What Are the Top 10 States to Retire To?

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Nearly 400,000 Americans left their home states for retirement in 2019, according statistics compiled by The Motley Fool. Upon reaching retirement age, many people move to areas that are cheaper or that provide better living conditions, such as warmer climates, more outdoor opportunities, and more aesthetically pleasing environments. Before making their monumental choice, everyone had a number of factors to weigh.

A number of study groups have investigated this question, utilizing such factors as cost, quality of life, and accessibility to health care and elder services as their guideposts.WalletHub's analysis, for instance, relied on 47 indications related to the aforementioned three areas.Bankrate used a similar strategy when developing their suggestions, basing them on factors including cost of living, taxes, cultural offerings, weather, crime rate, and the proportion of retirees in the community. And MoneyRates evaluated facts from four broad areas: the economy, way of life, public health, and safety.

The Motley Fool took a different approach and polled 1,500 Americans over the age of 55 to find out what they thought were the most important factors to consider when choosing a place to retire. Taxes, other expenses outside housing, climate, closeness to family and friends, and walkability were ranked lowest in importance.

Based on the results of these analyses, these are the top states for retirement.

Florida

Pathway with palm trees leading to the beach, Miami Beach, Florida

There's a reason why Florida is known as "the Sunshine State." The summers may become quite hot, but there are many places to cool down, such as beaches, golf courses, malls, movie theaters, and museums that are all air conditioned. Restaurants, stores, and attractions catering to visitors are many in Florida. Florida has no state income tax and manageable property tax rates.

West Virginia

Dawn at Harpers Ferry, West Virginia

This state is stunning in its natural beauty, and it also provides several options for low-cost housing, care for the elderly, and high-quality medical services. About 21 percent of its population is over 65 (the third highest in the country), so retirees will discover many others who share their interests and can take advantage of senior-friendly services. And the weather in West Virginia is perfect for retirees who love seeing the seasons change.

Kentucky

Lake Cumberland, Kentucky

The Bluegrass State has a relatively low cost of living and sales tax rate, placing it among the most budget-friendly states. Income from social security and other sources typically associated with retirement are not subject to taxation in this state. The cost of living, especially for housing, is lower than the national average. The citizens of Kentucky have to deal with four distinct seasons and winter lows in the twenties.

Maine

Aerial View Portland Head Lighthouse, Maine

The Motley Fool ranked Maine as the finest state in the United States to retire to, due to its good quality of life, low crime rate, and reasonable medical care costs. With the biggest number of citizens aged 65 and more, the state is ideal for retirees looking for a community that shares their appreciation for the great outdoors, scenic vistas, and quality medical care. As one would expect, heating costs are higher than in warmer climates throughout the winter.

Virginia

A sunset viewed from the summit of Hawksbill Mountain in Shenandoah National Park, Virginia

Virginia is a great choice for retirees looking to minimize their tax burden since the state does not tax social security payments and provides deductions for retirement income. Health care availability and cost in the state were both highly rated by WalletHub. In addition to its accessibility to major cities, the Commonwealth of Virginia is home to a variety of coastal towns, rural areas, and cultural offerings.

Colorado

Sunrise hits snow dusted peaks of Maroon Bells, Colorado

Colorado is a great state for retirees since it offers a wide variety of outdoor activities and places to explore. Residents have their pick of small villages and large cities, each with its unique set of attractions. All of a retiree's Social Security benefits and a sizeable chunk of their other income are free from state taxation in Colorado, making it a tax haven for seniors.

Georgia

Forsyth Park, Savannah, Georgia

Georgia is an excellent destination to retire for several reasons, and one of them is the low cost of living. The mild climate, beaches, and cultural possibilities in places like Savannah and Atlanta are all pluses, as is the region's geographic variety. Taxpayers over the age of 65 may exempt up to $65,000 in retirement income from state taxes, while Social Security payments are not taxed.

Iowa

Des Moines skyline with puffy clouds and river

MoneyRates ranked this state first, and it was tied with West Virginia, because of its high marks in nursing care facilities, robust economy, and low crime rate. For taxpayers above the age of 55, the state does not tax retirement income or social security payments starting in 2023. Living expenses are lower than the national average, and there is an abundance of opportunities to enjoy the outdoors throughout the year.

Delaware

Grass on sand dunes at Bethany Beach in Delaware

Delaware's picturesque coastline and beaches complement the cultural possibilities provided by the state's adjacent major cities, including Philadelphia, New York City, Washington, DC, and Wilmington. There is no state income tax, no inheritance tax, no tax on social security, and a portion of retirement income is exempt, making it the most tax-friendly state.

Missour

Union Station and downtown Kansas City, Missouri

Several rankings of the greatest states for retirees include Missouri because to its cheap cost of living, high quality healthcare, and favorable tax climate. There is a large range of outdoor activities available to locals, from fishing to boating, and residents may select between small communities and major cities. The state's phrazle attraction is boosted by its vineyards, artisan brewers, and BBQ joints.

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