After years of working hard and dreaming of retirement, the time has finally come to begin the next chapter of your life. Choosing the right place to retire can have a huge impact on your finances as well as your quality of life.
There are several factors to consider when figuring out where to live your best years. These include things like retiree taxes, housing affordability, access to quality healthcare, and overall happiness and desirability.
Keep reading to learn about three of the top places to consider for retirement.
If you like the idea of a warmer climate and low taxes on your retirement income, Georgia should be on your list of places to live. It’s known for having a low cost of living and a low tax burden, which means it’s extremely affordable for retirees.
The state offers four seasons, beaches, mountains, and a large airport to see or have family visit. Some of the top cities for retirees include:
Georgia has seen an uptick in active-adult communities as well as neighborhoods that are designed for retirees. This is also a state that’s rich in history and things to do, so you’ll never get bored or find yourself second-guessing your decision.
Florida has become the go-to destination for retirees looking to enjoy a warmer climate, endless beaches, and their own slice of paradise. The state is one of the most popular locations for retirees, boasting of more than 3.5 million residents who are 65 or older.
Aside from the ideal landscape, Florida is very tax-friendly for retirees and the state has no income tax. This means that you won’t pay state taxes on pensions, IRAs, 401(k)s, Social Security benefits, and any other type of retirement income.
Top towns for retirees include Sarasota, Orlando, Fort Myers, and Jacksonville.
Tennessee has it all. From lakes to rivers to mountains, there is no shortage of natural beauty in this state. Tennessee is also home to booming cities, including Nashville. Here retirees can enjoy endless entertainment and attractions, along with other must-have perks.
Tennessee has no state income tax, but retirees will have a higher sales tax rate. The overall affordability and low housing costs make up for the large sales tax percentage.
Chattanooga, Pigeon Forge, and Franklin are some of the best cities for quality retirement living. Their tax-free, full of amenities, and offer easy access to healthcare.
Deciding where to retire isn’t an easy decision, especially with so many great states to choose from. Not only do you want to stay within a reasonable distance to your children and grandchildren, it’s important to choose a location that is suitable for retirees.
When it’s time to figure out where to live out your golden years, be sure to consider all the important factors, including state income taxes, housing affordability, and access to healthcare in the forefront of your mind.
Once you find the right state and town, you can best enjoy your retired years.
Related Reading: 5 Tips to Save Money as a Senior