How To Answer The Question “Where To Retire”
Arizona Tops List Of Where To Retire
Are You A Baby Boomer Pondering Where To Retire?
The baby boomer generation is the group of Americans born between 1946 and 1964. Some 74 million people.
Of those, 50 million are not yet 65. The expected age to retire. But over the next decade 10,000 per day will hit the 65 milestone. And when that day comes, many will ask “Where should I retire?”
The 24 million that have already retired have reshaped the real estate market in many states. States where the weather is warm and activities abound.
But Where Are They Going?
Many of these retirement havens are in warmer climates in the South and Southwest. A few are in the chilly Northeast and Midwest. One is about as far north as you can get without going to Alaska.
And those that can’t boast ocean, lake, or mountain views often make up for it with their dry heat.
Kiplinger’s Top Picks
Kiplinger’s created a list of states that might qualify for your “where to retire” place.
They looked for special tax incentives for seniors. AOL Real Estate then zeroed in on metropolitan areas or communities that provide older adults with access to the amenities and lifestyles. The idea is that where to retire should also be a lower cost place to live.
It is notable that there aren’t any locations in California. In fact, California topped Kiplinger’s list as the least tax-friendly states for retired people. It actually has the highest taxation rate of any state in the UNITED STATES.
Also note worthy is that just two on the East Coast made the list along with Florida.
The states most friendly to retirees are listed in alphabetical order.
Here they are
At the top of the “where to retire” list is Arizona. Arizona has a low personal income tax rate. It tops out at 4.54 percent. It also exempts Social Security benefits. Arizona is a great place to retire, according to Kiplinger’s.
In Arizona, homeowners age 70 and up can apply to postpone their property taxes. They will need to satisfy specific residency conditions.
Also considered is that a two-bedroom townhouse in a Tucson golf community can be found for under $200,000. That includes a great room with fireplace, a kitchen, dining area and a 2 car garage. Many will have a separate space for the golf cart.
In Tucson AZ, single family homes can also be found for not much more.
Other States identified in the Kiplinger study included
Deleware with no state or local sales tax. Delaware can be a haven for retirees. Taxpayers age 60 or older can exclude $12,500 of investment and qualified pension income from state income taxes.
Florida has no inheritance tax or state tax. Even better retirement income is not taxed.
Georgia exempts up to $35,000 of most types of retirement income. Social security income is also exempt from taxes in Georgia. If you’re older than 65 the 2013 exemption is $65,000 per taxpayer.
Louisiana exempts Social Security, military, civil-service, and state and local government pensions from state income taxes. People 65 or older may exclude up to $6,000 of annual retirement income from their taxable income.
Mississippi has is the lowest property taxes in the nation. Residential property is taxed at 10 percent of its assessed value, and seniors qualify for a homestead exemption on the first $75,000 of value.
Nevada has no state income tax, no inheritance tax and no estate tax. However, there are no property tax breaks for seniors.
South Carolina provides a homestead exemption. To qualify, a homeowner needs to be 65 or older. The person must be a legal resident for at least a full 12 months of the tax year. For those who qualify, a homestead exemption allows the first $50,000 of a property’s fair market value to be exempt from local property taxes.
Wyoming is one of the least populous states in the US. It has no state income tax. Prescription medications are also not taxed. The really good news is that neither is retirement income and social security benefits.
Let’s Get More Specific
A recent study by realtor.com went after the specific cities that baby boomers are headed for. They created rankings for all metropolitan statistical areas. The key statistic was places where at least a quarter of the population were age 60 or above.
Then they looked at the number of people ages 55 and up who moved into the “metros” between 2016 and 2017.
So where were the places boomers were booming and getting their answer for where to retire?
- 1. Punta Gorda, FL
Median list price: $275,100
Percentage of residents age 60 and up 47%
- 2. Cape Coral, FL
Median list price: $299,100
Percentage of residents age 60 and up: 35%
- 3. Prescott, AZ
Median list price: $399,100
Percentage of residents age 60 and up: 40.1%
- 4. Santa Fe, NM
Median list price: $580,100
Percentage of residents age 60 and up: 30.4%
- 5. Tucson, AZ
Median list price: $279,100
Percentage of residents age 60 and up: 25.7%
- 6. Morehead City, NC
Median list price: $325,100
Percentage of residents age 60 and up: 32.5%
- 7. Asheville, NC
Median list price: $375,000
Percentage of residents age 60 and up: 29.1%
- 8. Barnstable Town, MA
Median list price: $525,100
Percentage of residents age 60 and up: 38.9%
- 9. Traverse City, MI
Median list price: $319,100
Percentage of residents age 60 and up: 29.7%
- 10. Ocean City, NJ
Median list price: $424,800
Percentage of residents age 60 and up: 34.8%
It is worth noting that Tucson AZ has the second lowest Median Home List Price at $279,100. Only $4,000 higher that Punta Gorda, FL. Hmmm. A choice between humidity and dry heat is only $4,000. Be an umpire – Make the call.
Considering A Home In Tucson, AZ?
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If you are asking yourself the question “Where to retire”, put Tucson Arizona on your list! Looking for a Tucson retirement community? We can help!
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