Additional Coverage:
Florida used to be the retirement haven, but its popularity has led to crowded communities, high prices, and concerns about storm damage and heat. As a result, retirees are exploring other states.
Delaware is gaining attention. While its coastline is smaller than Florida’s, it boasts attractive beaches like Rehoboth Beach. It also offers tax advantages, with no sales tax and no tax on Social Security benefits.
Arizona offers a warm, dry climate. It doesn’t tax Social Security, and while some retirement income is taxed, the rate is a low 2.5%.
Colorado attracts retirees with its vibrant cities and stunning Rocky Mountain scenery, though its tax incentives are less appealing.
Wisconsin offers dynamic cities like Milwaukee, access to Lake Michigan, and no tax on Social Security. However, winters are long and cold.
Georgia provides warm summers, mild winters, a beautiful coastline, and historic cities. It also offers significant income exclusions for retirees.
West Virginia is ideal for outdoor enthusiasts, with its mountains and valleys. The state is phasing out taxes on Social Security and some pensions are exempt.
Pennsylvania offers four distinct seasons, excellent healthcare access, and a low, flat income tax rate of 3.07%. Traditional retirement income is not taxed.
New Hampshire appeals to retirees who enjoy both beaches and all four seasons. It offers coastline, mountains, and no taxes on Social Security, pensions, or 401(k) income.
Wyoming boasts breathtaking natural beauty and no personal income tax. Retirees can enjoy easy access to seven national parks, including Yellowstone.
Minnesota offers a high quality of life, appealing to those who enjoy cold weather and winter sports. The Mayo Clinic also makes healthcare a major draw.
South Carolina is attracting retirees with its warm summers, mild winters, and partial tax exemptions for retirement income. Social Security is not taxed.
Nevada offers a dry climate, attractions like Las Vegas, and no state income tax, making it appealing for retirees.
South Dakota provides four distinct seasons and a very favorable tax environment, with no state income tax, inheritance tax, or taxes on retirement income.
Missouri offers affordability, even in cities like Kansas City. Social Security taxes were recently eliminated, but the state’s location in “Tornado Alley” is a consideration.
Mississippi boasts a low cost of living and a favorable tax situation for retirees, with retirement income exempt from taxation.
Iowa offers a tranquil lifestyle and affordable housing, even in its capital city, Des Moines. Retirement income is tax-exempt for residents 55 and older, and the inheritance tax will be eliminated in 2025.
Many states now offer similar benefits to Florida, making it important for retirees to explore all options before deciding where to settle.