retirement income if your 62 or older. Social Security benefits are exempt and theres no state estate tax. Another downside: Serious crime is above the national average. Elevation is 7,200 feet. Join here. Those are deeply personal questions. According to the report, South Dakota has the highest percentage of the workforce age 65 and older, while West Virginia has the lowest. Bankrate has answers. This abandoned high school was converted into a 31-unit apartment building. Outdoor experiencesforests, parks, hiking terrain and whitewater paddlingand in-town culture abound around this scenic city in the Blue Ridge Mountains region of western North Carolina. 1 spot as the most affordable state to retire in . Arkansas Highest T-45. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. You wont have to pay taxes on your Social Security benefits and you can claim a deduction on other types of retirement income. The 2023 leave year begins for most federal employees on Sunday, Jan. 1, 2023. Iowa is an underrated state, which means it is far from crowded. Same for what the best states are to retire to. My mortgage is $1,149 per month with everything included. WalletHub says Vermont has one of the highest percentages of residents aged 65 and older living in the state, but also notes that many of them are in the workforce as well. 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. Perhaps most importantly, where do your kids, grandkids, friends and health care providers live? Maine is known for its outdoor recreation activities, and Portland is an excellent place for retirees who enjoy fishing, kayaking, and other outdoor pursuits. Here are the 25 worst states to retire in 2022, ranked from bad to worst. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. There are five national parks within Utah alone (and another three nearby). Drive 45 minutes and youll have something completely different, writes Boise resident Matt Roderick on Quora. highly qualified professionals and edited by Beantown's about a 45-minute drive south. The city is very bikeable, although not very walkable. Boulder itself is very walkable and bikeable with a low serious crime rate, good air quality and abundant doctors. Taxes This is a big consideration throughout our lives, but when incomes decrease in retirement, it can become a huge factor. You wont get taxed on your Social Security benefits, but any retirement income from your pension or other accounts are fair game. The Beehive States sweet spot lies in its moderate weather, low property and sales taxes and abundance of outdoor activities. Please be aware that some (or all) products and services linked in this article are from our sponsors. Florida #2. In a new ranking, southeast states swept the top three spots judged the best places for retirees in 2021. 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. Are your retirement savings on track? The Best States To Retire in 2022 As noted above, the best state to retire in will depend on an individual or couple's budget, lifestyle, and values. Just watch out for high housing costs, if youre buying property in the Sunshine State, and the occasional alligator. If you like a warm climate, Florida has the second-hottest average temperatures, right behind Hawaii. Flagstaff has a relatively high (but not very high) risk of natural hazards, according to FEMA. Top criteria include the happiness of local residents, housing affordability, tax rates and health care quality. By comparison, the 2024 leave year won't begin for most employees until Sunday, Jan. 14, 2024 and the 2025 leave . 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. Hiking and outdoor activities are all big, we have lots of trails for ATV and biking. It was a good fit for us, says David. For this study, Bankrate looked at five broad categories: affordability, wellness, culture, weather and crime. 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. Alaska, on the other hand, held last place in our ranking. New Hampshire T-45. We are an independent, advertising-supported comparison service. 6. The Most Affordable Places to Retire. Other times, they want to be closer to family. Elevation is 950 feet. Money concerns play a big factor in those low rankings, with New York ranking as the least affordable state and New Jersey following right behind, whereas Mississippi ranks at the bottom in terms of the quality of life, according to WalletHub. Florida 2. The state is expensive to live in and youll pay taxes on your retirement income, but Vermont gets lauded for its low crime rates and great health care. Real estate comes pretty cheap in Indiana, plus property taxes dont amount to much either. The Villages in Florida is one of the largest retirement communities in the U.S. (iStock). The Best States to Retire 1. Here's how the Secure Act 2.0 could help you get what you're owed. With a raise next year of 5.9%, Nevada's Social Security recipients will get $1,614.41 per month. I save money spending $2,633/month living in South Africa, How this 39-year-old earns $26,000 a year in California. Hello All, Welcome to my channel!Today we are examining which states are the best to retire in 2022. WalletHub has released a list of the best states in the country to retire in for 2022. Florida has no state income or estate tax. in Brattleboro, Marys at the Inn at Baldwin Creek in Bristol, The New American Grill in Londonderry. CT has a lot of woods and nice parks, plus cool downtown areas like Putnam, West Hartford, Storrs Center, and it's day trip central: Boston, New York, the Berkshires, the beach, etc., says ravensfell on Reddit. Colorado #5. The Bankrate survey analyzed all 50 states for affordability, based on the cost of living index and the effective tax rate. Should you settle down by the beach or in the mountains? Home prices have shattered one record after another since the COVID pandemic began, and inflation rocked the U.S. economy in 2022. Despite an elevation of just 10 feet, Hilton Head has a moderate FEMA rating for natural hazard risk. Eagle, Idaho Don Johnson Arrowrock Photography / Courtesy City of Eagle Population: 31,880 Population 50+: 41% Days of sunshine a year: 209 Median home price: $544,185 This picturesque Boise suburb is perfect for those looking for an active retirement. But this compensation does not influence the information we publish, or the reviews that you see on this site. Meanwhile, for potential retirees seeking a cultural melting pot, Florida boasts solid racial diversity and a significant LGBTQ population. Housing costs are on the cheaper end as well. Delaware also has a major perk of being close to Washington, D.C. so you can have a calm weekend or a rocking one out on the town. Access to medical care is another important factor. 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. The content provided on Moneywise is information to help users become financially literate. Named for a 17th century ship captain, this Atlantic Ocean barrier island sits near 67 golf courses and affords all kinds of outdoor recreation opportunities on land and water, including hiking, fishing, kayaking and boating. Its kind of a mix of small town/big town. The states cost of living has been rising, although the tax burden remains light. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Mountains and water, including 25-mile-long Lake Coeur dAlene, make this city 300 miles east of Seattle a hot spot for fishing, boating, swimming, hiking and skiing. Tennessee. 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. Florida is the best state for retirement in 2022, followed by Georgia, Michigan, Ohio and Missouri. Santa Fe has a favorable moderate natural hazard risk rating from FEMA. 4. 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. A Red Ventures company. 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 Wyoming. In its own world 30 miles northwest of Denver, Boulder is the center of a large recreational open space abutting the Rockies at an elevation of 5,400 feet. Winters are cold. Coeur dAlene has a high number of physicians per capita, good air quality, and a low serious crime rate. 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. From a financial perspective, there are a lot of things to consider. To help Americans find the best cities to spend their golden years, WalletHub compared the retirement-friendliness of 182 cities including the 150 most populated U.S. cities, plus at least two of the most populated cities in each state across four key dimensions: 1) Affordability, 2) Activities, 3) Quality of Life and 4) Health Care. Just come prepared for the frigid winters and snowfall. 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. The city is very bikeable, but not so walkable. Naples has good weather and air quality, an adequate number of physicians per capita and a very low serious crime rate. However, property and sales taxes tend to be higher than average. At an elevation of 600 feet, Traverse City has a very low natural hazard risk, according to FEMA. Americas Dairyland is renowned for its beer and cheese but retirees tend to relocate to the state for its wide-open spaces and recreational opportunities. Aug 1, 2022. Quotes displayed in real-time or delayed by at least 15 minutes. According to Bankrate's study, Florida is the best state for retirement in 2022, followed by Georgia, Michigan, Ohio and Missouri. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. We adhere to strict standards of editorial integrity to help you make decisions with confidence. The worst state in the U.S. for retirement is New Jersey, followed by Mississippi and New York, based on WalletHub's findings. You can read more about our data sources and selection methodology and how the Griffiths found their retirement bliss, here. Retirement savings cheat sheet: A quick contribution guide for 2023 . Georgia is ranked high for being tax-friendly to retirees. Downsides: Winters are cold and the serious crime rate is above the national average. By Sara Ventiera. The Great Arch in Zion National Park, Utah. However, it does have the lowest percentage of the population aged 65 or older in the U.S. and ranks poorly for elder abuse protections. FEMA rates the natural hazard risk in Walla Walla as relatively low. At an elevation of 20 feet, Charleston is moderately walkable and very bikeable. That's a good thing, as the Peach State has over 350 golf courses, plus many parks, lakes, and rivers. 2022's Best States for LGBTQ+ Retirees. 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. Air quality is good. 10 Best States For Retirement #1. As far as entertainment goes, New York has the most museums per capita and, along with California and Minnesota, the most theaters per capita. Move over, Florida. The city is beautiful and great for walking or biking. On Monday, WalletHub published a report that found the best U.S. states to retire in in 2022. We value your trust. Colorado 49. The Best Places to Retire in 2021-2022. Theres a wide variety of outdoor activities available on water and on land, including some 54 area golf courses. Opinions expressed by Forbes Contributors are their own. Missouri #8. Still, on average, people across the U.S. have roughly $400,000 dollars to nest on. Diversity scores used the Census racial and ethnic diversity index and LGBTQ population densities compiled by the Movement Advancement Project. [Fargo is] a cool place to live if you're into outdoors-related things. The four seasons include cold winters. Naples, Florida. Kelly Miller, AARP, Updated January 2011 . North Carolina 4. Water is big in the summer. 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. 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. Datalign matches you with vetted registered advisors that can help you improve your investment portfolio and grow your retirement savings safely. The Palmetto States lush shoreline and mild climate lure plenty of retirees looking for a warm place to relax and unwind. Elevation is 140 feet. The content provided on MoneyWise is information to help users become financially literate. 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. !function(e,t,s,i){var n="InfogramEmbeds",o=e.getElementsByTagName("script"),d=o[0],r=/^http:/.test(e.location)? More: Debt isn't the enemy of a comfortable retirement. But recent trends may help point you in the right direction. There is no state estate tax. Heres advice from experts who help retirees and soon-to-be-retired workers through the decision: Laura Kovacs, former director of education at the Scottsdale Area Association of Realtors in Arizona and a recent retiree herself: Spend some time in places where you want to live before you commit to moving there. 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. Interesting Findings. Reminder: You still have time to add to your IRA for 2022 . Check out the Mammoth Cave National Park and go hiking in the Red River Gorge area if youre interested in an outdoor adventure. Retirement often brings a slower pace of life. Extensive outdoor activities include hiking, climbing, biking and fishing. The Sunshine State has long been a haven for retirees. 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. These are the most affordable states to retire to, based on the adjusted cost of living, tax friendliness and the cost of care services. Serious crime rate is higher than national average. All Rights Reserved. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. 5 of the best states to retire in. Were transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Other pluses include a high number of physicians per capita, a low serious crime rate, good air quality and a good economy. Distilleries and breweries are good too if you like to drink! writes Redditor BlackRoseRedApple. These are the top 10 states that retirees are moving to: 1. Also only 45 minutes away from Cheyenne or Ft. Collins, recommends one Redditor. Another good one is to pursue your avocational passions. Bankrate follows a strict editorial policy, Mild weather, gorgeous scenery, and welcoming citizens are a few . For those who do not mind colder winters, a lakeside community in a state like Michigan or Ohio can. The island is somewhat bikeable but not all that walkable. Our goal is to give you the best advice to help you make smart personal finance decisions. Boston has good air quality and abundant doctors per capita. It's no surprise that money is such an important consideration when choosing the best place to spend your retirement years. Not to mention it's more of a suburban-based state. Texas 6. The top state for retirement this year leads in affordability and quality of life but lags when it comes to healthcare, according to one new ranking. We will have it paid off in 18 years instead of 30, and save over $38,000 in interest. Florida: Florida is a top retirement destination for many reasons. Surrounded by water, most notably the Chesapeake Bay, this quaint state capital 30 miles east of Washington, D.C., is a mecca for sailors, powerboaters, kayakers and fishermen, with about a dozen boating schools and a generally comfortable climate. Richmond has an amazing food and culture scene. Washington 50. When youre still working, take some time to go preview different types of communities and different types of lifestyles. There is a high ratio of doctors per capita, good air quality and a low serious crime rate. The Best States To Retire In. West Virginia has the most affordable housing in the United States. Montana ranks relatively well for its quality of life and affordability.