10 Cheap Cities where You Might Want to Retire
Kiplinger has released its annual list of the 10 cheapest places where retirees might want to live. These cities have the best benefits for retirees.
If you’re thinking of retiring to another city, do the research but consider these, selected by the magazine’s consumer finance editors on the basis of size, cost, climate, and lifestyle.
Each city on the list is offers a reasonable tax burden and a large population of people over 65.
Vero Beach, Fla. – Peaceful beaches and a haven for fishing, golf and water sports. Florida doesn’t tax most retirement income, and homeowners over 65 pay no property taxes.
Punta Gorda, Fla. – One of the many retirement hot spots in Florida, the area offers a wealth of recreational options and a friendly tax rating for retirees.
Grand Junction, Colo. – Cost of living is some 4 percent below the national average and residents 55 and older get a generous retirement-income exclusion from state taxes. The weather is mild, state and national parks are nearby, and median home price is around $218,000.
Pittsfield, Mass. – Think Boston in the Berkshires, with(many cultural venues but with a lower cost of living. Estate and property taxes are high, but the state does not tax Social Security or most government employee pension income.
Prescott, Ariz. – Boasts a warm, sunny desert climate about 100 miles from Phoenix, and the state is the fifth friendliest in the U.S. when it comes to retiree taxes.
Decatur, Ala. – Situated on the Tennessee River. Alabama doesn’t tax most retirement income, and homeowners 65 and older are exempt from property taxes.
Pittsburgh, Pa. – Lots of cultural attractions in this biggest city on the list that is still affordable. Housing costs are especially low and the tax laws are retiree-friendly.
Sherman, Texas – An hour north of Dallas, it’s the smallest city on the list, but charming amenities and some of the biggest savings, including housing about 25 percent below average.
St. George, Utah – Much to do in the great outdoors. Not especially tax-friendly, but low living costs on everything from groceries to health care fall well below the national average.
Roanoke, Va. – Nestled between the Blue Ridge and Allegheny Mountains, the city’s cost of living is below average in every category. Unlimited recreational activities.
Reprinted with permission from RISMedia. ©2015. All rights reserved.