Great Retirement Destinations? Take a Look at Delaware
July 10, 2016
The U.S. is fortunate to have many great choices for retirement. With so many different climates, terrains, waterways, urban and rural geographies, amenities, and recreational options, there is a place for everyone. As you are deciding where to retire, you will want to account for these factors, as well as many others, including such critical variables as the state tax situation for retirees and local affordability.
Especially if you want to remain in the northeastern U.S., you should consider taking a serious look at Delaware, which ranks as one of the best places to live for active retirees and offers some top retirement communities.
Some of the obvious advantages of Delaware are:
It is an easy drive or train ride to some of this country’s great cities (Washington, DC, Philadelphia, and New York), as well as offers its own great city in Wilmington.
It is situated in reasonable proximity to such alternative climates and terrains as the warmer south (North Carolina, etc.) and the colder north (New York, etc.).
It is embedded in some fabulous shorelines and waterways, while also being very close to some wonderful mountains, forests, and parks.
It offers both urban and rural lifestyles, and a significant number of the residents in this small state are over 55.
In addition to its own network of universities and hospitals, which significantly add to its cultural life and the physical wellbeing of residents, it is in easy reach of very strong university and hospital networks in Maryland and Pennsylvania.
In addition to these terrific advantages, the tax picture in Delaware is one of the friendliest to retirees in comparison to the other 49 states. It also offers a very reasonable cost of living—especially in comparison to nearby Maryland, New Jersey, and New York, which have high costs of living, in addition to fewer tax advantages for retirees.
Delaware offers terrific tax perks for seniors, including no taxes on Social Security benefits and an exemption on retirees’ first $12,500 of pension income. Also, there is no sales tax in Delaware, only modest income taxes, and extraordinarily low property taxes (0.43%). So, even if cost of living may be slightly higher in Delaware when it comes to buying a home and other essentials, the absence of other taxes makes retiring to this state well worth the move for most seniors.
If you are making an options checklist for the best place to retire, take the time to have a serious look at Delaware.