Buying

Retirement Relocation Guide

Now that you can see the light at the end of the tunnel, your next step is to find a new and exciting place to live in comfort, preferably one with generous tax advantages. Here’s our retirement relocation guide.

Whether you have already retired or you are about to retire, congrats! Give yourself a big pat on the back, you made it! It takes a lot of drive and dedication to work long enough to afford to hang up your spurs and retire. 

Now that you can see the light at the end of the tunnel, your next step is to find a new and exciting place to live in comfort, preferably one with generous tax advantages. Here’s our retirement relocation guide. Enjoy!

Choosing a Place to Relocate to After Retirement

There are several important factors to consider when choosing a place to relocate to after retirement.While it’s tempting to start looking for exotic locations with white sand beaches immediately, remember to check out tax information. 

Just because you have a nice pile of money to sit on through retirement doesn’t mean you want to pay a king’s ransom in property taxes. Ideally, you should find a place with the right mix of activities and scenery with a low tax rate. 

Tax-Friendly States for Retirees

Some states are more tax-friendly than others. For example, Wyoming is considered one of the most tax-friendly states in the nation for retirees. The state of Wyoming has no income tax, no estate tax, and a modest sales tax of around 4%.

Alaska doesn’t have an income tax either, but it takes a certain kind of person to want to retire in Alaska. The state is beautiful in terms of scenery and wildlife, but the medical care is nothing to write home about. 

The state of Florida doesn’t have an income tax either, and retirees have cherished it as a favorite location for many years. Who could say no to the warm beaches of Florida? That said, if you don’t like the hot Florida summers, you can always relocate to New Hampshire instead. 

New Hampshire is devoid of any income tax as well and has many charming towns and a pleasant climate. 

Affordable Cities to Retire in

Some of the most affordable cities to retire in include Topeka, Decatur, and Sioux Falls. Birmingham, Alabama, has a remarkably low cost of living. With low costs and easy access to medical care, Birmingham, Alabama, has a lot to offer. It’s also rich in history and has plenty of fun activities to keep you occupied.  

Cities with the Best Medical Care

White sand beaches and tax advantages aside, another thing that you should be focusing on when relocating as a retiree is access to high-quality medical care. Getting older can be tough, even when you have enough money to retire comfortably. Making sure you relocate to an area with excellent medical facilities is a critical factor to consider. 

Most of the states in the Northeast, including New Hampshire, have excellent healthcare. If you have had enough of the harsh winters in the Northeastern United States, Florida, Utah, and Colorado, and Iowa are also held in high regard in terms of high-quality health care

Retiring as an Ex-Pat on Distant Shores

Maybe you don’t want to retire in the United States at all. Maybe you want to try something different and exotic. You certainly wouldn’t be the first retiree to ditch the U.S. in favor of an exotic and faraway land. 

If you’re determined to give the ex-pat life a try, you should know that countries like Panama, Costa Rica, and Thailand are among the cheapest countries in the world to retire. These countries are graced with warm climates and favorable exchange rates. 

For those of you with modest savings, you might be able to retire somewhat comfortably in a state like Florida, but you will find that your American dollars will stretch much farther in places like Thailand and Costa Rica.

Putting it All Together

Now that you have some essential info, it’s time to put it all together. In the end, it all comes down to your values. If you value healthcare, you’ll want to retire in Iowa, Florida, Colorado, or the Northeast. 

On the other hand, if you value a low cost of living and want more bang for your buck, you will want to relocate to somewhere like Alabama or Thailand.  

Remember, retirement is an adventure, so don’t be afraid to try new things, and have fun with it!

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