If you’re getting to the age where it may be time to consider retiring, you may want to know what your best options are in terms of where you’d like to live.
For some couples, money – and how much of it they’re going to be able to save – is the most important issue when it comes to retiring. For others, entertainment and culture lands near the top of the list, and for others still, maintaining an adventurous and active lifestyle is what matters most.
Certainly, all states have something to offer if you are considering making a new life during your golden years, but there are several states that have a great combination of cost, livability, safety, and more that make them places you absolutely have to think about when it comes to your retirement.
If you are looking to move to a new place that is perfect for retiring adults, it would be wise to consider these 11 states as a potential option.
It is somewhat fitting that this state marks the first option on this list, as for many Florida is synonymous with the golden years. Florida doesn’t have a state income tax, an estate tax, or an inheritance tax. It also does not tax Social Security or other retirement income either.
Beyond that, Florida is an incredible option if you are looking to make friends and stay social late into your years. Florida is already home to nearly 3.8 million seniors, and they’ll be enjoying the warm weather and pool-side afternoons just like you will.
For all of that, it’s interesting to note that the cost of living is just 1 percent above the national average. Not so bad a price to pay for a party-type lifestyle in the Sunshine State.
This state may be best known for its sprawling agricultural and livestock fields as well as its towering mountain peaks to the west, but it’s also gaining steam as a hotspot for retirees. When it comes to retiring, however, Idaho offers quite a bit more than just that.
The cost of living in Idaho is quite low as are the crime rates compared to other states around the country. Social security benefits are not taxed at the state level in Idaho, and the state’s property taxes are low relative to other states in the country. That means you can actually afford the ranch you’ve always dreamed of, without giving up a hand and a food when it comes to taxation.
While it’s “Potato State” moniker may conjure up images of endless farmland, Idaho actually has an abundance of pristine natural landmarks. If you’re a lover of the outdoors, Boise offers close proximity to mountain ranges, beautiful state and national parks, and wildlife as far as the eye can see.
Also, thanks to several blossoming state Universities, the cultural life in Idaho has never been stronger.
Wisconsin can be no joke when it comes to their frigid and unforgiving winters, but beyond that this place can feel like a retiree’s dream! Depending on what kind of lifestyle you fancy, Wisconsin can offer a youthful and metropolitan feel thanks to Madison, or a much more quiet lifestyle at Cedarburg or Lake Geneva.
Where ever in Wisconsin you choose to lay your roots, the state offers fantastic health care quality, affordable cost of living, and kind of lifestyle that is well in-line with the values of many American retirees.
While you will need to stay cozy in the winters, the cheap cost of living will make it easy to stay warm and comfortable in your new Wisconsin home.
8. South Dakota
The Mount Rushmore State is much more than just one of the historical gateways to the American West. If you value a variance in temperatures and climates, South Dakota gets both the best of summer and winter.
The reason why South Dakota is on this list, however, is because of its incredible affordability. This includes healthcare, taxes, and more. The state ranks third in the country when it comes to fiscal soundness, and that indicates a lot of confidence when it comes to short-term expenses and long-term financial obligations.
Beyond that, if you are an outdoorsman, South Dakota is a great place to be. There are a number of fantastic state and national parks, including Badlands National Park and Wind Cave National Park. Also, with surging wildlife populations, hunting is a peak recreation for South Dakotans throughout the state. If you were hoping to spend some of your retirement in the bush looking for your latest trophy kill, South Dakota could be your dream retirement destination.
This option definitely isn’t as cheap as the first three options on this list, but for what it lacks in affordability it makes up for in just about everything else. One thing to certainly keep in mind on the financial side is that Massachusetts fully exempts Social Security retirement benefits while taxing most other forms of retirement income. The Massachusetts estate tax has an exemption of just $1 million, among the lowest in United States.
Beyond that, Massachusetts offers some of the best health care quality in the country, and offers an abundance of activities no matter what your interests are. The state is loaded with history and thanks to its proximity to Cape Cod, Martha’s Vineyard, and Nantucket, you will never run out of places to explore for a quick spring or summer getaway.
Beyond that, thanks to its abundance of top-level universities, you will never run out of new museums to explore, art to indulge in, and bustling restaurants to try out.
Virginia is perfect is you are looking for affordable prices, safe communities, and temperate and pleasant weather throughout the year. Health care costs, which can be a particularly high concern for some retirees, tend to be relatively affordable in Virginia, with retired couples in the state expected to pay 3.4 percent less than average couple in the United States. Plus, the state does not tax Social Security benefits and allows residents 65 and older to deduct income up to $12,000 per person.
When it comes to lifestyle, the Shenandoah Valley is one of the gems of the East Coast National Park roster. Beyond that, the Virginia coastline is as beautiful as it is rich with history. If you run out of things to do outside, you can easily head to the nation’s capital in nearby Washington D.C. to take advantage of it’s incredible array of history museums, cultural museums, restaurants, music venues, and so much more.
Back to the Midwest for the middle-ranking state on this list, and if you’re familiar with all the Land of Many Lakes has to offer, you won’t be surprised that Minnesota has made the list. As it’s home to the Mayo Clinic, Minnesota ranks near the top for health care for retirees and patients of all ages. It also can provide relatively low-cost living, very safe cities and urban centers, and a comfortable way of life.
The winters are famously harsh, so you’ll want to make sure that you can deal with the bitterness in the winter months, but the summers are serene and the spring and autumn bring color, life, and fun!
Beyond that, Minnesota offers not one, but two urban centers in Minneapolis and St. Paul and both offer their fair share of theater, art, culture, music, restaurants, and so much more.
Iowa perhaps does not offer the most when it comes to extravagant urban areas, towering mountains, or white sandy beaches, but it certainly has some of the best financial options for retirees in the United States.
Your savings will go about as long as you can stretch them in the Hawkeye State, as the median listing for homes in Iowa are $131,000. That is well below the national average of $250,000. Beyond that, Iowa offers high health care quality for seniors.
Iowa is a beautiful and safe place to live, and with bustling cities like Iowa City and Des Moines, there is a lot more than meets the eye with it comes to this great state.
America’s easternmost state ranks third on this list thanks in part to the fact that its health car system is graded as the best is the nation. It’s a beautiful and culturally rich state with endless fields of grass, beautiful mountain ranges, wild landscapes, and charming cities and towns that will feel like home from the second you cross their county lines. The crimes rates across Main are also quite low and you will certainly feel safe throughout the state.
Much like Massachusetts and Virginia, Maine is rich with history and has an endless amount of resources when it comes to learning more about the state in which you live.
Beyond that, the Land of Enchantment as it is affectionately called has the highest percentage of residents over the age of 65 behind just Florida.
Colorado is already one of the favorite destinations amongst millennials and Gen Xers, and it is quickly becoming one of the best places for baby boomers for man of the same reasons. Colorado offers a booming and growing economy and population and its urban center, Denver, is quickly becoming one of the hottest places to be in the country.
If you are an outdoor enthusiast, Colorado offers and endless list of incredible high-end and untouched destinations. If you are a skier, golfer, or just enjoy being in the majesty of snow-capped mountains, Colorado’s Rocky Mountain range has some of the best resorts in the world. From Aspen, to Steamboat, to Beavercreek, and Vail – you will never grow tired of what this state has to offer.
Beyond that, it’s heath care quality is high, and while the quality of living is very high, the cost of living has not yet caught up, meaning you can get a great bargain in a fantastic part of town.
Coming in on the top spot of this list is New Hampshire, which may come as something of surprise to some, but only if they haven’t spent too much time in The Granite State. New Hampshire offers fantastic health care quality, low crime rates compared to other states in the United States, and a wonderful quality of life.
Summers and springs can be spent on one of New Hampshire’s many beautiful lakes, and while the winters can be tough, the fall colors make the changing of the seasons more than worth it.
Like other states on this list, New Hampshire has an amazing wealth of history that you can get to know as you get comfortable with your new home.
Now that you have this list in front of you, hopefully you have begun to not only consider these options, but consider what matters most when it comes to what you value in life. Retirement can be an exciting and somewhat scary time of life. For the first time in perhaps 50 years, you will no longer be a part of the workforce. You will be free to enjoy your golden years, and that kind of enjoyment will be made even more sweet if you pick the perfect place for you and your spouse to settle down.
Consider what matters most to you, consider your values, and consider your future. Retirement truly can be the best time of anyone’s life, and it will be made all the sweeter if you end up in a place that not only is safe, affordable, beautiful and interesting, but is also home.