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State Retirement Case Study

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Many websites name various cities around the country as the best place to retire. Few venture into what state is the best to retire and fewer websites factor financial benefits into selecting a state. Bankrate, Wallethub, Kiplinger, Go Banking Rates, and Caring.com decided to venture into financial benefits and state retirement with mixed results. Therefore, the ones listed are in the top 10 on three websites. In fact, the top six on Wallethub's list is on this list. As a word of caution, break away from stereotypes and embrace open-mindedness.

Colorado
Retirees craving snow year-round will appreciate Colorado's snow-capped mountains and nearby ski resorts. Colorado's strength lies in its healthcare, cost of living, and well-being, according …show more content…

Go Banking Rates appreciates Florida for affordable healthcare costs, low home prices, affordable cost of living, and no state taxes. Kiplinger stands with Go Banking Rates on no state taxes and low home prices but highlights the Homestead Exemption, a home saving opportunity for Florida seniors. On a separate note, Florida title loans exist for seniors to pay for cars, motorcycles, and boats.

Idaho
A state mainly overlooked as a retirement destination should now be on every retiree's wish list. Bankrate states that Idaho's cost of living and overall well-being are great reasons to move there. The low crime rates should put seniors at ease about safety concerns. Meanwhile, Caring.com embraces the low crime rate and well-being too but says that healthcare is affordable for seniors due to non-taxable social security payment and prescription drugs. Include the mountains and the sunny-not-humid weather and retirement are complete. …show more content…

Go Banking Rates touts New Hampshire's social security benefits, no state income tax, and no state sales tax. Meanwhile, Kiplinger loves the no state income tax and no state sales tax too while informing seniors about a $1,200 exemption for property taxes and a city exemption for dividend interest tax to save more money.

South Dakota
The third state with no state income tax, South Dakota's weather leans to both extremes: the hottest summers and the coldest winters. Additionally, Bankrate mentions overall well-being and cost of living as advantages. Likewise, Kiplinger shares the same sentiment on no state income tax, yet acknowledges the low sales taxes. With good spending habits, the dollars earned from social security and savings will last a long time.

Wyoming
The social security payouts pay dividends in Wyoming, according to Go Banking Rates. Along with the larger payouts, expect a low cost of living and good savings account interest rates. Kiplinger, meanwhile, loves the no state income tax, the fourth one on the list, and low property taxes. In addition, Wyoming has low sales taxes thanks to abundant oil and mineral resources. Seniors can expect a tax refund from property taxes, sales taxes, and utilities combined if you're

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