As retirement age approaches, most individuals are attracted to an economic incentive state with a warm climate and an active lifestyle. Florida is always in contention as to what are the best states in which to retire, but there are other states out there with excellent retirement incentives too.
Five good reasons that Florida would be an excellent place for retirees follow:
- Warm climate
The subtropical climate of Florida ensures warm weather throughout the year and is therefore best suited for those who would not mind remaining in non-cold climates. Its pleasant winters and sun provide a large area for open-air activity, ranging from seaside vacations to golfing. However, watch out: Florida weather comes at a price with the bonus feature of hurricanes and floods that form part of the insurance bill.
- Tax advantages
Among the state’s most important allurements is being a tax haven. Florida does not have income tax, estate tax, or inheritance tax, and because of this, retirees are able to keep their money. This blessing in disguise is especially helpful for those who have a fixed income because this enables them to make their retirement dollars go as far as possible.
- Recreational opportunities
Florida possesses a number of attractions that are aimed at addressing different interests. Natural beaches and championship golf courses along with festivals and amusement parks offer retirees an activity that matches their lifestyle. A dynamic and active retirement lifestyle is facilitated by the extensive coastline and numerous parks available within the state.
- Developed retiree communities
With its background as a retirement haven, Florida has communities with specially tailored services for retirees. The communities offer socialization programs, amenities, and support structures that allow for easy access and quick assimilation for new residents.
- Quality healthcare services
High-quality healthcare ranks higher among retirees’ preferences, and Florida is far from lacking medical institutions scattered everywhere. It features some of the highest-ranked networks of hospitals and healthcare centers that work harmoniously to accord the residents integral health care.
Other retirement states
While one enjoys as much in Florida, there are other states, which one should be in consideration in accord with one’s taste and wallet.
- Delaware
Delaware is consistently in the top three of the most tax-free states for retirees. Delaware does not have a state or local sales tax, retaining funds in citizens’ pockets for their everyday expenses. Tax advantages in not taxing up to $12,500 of qualified investment and pension income for age-60+ residents are extra positives. An added bonus, naturally, is no estate or inheritance tax.
- Colorado
For active seniors, the serene Rocky Mountain landscapes of Colorado are full of activities for outdoor fun like hiking, skiing, and mountain biking. The focus on exercise and physical well-being can be seen through the extensive options for recreational activity. Housing and living costs do need to be considered, however, as these can be expensive in certain localities.
- Minnesota
Minnesota fares better in terms of access to healthcare with the highest concentration of healthcare facilities per capita, the second highest number of nursing care homes, and the third highest number of home health attendants. With that kind of heavy healthcare base, the elderly have proper access to hospital services. It has a very high quality of life, although one must remember that there would be a cold climate, which may not appeal to all.
- Maryland
Maryland has a better quality of life because of the diversified topographies from city to rural living. It is also within commuting distance of more advanced health care centers and cultural amenities. It is costly, however, particularly in Baltimore. Taxes also need to be considered since Maryland is one of the higher tax rate states in the nation. But retirees receive a small amount of tax-free, primarily for Social Security, and on pension distributions.
Issues under climate change
Worthy of mention is that climate change affects retirement planning. Florida, for example, has experienced increasing costs and catastrophes, and retirees have ended up reversing their plan and not migrating there. There is delayed migration to the Sun Belt, especially for the olds and young people, as documented by a Federal Reserve Bank of San Francisco report. Experts caution against this and advise extensive research before moving to the disaster-vulnerable natural areas.
