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

Our choices span all four continental time zones and 16 states. Which certificate of deposit account is best? The Old Dominion State ranks relatively well for quality of life and safety, and residents here experience relatively mild winters. For its report, WalletHub compared all 50 states based on 47 measurements within three categories: affordability, quality of life and health care. By Kirk Miller. Considering a retirement move? 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. Tired of living in an overcrowded metropolis? 10. Nearby beaches, fishing, boating, classy restaurants, a big arts/cultural scene and 30 golf courses dominate the appeal of this Gulf Coast city 60 miles south of Tampa. Elevation is 500 feet. Nothing too crazy to worry about like earthquakes or hurricanes or dangerous wildlife, says DChristy87 on Reddit. More: Debt isn't the enemy of a comfortable retirement. PA is a fine place for birding Hawk Mountain for raptors, and Middle Creek Refuge for geese saw 20,000 snow geese there last February. A city with a large infrastructure for retirees, Gainesville has abundant doctors and good air quality. Iowa offers a lower cost of living, better healthcare, and lower home prices, making it safe and affordable. From a financial perspective, there are a lot of things to consider. Heres advice from experts who help retirees and soon-to-be-retired workers through the decision: Laura Kovacs, former director of education at the Scottsdale Area Association of Realtors in Arizona and a recent retiree herself: Spend some time in places where you want to live before you commit to moving there. 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. A maximum score of 150 was possible. Most are good for multiple passions, and oneAustin, Tex.hits all seven. More: Is borrowing from a 401(k) a bad idea? Delaware also has a major perk of being close to Washington, D.C. so you can have a calm weekend or a rocking one out on the town. Make sure its really as affordable as you thought. Social Security doesnt get taxed in the state, but other forms of retirement income can get taxed at rates as high as 7.15%, says SmartAsset. Its ideal for someone living on a fixed income, since theres no state income tax or estate and inheritance taxes. Oklahoma Bonsales / Shutterstock Average annual benefit in 2022: $19,393.40 In Oklahoma, 551,853 retirees are getting Social Security benefits in 2021 that average $1,526.08 a month, or $18,312.94 for the year. After all, Americans 65 years and older spend an average of about seven hours a day on leisure and sports, compared to the five or fewer hours for those of prime working age. Aside from its annual motor racing spectacle, the Hoosier State offers some delightfully picturesque state parks and the Indiana Dunes National Park which lies along Lake Michigan. Best State vs. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. Plenty of parks and outdoors areas offer hundreds of miles of trails for hiking and biking. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. However, it does have the lowest percentage of the population aged 65 or older in the U.S. and ranks poorly for elder abuse protections. Another downside: Serious crime is above the national average. Maine (20.6%) Florida (20.5%) West Virginia (19.9%) Vermont (19.4%) Montana (18.7%) Delaware (18.7%) Best Overall State for Retiring Now, let's compare. The content provided on Moneywise is information to help users become financially literate. Among the downsides: Austin has a relatively high (but not very high) risk for natural hazards and a serious crime rate above the national average. The serious crime rate is above the national average. In addition to examining the local laws, we considered the percentage of the population over 65, the percentage of the population identified as LGBTQ+, the average home price, and the cost of living to generate a list of states. It also ranks as No. 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. . Where you decide to . Oklahoma. The 10 Best Places to Retire in the U.S . With 120 nearby wineries, this quaint rural town 260 miles southeast of Seattle, boasts a surprisingly robust fine dining scene. Florida has no state income or estate tax. A Red Ventures company. You have money questions. FEMA rates Tampa as having a relatively high (but not very high) natural hazard risk. It also scored third place on both WalletHubs and The Motley Fools tax rankings there are no sales taxes, property taxes are quite low and Social Security is only partially taxed. There are plenty of activities to keep you busy, from golfing and fishing to visiting the many theme parks. Some say the grass really is greener in the Bluegrass State which offers plenty of perks aside from horses and fine bourbon. Elevation is 150 feet. 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. Indiana. Idaho 8. We also have thousands of acres of forest and miles of freshwater riverways bubbling from some of the largest springs in the world. After a lifetime of hard work, two-plus years of dealing with COVID-19, and the . Meanwhile, Florida was found to have the highest percentage of the population age 65 and older, while Utah was found to have the lowest. For me, I enjoy the outdoors and am heavily involved in equestrian things so the low price for land is perfect. Theres a wide variety of outdoor activities available on water and on land, including some 54 area golf courses. There is also a state estate tax. Winters can be cold. Winters are cold. 2021-2022 U.S. News Best Places to Retire - Top 10 *See the full rankings here. 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 Retirement. Wisconsin is considered moderately tax friendly for retirees since Social Security is exempt, but any withdrawals from your retirement accounts will get taxed. Tallahassee, Florida, is pictured. Serious crime rate is higher than national average. Maryland #4. The whole place was practically built for snowbirds and retirees, says bicyclemom on Reddit. Datalign matches you with vetted registered advisors that can help you improve your investment portfolio and grow your retirement savings safely. Homes and rent are expensive downtown, and people often look for a home or rental off the peninsula (the traditional city of Charleston), writes Patrick Jones on Quora. Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. The city is beautiful and great for walking or biking. The Great Arch in Zion National Park, Utah. 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. The top state for retirement this year leads in affordability and quality of life but lags when it comes to healthcare, according to one new ranking. The southeast borders the Atlantic Ocean, and its Sea Islands like Hilton Head and Cumberland Island are top attractions. Air quality is good. After all, 26% of non-retirees have no retirement plan at all, according to a 2021 report by the Federal Reserve. Another good one is to pursue your avocational passions. All of our content is authored by Social Security benefits dont get taxed and seniors can claim a deduction of up to $12,000 a year against their other retirement income. this post may contain references to products from our partners. Michigan ranks as the most affordable state to retire in 2022, according to a recent Bankrate analysis. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout lifes financial journey. Basically, you dont need to travel far to find really great places to eat.. Maine is by no means cheap to live in, but if you can afford the housing and taxes, youll benefit from a relatively high quality of life and lack of crime. North Carolina. We value your trust. Santa Fe has a favorable moderate natural hazard risk rating from FEMA. Here are the 25 worst states to retire in 2022, ranked from bad to worst. Our editors and reporters thoroughly fact-check editorial content to ensure the information youre reading is accurate. Youll require a large nest egg to retire in Americas tiniest state it isnt particularly tax friendly for retirees and housing is expensive but it might be well worth the costs. CT has a lot of woods and nice parks, plus cool downtown areas like Putnam, West Hartford, Storrs Center, and it's day trip central: Boston, New York, the Berkshires, the beach, etc., says ravensfell on Reddit. Weve got the normal entertainment youd find everywhere and we get pretty decent Broadway tours if youre into that. Are your retirement savings on track? 1. My mortgage is $1,149 per month with everything included. And while youll have to contend with snow in the winter, Redditor linnane recommends the state for its summer climate. 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. The winters are rainy but surprisingly temperate given the northern latitude. Its kind of a mix of small town/big town. He oversees editorial coverage of banking, investing, the economy and all things money. West Virginia. Elevation is 3 feet. 10 Tax Breaks for People Over 50. The scenic area has extensive parks and waterways conducive to hiking, fishing and boating, plus 21 golf courses. The Best Places to Retire in 2021-2022. Meanwhile, for potential retirees seeking a cultural melting pot, Florida boasts solid racial diversity and a significant LGBTQ population. 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 A new list came out last week from bankrate.com, and it immediately got a lot of attention.While their list isn't bad, it really misses the most important thing - lists like this don't make sense because they don't take into account that everyone's retirement . Georgia, Michigan, Ohio and Missouri all made the top five best states for retirement. Elevation is 60 feet. Hunting and fishing are obviously popular. Property and sales taxes are low, and while youll get taxed on your Social Security or retirement income, you may be able to claim a deduction. ), Experts: How to pick your best state to retire, Full results: How your state ranks for retirement. The Buckeye State offers a low cost of living and a multitude of recreational opportunities take the Cuyahoga Valley National Park, for example, with its lush waterfalls and trails. There is no state income tax on Social Security benefits or a portion of pension income, and no state estate tax. The 10 Best Places to Retire in the U.S. in 2022: 1. Generally, states without any income taxes may seem . Seattle has a relatively high (but not very high) natural hazard risk. We offer large metropolitan areas and beautiful countrysides. To identify the most retirement-friendly states, WalletHub researchers compared the 50 states across the key dimensions of affordability, quality of life and health care. Whats vitally important for people in that age group are medical care, access to shopping and public transportation. South Carolina 5. Weve averaged three recent state rankings to create one master list. The city is pretty walkable and bikeable. 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. Homebuyers are paying nearly 50% more on their mortgage bill than last year. 2. There is no state income tax, but there is a stiff state estate tax. Distilleries and breweries are good too if you like to drink! writes Redditor BlackRoseRedApple. (Because the FBI significantly changed the reporting format for 2020 data, we did not rely on those statistics. Norfolk is up-and-coming with some amazing bars, and VB has the Oceanfront, which is a lot of fun day or night, says AquaKong35 on Reddit. Missouri ranks below average for health care and crime, but its quite affordable to live in, thanks to cheap housing costs. 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. Amid dramatic scenery, activities include skiing, hiking, climbing and biking. 3. We adhere to strict standards of editorial integrity to help you make decisions with confidence. Our experts have been helping you master your money for over four decades. This is due to a low cost of living and light tax burden for residents. FEMA ranks Boise relatively low in natural hazard risk. North Dakota 7. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. 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. Alabama T-3. In a new ranking, southeast states swept the top three spots judged the best places for retirees in 2021. For wellness rankings, Bankrate used the Sharecare Community Well-Being Index released in July 2022. Utah ranks relatively well for its health care, and its crime rate is lower than average. Special mentions go to Delaware, Virginia, and Washington, which were all in the top 20 on both lists. We placed the heaviest weighting on affordability. Thousands benefit from our email every week. Climate is warm but pleasant. What drew them to Ashland was the Oregon Shakespeare Festival, which stages nine months a year of productions ranging from the Tempest to modern musicals and is located just 300 yards from their home. 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. 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.. Plus there's a lot of opportunity to work part-time here if you're so inclined, writes Claire515 on Reddit. Coeur dAlene has a high number of physicians per capita, good air quality, and a low serious crime rate. Florida 2. At Bankrate we strive to help you make smarter financial decisions. 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 . Affordability was once a big selling point for Florida retirees, but that advantage is fading. The median home value is little over $213,000, according to Zillow and you might be able to claim an exemption from the state income tax based on your income. Wyoming might be Americas most sparsely populated state, but it could be ideal for a retiree trying to escape the bustle of big cities and seeking adventure in the outdoors. The states cost of living has been rising, although the tax burden remains light. While property taxes are relatively high, the median home value is just around $180,000, according to Zillow. Elevation is 50 feet. The Best States to Retire 1. 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. The states low taxes and lack of crime make Wyoming sound rather idyllic. Those are deeply personal questions. Alabama #7. 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.