best states to retire in 2022 best states to retire in 2022

editorial policy, so you can trust that our content is honest and accurate. Connect with a financial planner today. Elevation is 7,200 feet. Alabama has some of the lowest adjusted costs of living, housing costs and annual costs of in-home services across the country. Georgia ranks fifth-warmest state, meaning retirees have more days to enjoy the great outdoors. Other downsides: San Franciscos serious crime rate is higher than the national average and it has a relatively high (but not very high) natural hazard risk, according to FEMA. 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. But under the care of a pro, the . Access to medical care is another important factor. 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. Dont like where youre at? Generally, states without any income taxes may seem . editorial integrity, While our flagship annual best retirement places list identifies locales offering good retirement bang for the buck, this list seeks out value for the soul. It ranked within the top 15 states for the lowest rates of identity theft, fraud, and violent crime. Here are the 25 worst states to retire in 2022, ranked from bad to worst. 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. There is no state income tax on Social Security benefits or a portion of pension income, and no state estate tax. Alaska, on the other hand, held last place in our ranking. In a new ranking, southeast states swept the top three spots judged the best places for retirees in 2021. While we adhere to strict John Coletti/Getty Images For retirees looking to move soon, recent data on Redfin shows there were more sales for homes in the state as of December 2022 than there was a year earlier, but the . 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. Other pluses include good air quality, a low serious crime rate and a high number of doctors per capita. FEMA rates the natural hazards risk as moderate, which is the middle ranking. Winters can be challenging, but if you are an active senior then this is a great place to retire. I paid $189,000 under a USDA loan. Oregon has no sales tax but makes up for that with an income tax rate that hits 8.75% at just $18,400 of taxable income for a couple (with Social Security excluded). The Most Affordable Places to Retire. The Old Dominion State ranks relatively well for quality of life and safety, and residents here experience relatively mild winters. 2023 FOX News Network, LLC. Sarasota has a relatively high (but not very high) risk of natural hazards according to FEMA. North Carolina 4. Jeff Ostrowski covers mortgages and the housing market. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Some states offer tax breaks on retirement income. As noted above, the best state to retire in will depend on an individual or couple's budget, lifestyle, and values. 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. Serious crime rate is higher than national average. Check out WalletHub's 10 best states for retirement to get the most out of your golden years: 1. South Carolina ranks poorly for its crime and safety it has one of the highest property crime rates in the country and health care, but its relatively affordable to live in. If you want a small retirement place, $100K will get you a nice two-bedroom ranch that is driving distance from an NFL stadium and an airport, writes resident Don Torrez on Quora. That number is higher in states like Connecticut, where the average person has a retirement balance of roughly $520,000. 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. 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 University of Florida provides a number of lifelong learning opportunities, including no tuition for auditing courses, in this inland college town 115 miles northwest of Orlando. Lancaster, PA 6. Make sure its really as affordable as you thought. The . Minnesota #5. Another negative: The serious crime rate is above the national average. Zero down, 3.25%, 30-year fixed. The state income tax rate for most couples is 4.9% on taxable income that includes Social Security benefits, but tops out at 5.9% for couples with taxable income above $315,000. There is no state estate tax. We are an independent, advertising-supported comparison service. I showed her around one community, and she fell in love with it., (Are you planning to retire in 2022? Do these seven things now. 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. ), Bankrate, LLC NMLS ID# 1427381 | NMLS Consumer Access The state ranks relatively well for health care, but lags behind for its elder abuse protections. One downside: a serious crime rate above the national average. 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? The end of your career also raises new questions about where and how to spend your days now that youre no longer tied to a specific location. 3. According to Bankrate's study, the best state to retire in the US is Georgia. And of course, there are the beaches! 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 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. 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 You wont have to pay taxes on your Social Security benefits and you can claim a deduction on other types of retirement income. . 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. Asheville is at moderate risk for natural hazards. 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. With 120 nearby wineries, this quaint rural town 260 miles southeast of Seattle, boasts a surprisingly robust fine dining scene. Brian Beers is the managing editor for the Wealth team at Bankrate. The 2023 leave year begins for most federal employees on Sunday, Jan. 1, 2023. Farmland is a highly intriguing choice for long-term investors. I have to say, living in central VA, its nice being only two-ish hours from nice, usually calm beaches, and two-ish hours from gorgeous, rolling-green mountains. The lower the score, the higher the state ranks as a retirement destination. Montana ranks relatively well for its quality of life and affordability. Also only 45 minutes away from Cheyenne or Ft. Collins, recommends one Redditor. The city enjoys a higher number of doctors per capita and good air quality. All Rights Reserved. The state is made almost entirely from limestonea sedimentary rock that is not gold-bearing! Meanwhile, for potential retirees seeking a cultural melting pot, Florida boasts solid racial diversity and a significant LGBTQ population. The island is somewhat bikeable but not all that walkable. 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. Michigan ranks as the most affordable state to retire in 2022, according to a recent Bankrate analysis. 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. Nestled on Floridas Gulf Coast along Tampa Bay, this port city has a big restaurant scene, lots of water activities and 80 golf courses in the area. The city is beautiful and great for walking or biking. Extensive outdoor activities include hiking, climbing, biking and fishing. WalletHub published a report on Monday that found the best U.S. states to retire in 2022. You may opt-out by. We also have thousands of acres of forest and miles of freshwater riverways bubbling from some of the largest springs in the world. Pennsylvania3rd best state to retire in Also, ranking high on our list is Pennsylvania. Maine is known for its outdoor recreation activities, and Portland is an excellent place for retirees who enjoy fishing, kayaking, and other outdoor pursuits. It also has one of the lowest crime rates across the country. The state is considered relatively safe to live in as well and The Motley Fool ranks it No. But there's good news: As of early 2022, federally taxed Social Security income is officially deductible for those 65 and older. There is no state income tax, but there is a stiff state estate tax. 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. Nevada. Florida has no state income or estate tax. The Peace Garden State has one of the highest numbers of hospital beds per capita and plenty of eldercare organizations and services available to the public, according to WalletHub. Alabama T-3. This Atlantic Ocean city 100 miles north of Boston offers a wide variety of water and land recreation, including boating, kayaking, rafting, cross-country snow skiing, hiking and bicycling. Large enough for us and our dogs plus lots of room for company, writes Brian Trapp on Quora. Alabama #7. Alaska, on the other hand, held last place in our ranking. The city boasts a high number of physicians per capita, good air quality and high marks for volunteering. But recent trends may help point you in. As a resident of Delaware who is looking to retire in five years, I can personally state that I will be retiring in the state of Delaware because it is centrally located between major cities and modes of transportation and the cost of living will work well with our retirement funds, writes Antionette Blake on Quora. Santa Fe has a favorable moderate natural hazard risk rating from FEMA. The Great Arch in Zion National Park, Utah. Please be aware that some (or all) products and services linked in this article are from our sponsors. Its considered decently safe to live in and ranks above average for quality of life. For its report, WalletHub compared all 50 states based on 47 measurements within three categories: affordability, quality of life and health care. Wisconsin offers cheaper housing costs and a relatively low crime rate. Georgia #3. These states might offer blue skies and beaches or affordable housing and health care but its important to have a decently-sized nest egg before you decide where to live in your retirement. The Hawkeye State gets major points for health care and cheap housing. But theres no estate tax or tax on Social Security benefits and theres an income tax break for pension income. We do take into account a variety of quality-of-life metrics, ranging from air quality and availability of doctors to the crime rate and a towns walkability. Utah ranks relatively well for its health care, and its crime rate is lower than average. FEMA ranks Boise relatively low in natural hazard risk. The Yellowhammer State ranks poorly for quality of life and health care, but if youre just looking for a state thats inexpensive to live in, youve come to the right place. At an elevation of 600 feet, Traverse City has a very low natural hazard risk, according to FEMA. Believe it or not, you will find some of the finest cuisine in Vermont. Datalign matches you with vetted registered advisors that can help you improve your investment portfolio and grow your retirement savings safely. Tennessee #9. One factor we now consider disqualifying is a very high susceptibility to climate change and natural hazards as measured by the Federal Emergency Management Agencys new National Risk Index, which looks at 18 natural hazard risks, plus communities preparation for and ability to cope with them. (Because the FBI significantly changed the reporting format for 2020 data, we did not rely on those statistics. Naples has a relatively high (but not very high) risk rating on FEMAs National Risk Index and somewhat less hurricane exposure than certain other Florida coastal towns. Southern Oregon University hosts a lifelong learning institute and allows free auditing of college classes. Cheap housing costs, low crime rates and low taxes attract plenty of retirees to Kentucky. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. Naples has good weather and air quality, an adequate number of physicians per capita and a very low serious crime rate. Naples, FL 3. Home equity line of credit (HELOC) calculator. California 48. If youre looking for retirement-age friends, youll have a good chance of finding them in this state where 21 percent of the population is age 65 and older. An 85-year Harvard study found the No. So it's generally peaceful and quiet, comments resident Haley Rose on Quora. 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. I am well aware of what a house/acreage like this would cost in LA or NY.. Are you confident in your retirement savings? Uruguay. How will your income be taxed? It is freakin beautiful here! Yet, Delaware ranks second in best states to retire and the data supports it. Weve maintained this reputation for over four decades by demystifying the financial decision-making 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. Are your retirement savings on track? "Nevada is a tax-friendly state, making it ideal for many retirees. The Most Tax-Friendly States to Retire originally appeared on usnews.com. 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. Massachusetts and Maryland are more expensive in these categories, according to the report, while Hawaii and New Mexico are less expensive, with some costs nearly 50% lower. The state fully exempts Social Security benefits from being taxed and property taxes are quite low as well. Wisconsin is considered moderately tax friendly for retirees since Social Security is exempt, but any withdrawals from your retirement accounts will get taxed. I googled this and got a completely different list for 2022: Florida North Carolina Michigan Arizona Georgia Pennsylvania Washington Indiana Texas Virginia . My mortgage is $1,149 per month with everything included. If you like a warm climate, Florida has the second-hottest average temperatures, right behind Hawaii. August 31, 2022 There is one list that no state wants to be on - the one that names the worst states for retirement. Our goal is to give you the best advice to help you make smart personal finance decisions. The capital of Texas hits all the leisure passions we rate. For me, I enjoy the outdoors and am heavily involved in equestrian things so the low price for land is perfect. Elevation is 500 feet. And, of course, not everyone likes the sweltering summers of the Sun Belt states that populate the top of our rankings. Not to mention it's more of a suburban-based state. Led by famous century-old Pinehurst Resort, some 40 golf courses plus golf schools surround this idyllic village with a temperate climate, 90 miles east of Charlotte. 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. West Virginia has the fewest museums per capita, while Mississippi has the fewest theaters per capita. For this study, Bankrate looked at five broad categories: affordability, wellness, culture, weather and crime. It is very bikeable, although not as walkable. Social Security benefits are exempt and theres no state estate tax. To determine the best states to retire, WalletHub examined a few key factors like affordability, health care . Delaware ranks 6th in density, 9th in percent of households with kids, and 9.5th for median age. Not everyone can afford to live on fixed incomes as prices rise. Maine's summer is made for retired people. Idahos graduated state income tax rate hits a top rate of 6% at just $15,878 of income for married couples. 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. The content provided on Moneywise is information to help users become financially literate. The state income tax rate is a flat 4.99%, but Social Security income goes untaxed at the state level, and there is no state estate tax. 2023 Bankrate, LLC. Get personalized advice from a financial advisor that understands your needs. They evaluated those. 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. If you like the outdoors, youll find near world-class hiking, skiing, mountain biking, hunting, ATV riding, fishing, photography, backcountry flying, boating, bird watching, I could go on.. 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. Idahos considered one of the safest states to live in, thanks to its low crime rate, and has one of the lowest average monthly health insurance premiums in the country, according to WalletHub.