15 Best States for Retirement in 2017
Retirees who enjoy winter sports will love Michigan, which boasts more than 40 ski resorts, 3,000 miles of cross-country trails, and 6,000 miles of snowmobile trails. There’s plenty to do in the summer, too. Residents are never more than six miles from a body of water, which makes for plenty of opportunity for boating, swimming and fishing in the summer. Michigan houses several large universities, which offer academic opportunities as well as cultural events for retirees to enjoy.
Ranking based on a recent WalletHub study that examined affordability, quality of life and health care services.
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The Show Me State is known for its extensive trail system for hikers, bikers and horseback riders. The state has an extremely low cost of living, and home prices are among the lowest in the country. The state is mostly rural, but St. Louis and Kansas City provide urban thrills and quality health care offerings.
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Like Florida, Arizona has long been a destination for retirees, thanks to a relatively low cost of living, favorable taxes and a warm climate. Retirees can take advantage of the weather with a wealth of outdoor activities, from hiking the Grand Canyon to enjoying year-round golf. Home prices are up more than 60 percent since their bottom in 2012, but remain below their bubble levels.
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Retirees in Montana enjoy a slower pace of living and a bevy of outdoor recreational opportunities such as hiking and fishing. WalletHub ranked Montana the third best state in the country for military retirees, and first for both healthcare and quality of life. There is no sales tax in Montana.
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Pennsylvania ranks highly for quality of life, and it’s already home to many retirees. It has the second highest portion of residents older than 65 in the country. It also has the most theaters per capita of any state.
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Wisconsin’s ranking reflects strong scores for both quality of life and health care. The cost of housing is relatively low, but the state’s taxes are on the high side, although it doesn’t tax Social Security income. The state also has several top-notch health care systems.
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Delaware ranks 10th in the country on affordability measures, the highest-ranking northeast state. The state has no sales tax, and has several favorable provisions for retirees, who can shelter a large portion of their income and don’t have to pay state taxes on Social Security. Seven in 10 seniors in the state are able-bodied, the highest percentage in the country, according to United Health Foundation.
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Nevada’s strong showing reflects a high score on the affordability metrics considered by WalletHub. The lack of a state income tax makes it appealing for seniors. The year-round sunshine is also a perk for those looking to spend their golden years soaking up some rays.
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Retirees in South Carolina enjoy a moderate climate and access to beaches, as well as cities loaded with Southern charm. The cost of living in South Carolina is low relative to other parts of the country, and home prices are also on the lower side. While the state’s income tax rates are about average, the state doesn’t tax Social Security and offers some favorable deductions to seniors.
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Idaho’s strong local economy has made it a popular destination for re-locators of all ages. Last year, the Gem State had the highest percentage of inbound moves last year, with nearly twice the number of people moving into the state than out of it. The state also ranks well on health care measures, with the third-lowest rate of preventable hospitalizations in the country.
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The weather is relatively mild in Colorado, and the Centennial State often appears on lists of places with the happiest residents. People in Colorado report having a strong sense of community and tend to be among the most physically active in the country. Caring.com ranked the state as the sixth best to grow old in.
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Quality health care helped push Iowa to the fourth spot on the list. While Iowa generally does not score well on measures of tax-friendliness to retirees, the Hawkeye State does offer a variety of recreational opportunities. It also has a low cost of living and low home prices when compared to the rest of the country.
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The Mount Rushmore State ranks second in the country on health care metrics for retirees. Last year, South Dakota was ranked by Caring.com as the best state for aging thanks to its high-quality health and senior care. The state also scored well on that list’s overall well-being ratings.
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Wyoming’s strong affordability score helped push it into second place. The Cowboy State has no individual income or sales tax and low property taxes. The state also has relatively low home prices.
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The Sunshine State ranked first thanks to the best scores in the country on affordability factors. It seems retirees may have already figured this out, since Florida is the state with the highest percentage of residents age 65 or older. Florida residents also don’t pay any state income tax.
© Jim Young / Reuters