Congratulations on your upcoming retirement! You've worked long and hard for this. While the process is sure to be filled with mixed emotions, the idea of settling down in the perfect area with time to relax, travel, find new hobbies or revive old ones is certainly exciting. But where that perfect place is depends ultimately on what your needs and preferences are.
For many, their retirement home comes with lower taxes, a lower cost of living and a fair climate. But there are other important aspects to consider like healthcare, safety, and whether or not there are things to do outside of your home. So we've found the top places in each of those categories to help you get your retirement search on.
Safety First! Here's where ADT Security Services considers the top three safest places in America to live:
- Glen Cove, New York. You'll find Glen Cove on the North Shore of Long Island. So while you wouldn't be escaping the Northeast weather or cost of living, you can take comfort in the fact that you're safe. Also, being so close to Manhattan, Connecticut, and New Jersey, you'll have plenty of healthcare options to choose from.
- Zionsville, Indiana. Fan of the Midwest? Perhaps the brick-paved Main Street in Zionsville is where you'll be headed. With farmers markets, wineries, and museums, you'll have plenty of places to go and things to see!
- Ridgefield, Connecticut. While Connecticut isn't known for its affordability, Ridgefield is 97% safer than the other cities in America. In this case, you certainly get what you pay for!
Lowest Property Tax Rates
- Hawaii. Who wouldn't like to retire to Hawaii? Gorgeous landscapes, nature galore, and sun all year long. Yes, the property prices can be a bit high, but the tradeoff is the lowest property tax rate in the country at 0.28%.
- Alabama. If you're drawn to the south, Alabama will save you a bunch on property taxes. With a tax rate of 0.43% and a median property cost of $123,800, you can live on the Gulf Coast in a state steeped in history.
- Louisiana. The tax rate in Louisiana is a low 0.48%, but if you decide to settle near New Orleans, the living is big. If you're into music, arts, food, and culture galore, this might just be your new home.
Lowest Income Taxes (as in Zero)
In a handful of states, social security and pensions aren't taxed. That means you can collect without having to pay any state income tax. And in states like Illinois, certain self-funded retirement accounts aren't taxed either (though you'll still have to pay federal taxes in both scenarios). If you, or your spouse, plan on picking up a part-time job to pass the time, many of these states don't have a regular income tax either!
- South Dakota
Best Year-Round Weather
There's always Arizona, New Mexico, and Texas (it's a dry heat!) for year-round, snow-free weather, but let's take a look at a few others:
- San Diego, California. Beach, mountains, wine, parks, nightlife, sports…with an average high temperature in the summer of 73°F and an average low in January of 57°F, San Diego almost has it all. You'll be looking at higher property costs and taxes here (around 1.1%) because we're not the first ones to discover that San Diego is a small piece of paradise in Southern California.
- Honolulu, Hawaii. Hawaii makes the list again! Honolulu, on the island of Oahu, stays in the 80s all year. It rains less than 20 inches annually and has sunny days 71% of the year.
- Charleston, South Carolina. The year-round temperatures here range from 57°F in January to 89°F in July. You'll enjoy sun more than half of the time and have access to gorgeous southern architecture and cobblestone streets, and you can dip your feet in the ocean almost all year round.
Access to good healthcare is important at any age, but even more so in the retirement years. Minnesota, Maryland, South Dakota, Iowa, and Utah ranked as WalletHub's top five US states with the best healthcare this year. Some things you'll want to consider as far as healthcare is concerned are:
- The amount and quality of doctors in a 10-mile radius of your home
- Which doctors are covered on your insurance/Medicare plan
- The quality ratings of local hospitals
That should certainly be enough to get your search started. Take some time and prioritize what's important to you to make sure wherever you decide to settle matches your needs and your budget. If you can see yourself with your feet up on a wraparound porch, overlooking the mountains, or finally turning your passion into your hobby, start preparing for retirement now. No matter where you settle down, Popular Direct can help you keep your retirement funds growing at a great interest rate. If you are ready to wave goodbye to the Metropolitan lifestyle or you find yourself researching where to get the best mahi-mahi on Hawaii, it could be a great time to open a saving account online with Popular Direct.
The information mentioned in this article is for informational purposes only, is intended to provide general guidance and does not constitute legal or tax advice. Each person's situation is unique and may materially differ from the information provided herein. You should seek the advice of a financial professional, tax consultant and/or legal counsel to address your specific needs before any financial or other commitments regarding the issues related to your situation are made. Popular Bank does not make any representations or warranties as to the content contained herein and disclaims any and all liability resulting from any use of or reliance on such content.