Retiring in Florida has been a dream for generations of Americans, thanks to the state’s beautiful beaches, tropical climate, cultural diversity, and endless variations in unique local culture and atmosphere. but, dream It has disappeared out of reach for many people.
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Florida home prices are soaring, with the median home price at nearly $393,000, well above the already exorbitant national average of $348,539.
The state’s ongoing insurance crisis is also spiraling towards catastrophe, and the hurricanes that have plagued Florida’s summers and fall for years are increasing in frequency and intensity. All of this, plus the state’s rise as the epicenter of America’s political and culture wars, is causing some people to reconsider the Sunshine State as a retirement destination. But which states offer better alternatives?
GOBankingRates spoke to two retirement experts. One advises seniors on all aspects of retirement, and the other specializes in real estate for retirees. They proposed that several states: Give Florida a run for its money.
Alabama
Zack Shelley is a Dallas-based real estate agent, land developer, and investment advisor. A list properties We help retirees find their dream home or investment property. He has his sights set on Florida’s far northwest border.
“Alabama is one of the most tax-friendly states for retirees,” Sherry said. “States do not impose taxes on Social Security benefits, pension income, or withdrawals from retirement accounts such as 401(k)s and IRAs. This makes them an attractive objective for retirees looking to increase their retirement income.” In addition to tax-friendly policies, Alabama has a lower cost of living compared to other states, making it easier to manage spending with a fixed retirement budget. The state also enjoys mild summers. It has a mild climate with mild winters, making it attractive for people looking to escape the harsh climate during retirement.”
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wyoming
Shelley cited America’s least-populous state as another budget-friendly destination with no taxes. social security Withdrawals from benefits and retirement accounts.
“Wyoming also has no state income tax, making it an ideal location for retirees looking to minimize their tax burden,” he said. “The state also has a low overall cost of living and affordable housing options, making it a financially stable choice for retirement. In addition to the economic benefits, Wyoming offers: There are many outdoor activities and stunning natural landscapes for retirees to explore. With national parks such as Yellowstone and Grand Teton within our borders, there is no shortage of opportunities for outdoor recreation and adventure.”
south carolina
Returning to the Southeast, Sherry touts South Carolina as an often overlooked retirement destination with many benefits.
“The state’s low cost of living and affordable housing options make it an attractive option for those looking to stretch their retirement budget,” he says. “Furthermore, South Carolina does not tax Social Security benefits and offers generous deductions for other forms of retirement income. South Carolina retirees enjoy the mild climate, beautiful beaches, and abundant You can also enjoy its cultural and historical heritage. The state is full of charming towns and cities that offer a slower pace of life, perfect for those looking to relax in retirement.”
new hampshire
Amber Dixon is CEO. elderly guideis an organization dedicated to providing answers and assistance to seniors on a variety of issues, including relocating after retirement. She noticed a recent trend of older Americans dropping the Sunshine State from their shortlists.
“Florida is a popular retirement option due to its warm climate and tax benefits, but there are other states that can offer retirees a more comprehensive and enriching experience,” she said. “New Hampshire is a great choice because of its high quality of life, excellent health care, and low crime rate. Although the cost of living is high, its natural beauty and outdoor recreational opportunities make it an attractive choice. Masu.”
south dakota
The Mount Rushmore state is about as far from Florida as you can get from a climate, culture, and geography standpoint, but that doesn’t mean it’s not a great place to retire.
“South Dakota’s low cost of living and high quality health care make it an ideal location for retirees,” Dixon said. “The state also has a favorable tax system for retirees and a strong sense of community.”
colorado
Dixon also cited Colorado as a “great choice for active retirees.” She says, “It offers plenty of outdoor activities, from hiking to skiing. The state also has good health care, a below-average crime rate, and ranks high for overall well-being.” .”
Utah
On Colorado’s western border is another mountain retirement haven that offers many of the same benefits to active retirees.
“Utah offers a high quality of life with a focus on health and wellness,” Dixon said. “Its stunning natural landscape offers plenty of opportunities for exploration and physical activity, making it ideal for maintaining a healthy retirement lifestyle.”
GOBankingRates Details
This article was first published GOBankingRates.com: I’m a retirement expert: These 7 states are better for retirement than Florida
