Choosing the best retirement state involves many factors. Be careful if you base your choice on one criteria.
Take taxes for instance. Five states do not have a sales tax. Seven states do not tax your income. Only one state has neither tax…Alaska. Ready to go…not so fast.
Due to its location, Alaska has to truck in most consumer goods. That makes the cost of consumer goods higher. Alaska therefore has a high cost of living. The fact that it has no taxes helps but it is still not among the cheapest states to retire.
For those fortunate enough to have a high retirement income, taxes will be an important factor. In that case you should surely look at Texas or Florida. Lots of rich retirees in those two states.
In 34 states your Social Security income is free from taxes. If Social Security is your sole source of income it would be important for you to know if your best place to retire excludes SS from the income they tax.
Taxes are not the only criteria to choose a state to retire in others include:
1) Proximity to appropriate health care
2) Is the family close…or is it far enough away?
3) Do you require certain cultural outlets?
4) Outdoor and recreational opportunities
5) Is it secure?
Choosing the best retirement state involves many factors. There are two important approaches to your decision making:
1) First do not rush making this decision. You have probably worked all your life…take some time in finding your best place to retire.
2) Rent before buying. This will not make you buddies with real estate salespersons…too bad… rent first. You may find that the spot you choose for vacation feels different when you live there. By renting first you keep yourself from making a big mistake.
Choosing the best retirement state should be a fun, wonderful experience and everyone is different. Get all the information, taxes and otherwise, you can on each state you are considering for retirement. Here’s how…
To get more information on the best retirement states. Gary Pierce freely gives information on how to retire cheaply at best retirement states. It contains with free information on retirement lifestyles you may not have thought about. Get a totally unique version of this article from our article submission service
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