Are you approaching retirement age? It is imperative to look for a place to live comfortably in after you retire. The ideal place for retirees has a low cost of living, high quality of life, and quality healthcare facilities. It should have everything that you need to make your twilight years the happiest.
There are plenty of options for you if you are looking for the best places to retire in the US. However, the downside is that you have too many options to choose from, making your decision difficult. So, when you are looking for the best place to retire, consider these five factors.
Cost of Living
When you retire, you stop receiving regular paychecks. No source of income does not mean your needs also diminish. You still have to pay your house rent and bills, buy groceries and items of daily needs. And you also need money for fun activities. Where do you get the money for all that? You are likely to use your retirement savings.
If you decide to live in a super expensive place, you might exhaust your retirement savings fast and deprive yourself of a comfortable life. You can avoid this by looking for places with a reasonable cost of living.
For a retiree, the right place is where rents are low, food items are cheap, entertainment is affordable, and healthcare inexpensive.
Quality of Life
Just because you’re retired, it does not mean that you should stop going out or living a comfortable, cheerful life altogether. Look for places where you can continue to have a high quality of life. It should, however, come combined with affordability.
The best places to retire in the US offer jobs for retired persons with leisure, recreational and cultural activities available aplenty. These places should also have a quality healthcare system. And, of course, the weather should be pleasant.
Retirement usually happens when you are old. And older people need more health care services than those still in their prime. You are likely to suffer from age-related diseases, such as respiratory disorders, heart diseases, diabetes, Alzheimer’s, and more.
So, after your retirement, you have to move to a place where there are quality healthcare facilities and sufficient healthcare providers.
Favorable Tax Rates
If you really want to stretch your well-saved retirement dollars, you need to live in a state with lower tax rates. Some states offer significant tax benefits to their retiree population. You could put such states on your shortlist and learn more about them to see if they’d be a good fit for you.
Also, you need to look at the income, property, sales, and Social Security tax rates charged by each state before deciding on the right one.
Alaska and New Hampshire do not have sales, income, or Social Security tax. You also don’t have to think about paying state taxes on income, Social Security, or pension income if you choose to live in Florida, Nevada, South Dakota, Tennessee, Texas, Washington, or Wyoming.
Alaska, Florida, Illinois, Mississippi, Nevada, New Hampshire, and Pennsylvania are widely considered the most tax-friendly states for retirees.
When looking for the best places to retire in the US, safety also should be high on your priority list. Since old people are physically weaker and rest a lot, it makes them easy targets for burglars. Hence, you need to find a neighborhood that is safe and secured.
No neighborhood is going to boast of a zero-percent crime rate. But some places have a low crime rate. Crime mapping services, the National Sex Offender Public Website (NSOPW), and municipal and state resources can help you find the estimated rate of violent crime and property crime in a particular area.
There are several great places to retire in the US. You just need to choose the one that has affordable housing, quality health care, low tax rates, and is safe.