best states to retire in 2022

August 31, 2022 There is one list that no state wants to be on - the one that names the worst states for retirement. The Old Dominion State ranks relatively well for quality of life and safety, and residents here experience relatively mild winters. We acknowledge theres plenty of subjectivity in choosing a place to live in retirement. 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. To calculate these rankings, we used 13 different metrics across three categories health, housing and quality of life pulled from publicly accessible databases to rank all 50 states. The states crime rate is also fairly low, according to The Motley Fool. Plus they have a favorable income tax rate. Florida named the best state to retire in 2022, study says by: Caleb Wethington, Nexstar Media Wire Posted: Sep 5, 2022 / 06:23 AM EDT Updated: Sep 5, 2022 / 07:11 AM EDT DALLAS ( KDAF). We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. GET FOX BUSINESS ON THE GO BY CLICKING HERE. Situated between Brazil and Argentina, Uruguay is a Spanish-speaking nation of around 3.5 million people, with warm summers and mild winters. West Virginia has the fewest museums per capita, while Mississippi has the fewest theaters per capita. Florida: Florida is a top retirement destination for many reasons. Another downside: a serious crime rate above the national average. Florida came in first in the overall ranking. New Hampshire T-45. While property taxes are relatively high, the median home value is just around $180,000, according to Zillow. 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. It also ranks as No. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. To determine the best states to retire, WalletHub examined a few key factors like affordability, health care . The University of Arkansas offers free tuition and fee waivers to senior citizens at its flagship campus in this Ozarks city 200 miles northwest of Little Rock. The median home value in the state is a meager $127,000, according to Zillow. In a new ranking, southeast states swept the top three spots judged the best places for retirees in 2021. You wont have to pay taxes on your Social Security benefits and you can claim a deduction on other types of retirement income. It only takes 3 minutes to connect with an advisor who puts you first. Overall it is a nice place to live, with mostly small cities and towns that offer low cost of living, low crime, friendly genuine people, and outdoor recreation that varies depending on which part of the state you are located, writes Jennifer West on Quora. For example, WalletHub ranked Virginia as the best state to retire in its 2023 study, followed by Florida, Colorado, Wyoming, and Delaware. Tennessee. 3. Social Security doesnt get taxed in the state, but other forms of retirement income can get taxed at rates as high as 7.15%, says SmartAsset. A Division of NBC Universal, Jeffrey Greenberg | Universal Images Group | Getty Images. The city is extremely walkable and famously bikeable. A retiree will need to contend with the chilly winter months if they choose to reside in North Dakota but its relatively affordable housing and health care can make it well worth the climate. Whats vitally important for people in that age group are medical care, access to shopping and public transportation. This scenic city in the Pacific Northwest wedged between Puget Sound and Lake Washington offers a vibrant arts/culture scene, famous restaurants, and an Osher Lifelong Learning Institute at the University of Washington. West Virginia has the most affordable housing in the United States. The Treasure State features stunning vistas and clear-blue lakes and its one of the least populated states in the country. Meanwhile, Florida was found to have the highest percentage of the population age 65 and older, while Utah was found to have the lowest. Mild weather, gorgeous scenery, and welcoming citizens are a few . Plus, theres a solid volunteering culture. 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 When they were ready to retire, Karen and David Griffiths sold their Spanish-style Los Angeles home and moved 700 miles north to a 134-year-old Eastlake Victorian in Ashland, Ore., with 11-foot ceilings, bay windows, a covered porch and views of the surrounding mountains. Iowa is an underrated state, which means it is far from crowded. An additional 21 states don't tax military retirement pay but do have state personal income tax, which is why you might consider them the best tax-friendly states for military retirees. Norfolk is up-and-coming with some amazing bars, and VB has the Oceanfront, which is a lot of fun day or night, says AquaKong35 on Reddit. The state income tax rate is a flat 4.99% for 2022, but Social Security income is exempt and theres no state estate tax. 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. Cheap gas, amazing meat for amazing prices, plenty of open sky. But Social Security benefits are exempt and theres no state estate tax. Bankrate has answers. At an elevation of 2,700 feet, the city is very bikeable, though not as walkable. Naples has good weather and air quality, an adequate number of physicians per capita and a very low serious crime rate. Elevation is 560 feet. A recent Vanguard study revealed a self-managed $500,000 investment grows into an average $1.7 million in 25 years. Maryland #4. The Villages in Florida is one of the largest retirement communities in the U.S. Fox Business Flash top headlines for January 24. Florida Affordability rank: 4 Quality of life rank: 5 Health care rank: 27 Florida has the highest population of people over 65, but is one of the states with. Social Security income is tax-exempt, and most types of retirement income if your 62 or older. Heres the thing: Retiring in Connecticut will cost you an arm and a leg but if you have the funds tucked away, youll enjoy excellent health care and low crime rates. 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. The Kansas Bureau of Investigation says there were almost 73,500 property crimes reported in the state in 2020, and violent crime reports increased by 9.3% from the previous year. Santa Fe has a high number of doctors per capita, good air quality and a low serious crime rate. Other pluses include good air quality, a low serious crime rate and a high number of doctors per capita. Check out WalletHub's 10 best states for retirement to get the most out of your golden years: 1. 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. The index measures a variety of factors, including access to health care, access to food, physical health and economic security.Culture scores were calculated using the number of arts, entertainment and recreation establishments per capita and adults 65 and older per capita from the U.S. Census Bureau. Here's a look at the Best Places. Access to medical care is another important factor. No more sweating work deadlines, playing office politics or struggling to stay afloat in a city with a soul-crushing commute and a punitive cost of living. According to Bankrate's study, Florida is the best state for retirement in 2022, followed by Georgia, Michigan, Ohio and Missouri. Lancaster, Pennsylvania. Believe it or not, you will find some of the finest cuisine in Vermont. From a financial perspective, there are a lot of things to consider. South Carolina 5. Beantown's about a 45-minute drive south. An 85-year Harvard study found the No. Winters can be challenging, but if you are an active senior then this is a great place to retire. You may opt-out by. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Among its health-related strengths, the state. WalletHub has released a list of the best states in the country to retire in for 2022. this post may contain references to products from our partners. All forms of retirement income get taxed in the Nutmeg State, but some seniors could be exempt from paying taxes on their Social Security. Diversity scores used the Census racial and ethnic diversity index and LGBTQ population densities compiled by the Movement Advancement Project. 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. 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. Elevation is 150 feet. And when youve retired, maybe try renting for a while before you commit to buying., Clark Kendall, CFP, CFA, is president of Kendall Capital Management in Rockville, Maryland, and author of Middle-Class Millionaire: Family is the biggest consideration. Naples, FL 3. Youll enjoy low property taxes, no taxes on your Social Security and a sizable deduction on other forms of retirement income. Arizona 3. Best State vs. 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. Alaska, on the other hand, held last place in our ranking. Kelly Miller, AARP, Updated January 2011 . FEMA rates the natural hazards risk as moderate, which is the middle ranking. This New England state might not be the cheapest place to live in youll pay high property taxes and a 5% tax on interest and dividends greater than $2,400 however, it ranks well for quality of life and health care. Distilleries and breweries are good too if you like to drink! writes Redditor BlackRoseRedApple. I have a 2,400-square-foot, four-bedroom, three-bathroom, all-brick house sitting on 1.25 acres. so you can trust that were putting your interests first. Also only 45 minutes away from Cheyenne or Ft. Collins, recommends one Redditor. 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? 2023 Bankrate, LLC. 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. Here with some help is personal finance website WalletHub, which has a new report ranking the best and worst U.S. states to retire in based on factors like affordability, quality of life and health-care. Montana 8.. A low cost of living is a priority for some, while being close to family takes precedence for others regardless of the cost. Maryland not only has an income tax, but were also one of only seven states that has an estate tax. Sponsored: Add $1.7 million to your retirement. Thanks to its famed theater complex, the town of 22,000 also punches above its weight when it comes to art galleries and fine dining a priority for the Griffiths. 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. Bankrate follows a strict 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. Virginia also has some of the best elder abuse protections across the U.S., particularly in terms of total expenditure. There is no state income tax, but there is a stiff state estate tax and a high sales tax. Texas 6. We have culture. And the worst states to retire in are: Alaska. Climate is warm but pleasant. The Keystone State ranks lower than average for affordability it wont tax your Social Security or retirement accounts, but you will contend with high gas and property taxes. According to The Motley Fool, housing comes relatively cheap in the state and the weathers pretty decent, with mild winters and warm summers. Colorado ranks fourth in the United Health Foundation's senior health rankings, with particularly high marks in clinical care and positive behaviors. Minnesota #5. The capital of Texas hits all the leisure passions we rate. If you love the outdoors, you can settle down by the sea and take part in sailing, surfing and fishing Rhode Islands coastline stretches for 400 miles. Retirement savings cheat sheet: A quick contribution guide for 2023 . You wont get taxed on your Social Security benefits, but any retirement income from your pension or other accounts are fair game. August 18, 2022 / 12:01 AM / MoneyWatch What to do with your 401(k) in bear market Amid recession fears in bear market, experts say 401(k) investors should think long term 04:58 It's no surprise that money is such an important consideration when choosing the best place to spend your retirement years. If youre interested in Florida or Arizona or California, stay there for a while and see if you like the climate at the time of year youre going to be living there. City is very bikeable but not so walkable. Information and timely news from our team of trusted money specialists. Some states offer tax breaks on retirement income. 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. Minnesota Best State vs. Get personalized advice from a financial advisor that understands your needs. 10. 10 Tax Breaks for People Over 50. This abandoned high school was converted into a 31-unit apartment building. Iowa is the best state overall for retiring. 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. Tallahassee, Florida, is pictured. For its report, WalletHub compared all 50 states based on 47 measurements within three categories: affordability, quality of life and health care. Connecticut: 6.99% on incomes over $500,000 ($1 million for married filers of joint returns) Nebraska: 6.84% on income over $32,210 ($64,430 for married filers of joint returns) West Virginia: 6.5% on income over $60,000 (for both single filers and married filers of joint returns) Home prices have shattered one record after another since the COVID pandemic began, and inflation rocked the U.S. economy in 2022. They've built it up over the course of a few generations since air conditioning became a thing. Georgia, Michigan, Ohio and Missouri all made the top five best states for retirement. Its hard to make a blanket statement. The Beehive States sweet spot lies in its moderate weather, low property and sales taxes and abundance of outdoor activities. This haven for foodies has a big arts/culture scene, more than 60 area golf courses, lots of other outdoors activities, a culture of volunteering and free senior citizen auditing of classes at Portland State University. Georgia ranks fifth-warmest state, meaning retirees have more days to enjoy the great outdoors. The southeast borders the Atlantic Ocean, and its Sea Islands like Hilton Head and Cumberland Island are top attractions. Plus, theres no state estate tax. Melbourne, FL 5. There is no state income tax and no state estate tax. Related: 12 Best U.S. Cities for Retirement: 2022. . This is due to a low cost of living and light tax burden for residents. At Bankrate we strive to help you make smarter financial decisions. As far as entertainment goes, New York has the most museums per capita and, along with California and Minnesota, the most theaters per capita. While everyone (young or old) seems to moving to Florida, it's still also the top state destination for retirees, according to a new report by WalletHub. What is the number 1 retirement state? Elevation is 60 feet. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. For those who do not mind colder winters, a lakeside community in a state like Michigan or Ohio can. It is freakin beautiful here! Virginia #4. 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. Join here. Our experts have been helping you master your money for over four decades. 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. So, whether youre reading an article or a review, you can trust that youre getting credible and dependable information. Plenty of golf courses, if that's for you. Bend is a scenic outdoor playground, 160 miles southeast of Portland. 2023 FOX News Network, LLC. Located 285 miles south of Portland, this artsy outpost offers galleries, a vibrant restaurant scene and the acclaimed nine-month-a-year Oregon Shakespeare Festival, all set amid scenic mountains and forests. The worst state in the U.S. for retirement is New Jersey, followed by Mississippi and New York, based on WalletHub's findings. On the other hand, Maryland is way below the cadre of ranking. The winters are rainy but surprisingly temperate given the northern latitude. A surprisingly mild climate in Idaho's capital city is conducive to outdoor activities, while Boise State University offers discounted tuition for seniors. Just watch out for high housing costs, if youre buying property in the Sunshine State, and the occasional alligator. 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. Large enough for us and our dogs plus lots of room for company, writes Brian Trapp on Quora. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Quaintly historic coastal city offers fine dining, a big arts scene, outdoor water activities and golf (with 39 courses in the area). We are an independent, advertising-supported comparison service. Decide whats truly worth it while picking out a place for your golden years. We prefer our rural areas to crowded places anyway We live a lifestyle that others may call slow, but we love things such as boating, fishing, hunting, and sitting around a campfire, says resident Audrey Seibel on Quora. Please be aware that some (or all) products and services linked in this article are from our sponsors. I could go on and on about Hen of the Wood (Bernie Sanderss favorite place to eat), Caf Provence in Brandon, Pho Hong in Burlington, Superfresh! It's not easy deciding where you'll spend what will hopefully be some of the most relaxing years of your life. South Dakota. The Best Places to Retire in 2021-2022. Oregon 47. This is closely followed by Florida, Tennessee, Missouri, and surprisingly Massachusetts. Another good one is to pursue your avocational passions. Hiking and outdoor activities are all big, we have lots of trails for ATV and biking. Our methodology: We combined each state's retirement rankings from WalletHub, MoneyRates and The Motley Fool to create . The 10 Best Places to Retire in the U.S . Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. Homes and rent are expensive downtown, and people often look for a home or rental off the peninsula (the traditional city of Charleston), writes Patrick Jones on Quora. The states cost of living has been rising, although the tax burden remains light. I googled this and got a completely different list for 2022: Florida North Carolina Michigan Arizona Georgia Pennsylvania Washington Indiana Texas Virginia . The 2023 leave year begins for most federal employees on Sunday, Jan. 1, 2023. Bankrate looked at several public and private datasets related to the life of a retiree. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. 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. The Maine state income tax tops out at a hefty 7.15% on taxable income for a couple above $108,900. More: Jump-start your retirement plan. Theres a wide variety of outdoor activities available on water and on land, including some 54 area golf courses. However, you will need to contend with high property taxes and an inheritance tax, and your retirement income wont be exempt from taxation either. There will be a few hot and humid days, but not six months of it as there is down South. Theres no estate tax or tax on Social Security benefit, but the state income tax rate is a hefty 8% on taxable income above $96,870 per couple and goes up to 13.3% for the very wealthy. Special mentions go to Delaware, Virginia, and Washington, which were all in the top 20 on both lists. Georgia is ranked high for being tax-friendly to retirees. Do these seven things now. The state fully exempts Social Security benefits from being taxed and property taxes are quite low as well. Florida was at the top of the list. A new, lower flat income tax rate will take effect in 2023. MONEY CHECKLIST FOR PEOPLE AGED 50 AND OLDER. Santa Fe has a favorable moderate natural hazard risk rating from FEMA.

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