best states to retire in 2022 best states to retire in 2022

Retirees may want to take a gamble on living in Nevada. If youre interested in Florida or Arizona or California, stay there for a while and see if you like the climate at the time of year youre going to be living there. And while youll have to contend with snow in the winter, Redditor linnane recommends the state for its summer climate. Oklahoma Bonsales / Shutterstock Average annual benefit in 2022: $19,393.40 In Oklahoma, 551,853 retirees are getting Social Security benefits in 2021 that average $1,526.08 a month, or $18,312.94 for the year. The Maine state income tax tops out at a hefty 7.15% on taxable income for a couple above $108,900. A Division of NBC Universal, Jeffrey Greenberg | Universal Images Group | Getty Images. According to Bankrate's study, Florida is the best state for retirement in 2022, followed by Georgia, Michigan, Ohio and Missouri. Aside from its overall ranking, WalletHub also found how different states ranked within a few of those 47 measurements. Heres advice from experts who help retirees and soon-to-be-retired workers through the decision: Laura Kovacs, former director of education at the Scottsdale Area Association of Realtors in Arizona and a recent retiree herself: Spend some time in places where you want to live before you commit to moving there. Worst State: 2x Difference Alabama vs. Hawaii Annual Cost of In-Home Services Lowest 1. Thanks to its famed theater complex, the town of 22,000 also punches above its weight when it comes to art galleries and fine dining a priority for the Griffiths. More: Jump-start your retirement plan. That number is higher in states like Connecticut, where the average person has a retirement balance of roughly $520,000. Cheap housing costs, low crime rates and low taxes attract plenty of retirees to Kentucky. Louisiana. The Most Affordable Places to Retire. For wellness rankings, Bankrate used the Sharecare Community Well-Being Index released in July 2022. Quotes displayed in real-time or delayed by at least 15 minutes. The study examined five categories (weightings in parentheses): affordability (40 percent), wellness (20 percent), culture (15 percent), weather (15 percent) and crime (10 percent).Affordability was calculated using the Cost of Living Index from the Council for Community and Economic Research, published in July 2022, and property and sales tax rates from the Tax Foundations rankings for 2022. I have to say, living in central VA, its nice being only two-ish hours from nice, usually calm beaches, and two-ish hours from gorgeous, rolling-green mountains. Considering a retirement move? Massachusetts and Maryland are more expensive in these categories, according to the report, while Hawaii and New Mexico are less expensive, with some costs nearly 50% lower. The scenic city is very walkable and bikeable and has a high ratio of doctors per capita, plus good air quality. Here's a look at the Best Places. I googled this and got a completely different list for 2022: Florida North Carolina Michigan Arizona Georgia Pennsylvania Washington Indiana Texas Virginia . FEMA rates Coeur dAlene as at a very low risk for natural hazards. WalletHub published a report on Monday that found the best U.S. states to retire in 2022. 5 of the best states to retire in. BR Tech Services, Inc. NMLS ID #1743443 | NMLS Consumer Access. PA is a fine place for birding Hawk Mountain for raptors, and Middle Creek Refuge for geese saw 20,000 snow geese there last February. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. If you own a paid-off home in a high-cost area like Boston or San Francisco, maybe affordability isnt a priority for you. Here are the 25 greatest states to retire in 2022, ranked from average to best. More: Is borrowing from a 401(k) a bad idea? The Show Me State doesnt exactly brag about its potential as a retirement destination, but it has its appeal for someone on a fixed income whos looking for a place with a low cost of living. When youre still working, take some time to go preview different types of communities and different types of lifestyles. Our editorial team does not receive direct compensation from our advertisers. So, whether youre reading an article or a review, you can trust that youre getting credible and dependable information. At an elevation of 40 feet, Annapolis is also a somewhat walkable and very bikeable town with good air quality, and a surprisingly low natural hazards risk. I showed her around one community, and she fell in love with it., (Are you planning to retire in 2022? Best States to Retire in 2022 Arizona No matter where in Arizona you choose to retire, you will be within a few hours of major historic sites, stunning National Parks, beautiful golf courses, and you'll be able to explore them while enjoying the warm desert weather. Just be prepared for cold, snowy winters. WalletHub published a report on Monday that found the best U.S. states to retire in 2022. Minnesota #5. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. It also ranks as No. Wise up with top stories and timely tips Tuesdays and Thursdays. Interesting Findings. Property and sales taxes are low, and while youll get taxed on your Social Security or retirement income, you may be able to claim a deduction. Georgia, Michigan, Ohio and Missouri all made the top five best states for retirement. The 2023 leave year begins for most federal employees on Sunday, Jan. 1, 2023. The state was dragged down by back-of-the-pack scores in affordability and weather. Gainesville has a moderate rating on the FEMA National Risk Index, especially favorable compared with some other Florida locations. If you love the outdoors, you can settle down by the sea and take part in sailing, surfing and fishing Rhode Islands coastline stretches for 400 miles. Boulder has a favorable relatively low risk for natural hazards. Should you settle down by the beach or in the mountains? In its own world 30 miles northwest of Denver, Boulder is the center of a large recreational open space abutting the Rockies at an elevation of 5,400 feet. Alaska, on the other hand, held last place in our. We placed the heaviest weighting on affordability. You can really get some bang for your buck, housing wise. It features a big music and dining scene as well as free senior citizen tuition for six credits a semester at the University of Texas at Austin. Elevation is 300 feet. The city boasts a high number of physicians per capita, good air quality and high marks for volunteering. The states cost of living has been rising, although the tax burden remains light. Downsides: Winters are cold and the serious crime rate is above the national average. Our experts have been helping you master your money for over four decades. editorial policy, so you can trust that our content is honest and accurate. Plus they have a favorable income tax rate. A maximum score of 150 was possible. West Virginia has the fewest museums per capita, while Mississippi has the fewest theaters per capita. Please be aware that some (or all) products and services linked in this article are from our sponsors. Virginia 3. Elevation is 140 feet. If youre looking for retirement-age friends, youll have a good chance of finding them in this state where 21 percent of the population is age 65 and older. We value your trust. The state includes plenty of recreational opportunities for seniors, according to resident Torrey Stephen Whitman on Quora. Midwestern states scored well in our ranking for affordability, healthcare, and safety, leading to. The city enjoys a higher number of doctors per capita and good air quality. In fact, the two top states in WalletHub's rankings, Florida and Virginia, are both among the 10 most affordable states in the U.S. I could go on and on about Hen of the Wood (Bernie Sanderss favorite place to eat), Caf Provence in Brandon, Pho Hong in Burlington, Superfresh! You have money questions. Elevation is 1,400 feet and air quality is good. The Gem State really says it all in the name residents brag of their friendly neighbors, Idahos scenic beauty and outdoor activities and the low cost of living. Access to medical care is another important factor. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Minnesota Best State vs. This is a BETA experience. Plus there's a lot of opportunity to work part-time here if you're so inclined, writes Claire515 on Reddit. Other times, they want to be closer to family. All of our content is authored by Hiking and outdoor activities are all big, we have lots of trails for ATV and biking. Here with some help is personal finance website WalletHub, which has a new report ranking the best and worst U.S. states to retire in based on factors like affordability, quality of life and health-care. A confusing state income tax structure tops out at 4.5% on high earners but is scheduled to drop to 2.5% in future years. Our methodology: Our editors considered a variety of factors including each state's retirement rankings from WalletHub, MoneyRates and The Motley Fool to create our proprietary index. It is freakin beautiful here! It only takes 3 minutes to connect with an advisor who puts you first. While everyone (young or old) seems to moving to Florida, it's still also the top state destination for retirees, according to a new report by WalletHub. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. We acknowledge theres plenty of subjectivity in choosing a place to live in retirement. I have a 2,400-square-foot, four-bedroom, three-bathroom, all-brick house sitting on 1.25 acres. Fort. Same for what the best states are to retire to. Winters can be challenging, but if you are an active senior then this is a great place to retire. Delaware 5. North Carolina. Maine is known for its outdoor recreation activities, and Portland is an excellent place for retirees who enjoy fishing, kayaking, and other outdoor pursuits. Plenty of farms also, although they are increasingly larger and larger and run by fewer and fewer people, writes noshelter on Reddit. Oregon 47. I semi-retired in Charleston five years ago after working full-time here since 2011. Nebraska offers a slower pace of living for a retiree whos content to simply sit back and relax plus a few cool geological monuments and parks to check out in your spare time. Decide whats truly worth it while picking out a place for your golden years. You wont get taxed on your Social Security benefits, but any retirement income from your pension or other accounts are fair game. It ranked within the top 15 states for the lowest rates of identity theft, fraud, and violent crime. The Mountain State peaks at the top when it comes to both affordability and natural beauty West Virginia flaunts breathtaking parks and preserves and numerous hiking trails.