Best States to Retire

Retirement might be the end of one’s career, but life satisfaction or financial security does not have to come to an end. A person may opt to retire when it is time to start receiving pension or Social Security benefits so that they can supplement it with retirement savings to enjoy their post-retirement years.

Not everyone, however, can retire when or where they want. Some people do not even have savings for their formative later years which in most cases is typically not their fault. Regardless of the situation, as one thinks about the ideal time to retire, they must also think about the best places to retire and spend their golden years. It should be a place they can afford and a place that meets all of their needs and wants. Many older adults choose to retire in retirement communities near them to enjoy the proximity to family and friends, while others choose to relocate to another state. The more independent older adults who prefer to stay in the state they live in often look for senior citizen apartments near them, while the less dependent ones that need daily help may consider continuing care retirement communities, assisted living facilities or even nursing homes.

Plenty of factors come into play in regards to excellent retirement spots such as tax-friendliness, crime rates, cost of living, access to public transportation, weather, number of healthcare facilities, and proximity to museums and golf courses. After in-depth research, Senior Guidance has determined the ten best states to retire in the U.S. as follows:

10. Arizona

Arizona has always been and continues to be a great retirement destination. It is one of the most tax-friendly states since it does not tax social security checks. It also has numerous highly affordable and liveable cities.

There are nearly 2000 assisted living facilities in Arizona which on average cost about $3,500 a month. Furthermore, there are over 100 licensed nursing homes in Arizona which charge on average $216 per day. Home care costs in Arizona are about $21/hour.

Arizona ranks highly when it comes to medical care with more than 60 medical facilities located in different parts of the country. Residents talk about the great weather all year round. Note that winter temperatures in Phoenix are comparable to summer temperatures in Southeast minus the humidity. Cool nights and sunny and dry days are typical.

Arizona is excellent for retirees who love the outdoors as it presents tons of fun opportunities. These range from hang gliding through deserts, white water rafting, skiing and fishing. Retirees never have to worry about shovelling snow here. Arizona is also known as the epicenter of desert golf. More than 70 highly ranked public courses are at The Grand Canyon, attracting millions of golf lovers. 

9. Idaho

Green spaces, affordable living, suitable economic conditions and dry, sunny climate are a few reasons Idaho is one of the go-to places to retire. Featuring 30 state parks, active senior citizens will find a great home here. The proximity of towns and cities to ski resorts, mountains, and rivers give members of the older generation outstanding scenery and top-notch recreation opportunities like fishing, skiing and hiking.

The Gem State allows aging individuals to benefit from low cost of living. Median home sale price is $176, 010 lower than the national median. Those who prefer assisted living can choose from hundreds of assisted living facilities in Idaho that charge around $3300 per month on average. Nursing homes candidates pay around $212 daily. On average price for home care is about $19 hourly in Idaho.

Retired adults can take advantage of the additional benefits when it comes to their taxes. Idaho does not tax prescription drugs and Social Security payments, which is of a significant interest to retirees. Sales tax is a standard 6%. Crime rates in Idaho remain among the lowest in the country.  Seniors living in Idaho can access quality and affordable medical care from the numerous medical centers they can find in all parts of the state.

8. Utah

Boasting of some of the most magnificent scenery in the globe as well as healthy economy and outstanding recreational opportunities, Utah is one of the best places for retirees to spend their formative later years. Having one of the lowest crime rates in America attracts many older adults.

Hot and dry summers with plenty of sunshine are something to look forward to in the state. Utah has almost 60 hospitals that offer cost-effective and top-notch healthcare. University of Utah Hospital is an example of a highly rated hospital that specializes in adult care.

Retirees who enjoy stargazing and at the same time access to big city luxuries will find Utah ideal. Longevity is another aspect that senior citizens experience in the state because it has a life expectancy of 80.2 years, which is higher than the national average. It is perhaps because of its low-stress lifestyle, fresh and clean air, as well as access to outdoor recreation.

Elders who would like to locate assisted living near them can choose from more than 200 facilities which on average charge about $3,000 a month. Average pricing for a nursing home in Utah is $175 per day while nearby home care agencies charge about $21 for every hour.

7. Wyoming

One of the best-kept secrets for aged adults, Wyoming is an attractive retirement spot thanks to its low crime rates, excellent weather and low taxes. It is among the top tax-friendly states because it earns plenty of revenue from its mineral and oil rights.

Wyoming has no state income tax, and retired adults love the fact that it does not have state estate or inheritance tax. Another strong aspect that draws aging individuals here is that it has state tax exemptions on groceries and prescription drugs.

Outdoorsmen and nature lovers have a wide array of options to explore, from celebrated national parks which are home to plenty wild animals ideal or campers and hikers to exceptional mountain ranges. Wyoming also has many rivers for swimming and fishing.

Different senior care options are available in Wyoming. Seniors citizens can choose to remain in their homes and invest in home care which costs around $20 hourly. They can also move into Wyoming assisted living facilities that charge about $3900 monthly. The elderly with intensive medical needs can find local nursing homes that cost $220 a day on average. Wyoming has a high number of medical care facilities where older adults can receive the very best care at an affordable rate.

6. New Hampshire

New Hampshire is a retirement-friendly state that has plenty of gems for seniors who are working with tight budgets. It takes pride in its remarkable natural beauty and tons of cultural attractions. This gives retirees access to coastal beaches, lakes, and mountains with thousands of miles of hiking trails. The lake region in the heart of the state has hundreds of navigable lakes and ponds for those who enjoy fishing and boating. NH Residents also get to enjoy four distinct seasons.

Safety is a huge concern among the elderly. Seniors do not have to worry about it when they choose to retire in New Hampshire because it is one of the states that is safe, with low crime and murder rates. The region also enjoys a thriving economy with low poverty rates, no income tax, no capital gains tax and no general sales tax.

There are plenty of medical care facilities in New Hampshire. Long-term care options such as Wyoming assisted living facilities are also plentiful, where one can expect to spend at least $ 5,103 every month for assisted living, $24 an hour for home care, and $316 daily if living in a nursing home.

5. Iowa

Known as the Food Capital of the World, Iowa is a dream destination for many people who have started their retirement and now just want to have a great time in their post-retirement years. Iowa features gorgeous stretches of farmland, as well as bustling cities for older adults who want to be near the action.

Iowa ranks highly when it comes to ideal places to grow old. It is thanks to factors such as excellent health care, living arrangements, community engagement, educational opportunities, wellness and overall liveability. Note that Iowa records high public transportation ridership, and it has an exceptional health system.

Housing is affordable here for seniors who would like to own a house, with the meridian home price being $126,400.  Having low housing expenses allows seniors to access home care for $16 an hour if they do not want to move out. For the ones who would like to explore other senior living options in Iowa, there are more than 300 Iowa assisted living residences which charge an average of $3500 every month. Nursing home candidates have many more options, with slightly over 900 nursing homes that cost $175 on a daily basis. These healthcare facilities give senior citizens a chance to pick the care option that best suits their current needs.

4. Virginia

With richly varied landscapes, Virginia is a place that aging individuals should consider when looking for a place to thrive in their golden years. It has a humid-sub-tropical climate with hot and humid summers and winters that are not too cold.

A combination of a plethora of recreational opportunities, a healthy number of college towns and urban amenities give retired adults a broad palette to pick from. Virginia comes with its financial perks as well. For starters, it is tax-friendly towards aged adults. The state doesn't tax social security income, and withdrawals from retirement accounts are only taxed partly.

Cost of living in Virginia is around 10% less than the national average. The state also offers top-notch healthcare with many medical facilities located in different parts of the state. Elders who would like to explore assisted living facilities in Virginia will pay $3,933 on average every month, although those who are looking for local memory care facilities will end up paying more than the average. Virginia nursing homes charge $221 daily while home care will result in costs of about $18 an hour.

3. Colorado

There is a reason many members of the older generation pack up and leave to Colorado every year. Among them is that they get to enjoy substantial tax breaks that include significant deductions on retirement income. Colorado also has some of the lowest property taxes in the US. Moreover, medicine and food are exempt from sales tax.

It is not all about saving money though, because Colorado also gives seniors the opportunity to enjoy healthy living. It is thanks to the active lifestyle opportunities it offers with different activities like skiing, hiking and spectacular scenery. The state also allows residents to experience all four seasons fully. Mild climates usually bring approximately 300 days of sunshine every year, and ski resorts also get a fair share of snow blankets. With more than a hundred hospitals, retirees can expect to benefit from premier healthcare, considering that a high percentage of the medical facilities meet standards of strong performance, ranking highly nationwide.

Senior housing options are abundant in Colorado. For those who prefer home care, the state has spots to retire for various income levels. Home care assistance costs around $22 hourly. If one needs to find assisted living facilities in Colorado, there are over 500 communities and on average one can spend about $3,750 monthly. There are also hundreds of nursing homes that charge about $230 every day on average.

2. South Dakota

With a vibrant cultural environment, unspoiled natural beauty and thriving economy, there is no shortage of reasons why older adults should move to South Dakota for retirement. It boasts of a lower cost of living when comparing it to the national average in different sectors like transportation, health, utilities and housing.

Outdoor enthusiasts have plenty to do thanks to the state’s iconic attractions, lake trails, many parks, and the best fishing and hunting spots in the U.S. South Dakota’s philosophy focuses on family, friendly people and personal fulfilment.

Senior citizens also appreciate the fact that South Dakota does not have an income tax and it boasts of having one of the lowest tax burdens. South Dakota does not have any state or inheritance taxes and there are property tax exemptions for aging individuals who are over 65 and are living on low incomes.

The state takes care of retired adults well, giving them plenty of senior care options. To begin with, one can opt to stay at home and invest in home care for assistance, paying about $20 an hour. Other options include South Dakota assisted living that on average goes for $3,023 on a monthly basis and nursing homes that require around $199 every day.

1.    Florida

On the top of the list is Florida, and not without reason because it remains one of the most preferred retirement spots for aged adults. It is a dream destination with fantastic weather that does not require a person to shop for snow shovels and boots. The heat here is humid which means that it remains green and lush all year.

Another major selling point of retiring in Florida is the tax benefits. The state of Florida does not have any state income tax, and the property taxes are relatively low. It is even possible to deduct property taxes from a second home and mortgage interest.

The fact that Florida is an excellent vacation destination will leave the elders feeling as though they are on one long and exciting holiday all of their formative later years. There is also a tremendous amount of health care services and options that are available for seniors. The Sunshine State is ideal for active retirees because they never lack anything to do, from activities on the beach, fishing, nature walks, golf, sports centers, and a wealth of theater, music, and art opportunities.

Florida is also known for its retirement villages where an older adult can pick where they want to spend the rest of their golden years. For someone who wants to invest in home care, it will cost them about $240 daily. Florida assisted living candidates should budget for around $3150 a month, while nursing homes charge on average $19 on an hourly basis.

Working and earning money all of their lives in order to afford a comfortable and fun retirement is something that many senior citizens seek. Retiring means that they now have the freedom to move around and reside in a destination of their choice. There are plenty of states in the US. where one can spend their post-retirement years but choosing the best place to retire is something that should be done keeping in mind all of your personal needs, wants and preferences. Explore the best 10 retirement states in the U.S. from our list and pick the one that suits your lifestyle best.