The 15 best, worst states for retirement in 2022 1 on its list for housing costs. Despite getting some bad press, Oregons largest city has a lot going for it. How will your income be taxed? The Gem State really says it all in the name residents brag of their friendly neighbors, Idahos scenic beauty and outdoor activities and the low cost of living. Our editorial team does not receive direct compensation from our advertisers. There are adequate physicians per capita and good air quality. 2022 Best States to Retire In for Tax Purposes | SoFi Do you still want to be able to play golf, tennis or pickleball? There are several compelling reasons to make a long distance move in retirement: to be closer to family, to cut costs, to enjoy better weather. Texas. Climate is warm but pleasant. It also ranks as No. There is a high ratio of doctors per capita, good air quality and a low serious crime rate. To see the overall ranking, here are the best states to retire in this year, according to WalletHub. 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. US News ranks Best Places to Retire in US in 2022 - WTOP News New Hampshire boasts picturesque towns, mountains and trails perfect for an outdoorsy retiree who prefers a quieter kind of life. You wont get taxed on your Social Security benefits, but any retirement income from your pension or other accounts are fair game. A city with a large infrastructure for retirees, Gainesville has abundant doctors and good air quality. But Social Security benefits are exempt and theres no state estate tax. 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. Forbes says the city of Fargo has appeared on its Best Places to Retire list for 10 years in a row due to its cost of living, doctors per capita and walkability. Michigan took the No. Considering a retirement move? The Best And Worst States For Retirement 2022 - Kiiky Wealth Top 10 Florida Georgia Michigan Ohio Missouri Kentucky Texas Tennessee Pennslyvania South Dakota Bottom 10 Alaska Maine California New Mexico Montana Vermont Mayland Connecticut Hawaii Washington. 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. My property tax is $600 per year, writes resident Christopher Finch on Quora. Plus, theres no state estate tax. The 20 Best States for Your Retirement | Kiplinger 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. Iowa offers a lower cost of living, better healthcare, and lower home prices, making it safe and affordable. The content provided on Moneywise is information to help users become financially literate. There's no better time to retire than 2022 when life expectancy is at its all-time high of 79.05 years.However, choosing the best states to retire from a list of 50 is no easy feat. With an elevation of 50 feet, the city is very walkable and bikeable. Residing in a state comes with tax implications, making it difficult to find the best state to retire in. There is no state estate tax. 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. Information and timely news from our team of trusted money specialists. To identify the best places to retire, U.S. News analyzed data for the 150 largest metropolitan areas in the U.S. to assess how well they meet Americans' retirement needs and expectations. The 30 Best Places To Retire In The U.S. In 2023 - Retirable Retirement often brings a slower pace of life. There are as many opinions on retirement as there are places to retire, especially in a country as large and diverse as the United States. 17 Best States for Retirement: 2022 | ThinkAdvisor We offer large metropolitan areas and beautiful countrysides. It features a big music and dining scene as well as free senior citizen tuition for six credits a semester at the University of Texas at Austin. 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. As far as entertainment goes, New York has the most museums per capita and, along with California and Minnesota, the most theaters per capita. We are an independent, advertising-supported comparison service. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. It's not easy deciding where you'll spend what will hopefully be some of the most relaxing years of your life. Most affordable states to retire - cnbc.com Elevation is 500 feet. After a lifetime of hard work, two-plus years of dealing with COVID-19, and the . Florida named the best state to retire in 2022, study says They've built it up over the course of a few generations since air conditioning became a thing. The Best States for LGBTQ+ Retirees | Retirement Living Extensive outdoor activities include hiking, climbing, biking and fishing. However, property and sales taxes tend to be higher than average. Naples, FL 3. The restaurant scene is robust. Just come prepared for the frigid winters and snowfall. Situated between Brazil and Argentina, Uruguay is a Spanish-speaking nation of around 3.5 million people, with warm summers and mild winters. Here are the Global Retirement Index's top-10 retirement destinations for 2022. However, Hawaii was found to have the highest life expectancy, while West Virginia was found to have the lowest. I paid $189,000 under a USDA loan. Our reporters and editors focus on the points consumers care about most how to save for retirement, understanding the types of accounts, how to choose investments and more so you can feel confident when planning for your future. We maintain a firewall between our advertisers and our editorial team. The state income tax rate is a flat 4.99% for 2022, but Social Security income is exempt and theres no state estate tax. But recent trends may help point you in. ), Bankrate, LLC NMLS ID# 1427381 | NMLS Consumer Access ), Experts: How to pick your best state to retire, Full results: How your state ranks for retirement. My mortgage is $1,149 per month with everything included. 2023 Best & Worst States for Retirement | Retirement Living 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. How much should you contribute to your 401(k)? The state ranks relatively well for health care, but lags behind for its elder abuse protections. All rights reserved. En espaol | Choosing where to live after retirement is a huge decision and a very personal one. The state includes plenty of recreational opportunities for seniors, according to resident Torrey Stephen Whitman on Quora. The state income tax rate is a flat 4.25%, but it excludes Social Security income and some pension income and theres no state estate tax. Farmland is a highly intriguing choice for long-term investors. 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). Laramie is nice, small and quiet but still large enough to have basic amenities and then some. Here are the 25 worst states to retire in 2022, ranked from bad to worst. The states cost of living has been rising, although the tax burden remains light. South Carolina 5. Georgia #3. Boston has good air quality and abundant doctors per capita. Thats the second-largest share of 65+ folks of any state, Census data shows. All Rights Reserved. Lake Cumberland is lots of fun for a weekend getaway. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. We placed the heaviest weighting on affordability. For example, WalletHub ranked Virginia as the best state to retire in its 2023 study, followed by Florida, Colorado, Wyoming, and Delaware. Elevation is 50 feet. Make sure its really as affordable as you thought. Youll enjoy low property taxes, no taxes on your Social Security and a sizable deduction on other forms of retirement income. That's a good thing, as the Peach State has over 350 golf courses, plus many parks, lakes, and rivers. It also ranks relatively well for health care and has one of the highest percentages of the population aged 65 and older, according to WalletHub. Doctors are abundant. Hello All, Welcome to my channel!Today we are examining which states are the best to retire in 2022. 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. Gainesville has a moderate rating on the FEMA National Risk Index, especially favorable compared with some other Florida locations. Bankrates editorial team writes on behalf of YOU the reader. We acknowledge theres plenty of subjectivity in choosing a place to live in retirement. 3. Thousands benefit from our email every week. Theres an Osher Lifelong Learning Institute at San Francisco State, a high ratio of doctors per capita and good air quality. (iStock). It ranks slightly higher than average for its quality of life and crime rates, and WalletHub says it has one of the lowest complaints of elder abuse in the country. Maryland not only has an income tax, but were also one of only seven states that has an estate tax. 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. [Fargo is] a cool place to live if you're into outdoors-related things. 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. Arkansas Highest T-45. Best Dates to Retire 2022 - Government Executive By comparison, the 2024 leave year won't begin for most employees until Sunday, Jan. 14, 2024 and the 2025 leave . But others are not as well-equipped to exit the workforce, which is why affordability is one of the key factors to consider when you're looking for places to settle down. 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. Here's a look at the Best Places. That means high living costs or taxes arent in themselves disqualifiersthough notably, more than a fourth of our picks have housing costs near or below the current national median of $404,000. When youre considering a community, you have to think about what you still want to do. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Minnesota Best State vs. Temperatures can plummet to an average low of 2 degrees Fahrenheit in Glasgow and 22 degrees Fahrenheit in Flathead Lake in the month of January, according to climate and forecast site Weather Atlas. Southern Oregon University hosts a lifelong learning institute and allows free auditing of college classes. Plus, theres a solid volunteering culture. Best States to Retire: Top 22 Most Tax Friendly States for Retirees 15 Best States for Retirement | ThinkAdvisor Do these seven things now. Route 66 provides the historic backdrop for this outdoors-oriented town at an elevation of 7,000 feet, 145 miles north of Phoenix near the Grand Canyon. Are you confident in your retirement savings? Our methodology: We combined each state's retirement rankings from WalletHub, MoneyRates and The Motley Fool to create .