Hooray, Kiplinger Chooses Delaware – #1 Best State for Retirement!
Once more Delaware has topped Kiplinger’s Best Retirement States list! According to the post by Stacy Rapacon, “The very best place to retire for you might be on a beach…or in the mountains…or near family…or in the same house you’ve lived in for years. It’s a personal decision that no one else can make for you. However, if you haven’t already settled on a retirement destination, an objective analysis of your options can help narrow your search,” says Rapacon.
Kiplinger rated all 50 states and the District of Columbia based on quantifiable factors that are important to many retirees.
The rankings favored states that are affordable and economically healthy, as well as those with low crime rates. According to the post, they rewarded states with large but relatively prosperous populations of residents age 65 and up (though if you prefer a younger crowd, consider a college town for retirement). Finally, they weighed the tax situation for retirees in each state. No state was perfect, but within each they identified a city or two that should hold particular appeal to retirees. Kiplinger’s picks span the country from east to (far) west and offer a wide diversity of climates and lifestyles.
Cassandra Dowell at Revserse Mortgage Daily says of Kiplinger’s Top 10, “Affordable and economically healthy states span the nation, and offer a range of options for seniors to live out their golden years, new research shows.”
“Surpassing the Sunshine State is Delaware as Kiplinger’s No. 1 retiree destination spot!” says Dowell.
Florida ranks as the number two destination spot for retirees, followed by West Virginia, Pennsylvania, South Dakota, Arizona, Hawaii, Iowa, Kansas, and Wyoming. View the post’s Slideshow here.
The following 10 states topped the rankings of retirement destinations.
5. South Dakota
3. West Virginia
Total population: 908,446
Share of population 65+: 14.9%
Cost of living: 6.4% above the U.S. average
Average income for 65+ households: $47,860
Retiree tax picture: Most Friendly
The First State is tops for retirees. Delaware’s population includes a great number of residents who are 65+, and the retired set can enjoy a life unburdened by heavy taxes. One of Kiplinger’s 10 Most Tax-Friendly States for Retirees,
Delaware levies no sales tax and modest income taxes, from which Social Security benefits are exempt.
Plus, it’s relatively affordable compared with nearby New Jersey (with living costs 21.4% above the national average), Connecticut (33.4% above average) and New York (52.7% above average), one of our worst states for retirement. Oceanside cities such as Bethany, Dewey and Rehoboth may be attractive, but they come with living costs between 49.4% and 81.9% above the national average.
A more affordable choice: Milford. The small inland city is less than an hour north of the popular beach towns and has living costs just 5.2% above average, according to Sperling’s Best Places.
With a population of about 10,000 people, Milford straddles the Mispillion River. Along with the river walk and park, you can find numerous restaurants, boutiques and festivals in the downtown area. It’s also just about an hour south of Wilmington, the state’s largest city, and all its amenities, ranging from museums and galleries to gambling and wineries. Regular Amtrak service via Wilmington can get you to New York or Washington in less than two hours and to Philadelphia in less than half an hour. But you can stay in town for quality health care. Bayhealth Milford Memorial offers an array of inpatient and outpatient services, ranging from a cancer center to a joint-replacement facility.
Note: Populations, household incomes, home values and poverty rates are from the U.S. Census Bureau. Rates for both violent crime and property crime are from the Federal Bureau of Investigation. The cost-of-living data is provided by the Council for Community and Economic Research. Tax rankings, based on Kiplinger’s Retiree Tax Map, divide states into five categories: Most Friendly, Friendly, Mixed, Not Friendly and Least Friendly. View the post here.
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