Choosing The Best Retirement State
Monday, 08 February 2010 09:20
Author: Gary Pierce
The best retirement state is not one size fits all. There are many factors that go in to the decision of where to retire.
The best retirement state is not one size fits all. There are many factors that go in to the decision of where to retire.
Looking solely at taxes can be misleading. Five states have no sales tax; seven have no income tax. The only state that has none of either taxes is Alaska. Alaska may be a tough sell as a place to retire.
Due to its location, Alaska has to truck in most consumer goods. That makes the cost of consumer goods higher. Alaska therefore has a high cost of living. The fact that it has no taxes helps but it is still not among the cheapest states to retire.
If you do have a high retirement income you should look at Texas or Florida...all else being equal. Lots of wealthy retirees in those two states.
For the retiree relying solely on Social Security, you should know which states tax Social Security benefits. There are currently thirty four states that do not levy taxes on Social Security.
There are other factors to consider when choosing the best place to retire, such as:
1) Is the health care sufficient for your particular needs?
2) Proximity to family...could be too far, could be too close
3) Do you require certain cultural outlets?
4) Are there venues for your outdoor activities?
5) Is it secure?
So whatever factors are important to you in picking the best place to retire, there are two things you should do when starting the decision making process:
1) Take your time. You have worked a long time, take the time necessary to fully investigate your retirement locale.
2) Try before you buy...How does a area feel when you are not on vacation? Some places may be great to visit on vacation, but feel totally different when you live there. Rent a place for a few months before you look to buy.
You need all the information you can get on each state you are considering for retirement. Here's how to get the information. It is free.
The best retirement state is not one size fits all. There are many factors that go in to the decision of where to retire.
Looking solely at taxes can be misleading. Five states have no sales tax; seven have no income tax. The only state that has none of either taxes is Alaska. Alaska may be a tough sell as a place to retire.
Due to its location, Alaska has to truck in most consumer goods. That makes the cost of consumer goods higher. Alaska therefore has a high cost of living. The fact that it has no taxes helps but it is still not among the cheapest states to retire.
If you do have a high retirement income you should look at Texas or Florida...all else being equal. Lots of wealthy retirees in those two states.
For the retiree relying solely on Social Security, you should know which states tax Social Security benefits. There are currently thirty four states that do not levy taxes on Social Security.
There are other factors to consider when choosing the best place to retire, such as:
1) Is the health care sufficient for your particular needs?
2) Proximity to family...could be too far, could be too close
3) Do you require certain cultural outlets?
4) Are there venues for your outdoor activities?
5) Is it secure?
So whatever factors are important to you in picking the best place to retire, there are two things you should do when starting the decision making process:
1) Take your time. You have worked a long time, take the time necessary to fully investigate your retirement locale.
2) Try before you buy...How does a area feel when you are not on vacation? Some places may be great to visit on vacation, but feel totally different when you live there. Rent a place for a few months before you look to buy.
You need all the information you can get on each state you are considering for retirement. Here's how to get the information. It is free.
The writer
For further information on the best retirement states. Gary Pierce freely gives information on how to retire on less at best retirement states. It contains with free information on retirement lifestyles you may not have considered.