July 15, 2013

Five Best States to Consider for Retirement

Filed under: boomer,retirement — seniorlivingguide @ 8:38 am

Courtesy of Hannah Whittenly [hannahwhittenly@gmail.com]

Planning the perfect retirement home to build, shop but worried about taxes and cost of living? Here is a lineup of our favorite five places to retire that take in consideration income tax, cialis sale sales tax, property tax, and cost of living.

West Virginia
Besides the amenities of rugged beauty and historical significance, West Virginia has a low crime rate and cost of living, and there is above-average access to hospital care. While there are property taxes, there are exemptions available for those over the age of 65. The average cost to build a house is about $90/sq ft.

Virginia
Virginia has many of the same amenities as West Virginia with the added benefit of beaches. The cost of living is low, access to health care is high, and it boasts one of the lowest crime rates in the US. There is no state property tax; however, there are local personal property taxes. The average cost to build a house is about $92/sq ft.

Kentuckyretirement
Kentuckians pay less in medical care, housing, food, transportation, and utilities than most people in the US. No Social Security tax, low personal tax, and exemptions for older residents on property tax are all additional bonuses. A low crime rate and mild temperatures round out the winning combination for making the Bluegrass State a retirement destination. The average cost to build a house is about $81/sq ft.

Texas
Everything is bigger in Texas…except income taxes. The state doesn’t collect tax on income, Social Security, or pensions. There are state and local taxes that range from about 6 to 8%. Property taxes have liberal exemptions for the elderly. The average cost to build a house is about $74/sq ft.

Tennessee
The top spot for retirement is Tennessee, and the home builders Knoxville residents turn to are proud of this fact. The Volunteer State has no income tax (including SS and pension), and boasts the second lowest cost of living in the US. Medical care is one of the best in the US. Because of very low property taxes, it’s one of the best places to build a dream retirement home. The average cost to build a house is only about $75/sq ft.

Before drawing up blueprints on your dream retirement home, take time to discover the best location for your needs. Find a place that offers all the activities you love best and allows you to stretch your retirement dollar.

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