Taxes and cost of living
The cost of living is something that should definitely be factored into your decision, especially if your retirement plan does not include a beach house in Malibu.
Simply picking the state with the lowest taxes is, however, does not give an accurate idea of the best states to retire to.
Nevada and Alaska may have no property taxes, but they will impose some other sort of taxes in order to raise revenue. In the case of retirees, a tax that they would be most happy to escape is pension tax.
New York is one such state that excludes this particular tax; however, it more than makes up for it with its other taxes. Other states include Alabama, Illinois, Hawaii, Massachusetts and a few others, which do not charge tax on pensions. The overall lowest state taxes are found in Alaska, New Hampshire, Tennessee and Delaware, with taxes of 6.6%, 8%,8.5% and 8.8% respectively.
The cost of living is another burden to be concerned about, this is based upon many different figures; as such, the results found by many different researchers are mostly indicative. Kentucky, Tennessee, Oklahoma, Arkansas, Texas and Nebraska have the lowest cost of living according to various censuses conducted by the Government and CNN. This does not mean that these are the best states to retire to, although if you are looking for low cost living, these states may be ideal.
Climate and Crime Rate
Another main factor in deciding the best states to retire to is the climate of the state. Alaska has almost no taxes, but the cold weather makes it almost unsuitable for retirement.
Climate is mostly preferential, as there are some who enjoy the cold and others who prefer a sunnier climate. New Mexico, Arizona and Nevada have some of the hottest temperatures, and you may want to reconsider these states as viable options.
As far as crime rates are concerned, New England has the overall lowest crime rate, with the highest crime rates in the Southern states such as Georgia and New Orleans.
Taking all these different factors into consideration, here are a few of the best states you can retire to. Although New Hampshire may not have the best climate, the overall cost of living is very low, along with a low tax rate and crime rate. One of the most attractive and popular options for retirement, considering the climate and tax rates is Florida. Although the sunny areas are usually the most popular retirement spots, due to its low cost of living, Tennessee has become one of the best states to retire to, with Iowa also making the list for similar reasons. The best states to retire to mostly have good climate and a low cost of living. More or less it is subject to personal preference, these states listed here are simply some popular and highly recommended options.
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