Message Font: Serif | Sans-Serif
No. of Recommendations: 6
We did some research on this when we retired. Here's what we came up with....

1. Move to a state that is tax friendly for retirees. Tax here refers to income tax, property tax, estate (inheritance) tax, sales tax as well as tax breaks for seniors. Here's a map of this from Kiplingers

2. Choose a state and town that meets your affordability factor. Generally, the more central the state and the smaller the community, the lower the cost of living, while large cities in Coastal states tend to be more expensive

3. Choose a place with weather you like. Warner weather will be more important as you get older. For most retirees, cold weather is right out.

4. Senior communities, as you'll find in Arizona, New Mexico and Utah, often are less expensive, particularly if they are designated age 55 and older, as they often do not have a school bond in the property tax.

5. Proximity to family, particularly grandchildren. We just got back from an 850 mile each way visit to our grandkids in Salt Lake City. That drive gets longer and longer each year we visit.

We had been residents of Oregon, but we found this state is not retirement friendly, so we moved over the river (Columbia River) to Vancouver, as WA does not have a state income tax, but it does have a high sales tax, so on major purchases, we just drive back over the river to Oregon which does NOT have a sales tax :-)

Print the post  


What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.