Updated on Jul 2020. Mobile version So which are the best states to retire in? 2. MoneyWise compiled annual studies by  Bankrate, WalletHub and Kiplinger to create a best of the best list of states for retirement. Delaware exempts Social Security benefits from tax. Here are 16 ways living in Pennsylvania ruins you … As recently as the third quarter of 2013, home prices in the Erie area of Pennsylvania sold for 41% below the national average. New Jersey’s tax friend­liness is listed as a mixed picture because the state has been taking steps to reduce taxes on retirees. I used this resource to compare states that surround Pennsyl­vania. Congratulations on creating your MyInsight account. But truth be told, the financial aspects of Pennsylvania are what make it a hot spot for retirees. The Ascent is The Motley Fool's new personal finance brand devoted to helping you live a richer life. That means long commutes, which is a huge drain on your time and a source of stress to boot. Cheaper home prices and tax-free status for tax-advantaged retirement accounts means you get to keep more of your money in retirement. Enter your email address and we'll send you a link to reset your password. The ocean and the beaches –Philly isn’t far from the ocean, but getting there from the city can be a drag. Given the state's lack of large cities, retirees will get that community feel in West Virginia. These energy assets are also responsible for pushing South Dakota's unemployment rate to a microscopic 3.8% as of May 2015. The Pennsylvania Turnpike stretches from the Ohio border just north of Pittsburgh to the Delaware River Bridge in Philadelphia, with an northeast extension branching off to the Poconos. Charleston, South Carolina (United States), Philadelphia, Pennsylvania (United States), Basic lunchtime menu (including a drink) in the business district, Combo meal in fast food restaurant (big mac meal or similar), 500 gr (1 lb.) There is no sales tax and property taxes are low, so many consider Delaware a bargain for retirement. From a financial perspective Florida is a big win for retirees. Delaware has long been the mid-Atlantic’s backyard and, despite amazing cultural centers and great cities, it retains a lot of undeveloped land and smaller communities. Median home prices are also particularly attractive. On the flip side, it also has a particularly harsh winter, with temperatures regularly plunging well below freezing. There’s definitely an urban vibe in any of Delaware’s cities, but without the level of crowding that typifies places like Chicago and Philadelphia. Delaware’s cities have bustling urban downtowns that are perfect for navigating by foot, but they tend to be more accessible from outside, with shorter drives and less traffic. For an in-depth comparison, try using our federal and state income tax calculator. Above the exclusion, the state income tax is applied in a range from 2.2% (on taxable income of $2,001 to $5,000) and 6.6% (on taxable income above $60,000). You’ll find each of our three communities offer access to the best that Delaware has to offer as well as a vibrant community and a secure, recognized and accredited place to call home. The downside is that the weather can vary wildly based on where you're located within the state (meaning snowstorms are possible during the winter); there is a tax on Social Security benefits (although the first $8,000 of retirement income for individuals or $16,000 for married couples is exempt); and West Virginia has the second-highest unemployment rate in the country at 7.2% as of May 2015, behind only the District of Columbia. Florida's current demographics show a median age of nearly 41, which is well above the national average. Afford­ability, access to healthcare, climate, and culture are just some of the important factors to consider before moving to another state. Cost of Living Sperling’s Best Places reported that the cost of living in Delaware was more than 10 percent higher than the U.S. average. Like many of the states we've discussed, it has both financial and non-financial draws. They cited our livable four-season climate with warm summers, a pleasant fall and a genuine winter. Delaware Of the best states to retire, Delaware, which is already nicknamed "The First State," takes the top honor, according to Kiplinger. A small town in West Virginia. Retire­mentLiving ranks Pennsyl­vania sixth on its list of the most tax-friendly states during retirement. Note: You can also compare counties and cities. Social Security benefits are free from taxation, as are tax-advantage retirement account payouts such as 401(k)s and IRAs. Do you want to live near the ocean or in a busy metro­politan area with lots of things to do? Use this tool to compare the state income taxes in Delaware and Pennsylvania, or any other pair of states. Stock Advisor launched in February of 2002. My husband got a job in Wilmington so we decided to move there from center city Philly and it was the worst decision we ever made. “Nosy” Is Just Another Way Of Saying I Love You In Delaware Because of the size of Delaware (the state only has 3 counties—yes, only 3), Delaware has a “small-town” vibe across the entire state. 5 Ways to Save for Retirement…before it’s too late. When you start living in Pennsylvania, then you will need to pay local wage and service taxes as part of your overall income profile. The state is also phasing out its estate tax. Full version Although frigid temperatures probably mean a lower crime rate, retirees will have to weigh South Dakota's wild seasonal temperature swings when deciding if they want to retire here. Maryland doesn’t tax Social Security benefits and allows filers age 65 or older an exclusion of up to $30,600 on distri­b­u­tions from 401(k), 403(b) and 457 plans, along with income from public and private pensions. Delaware has long been the mid-Atlantic’s backyard and, despite amazing cultural centers and great cities, it retains a lot of undeveloped land and smaller communities. Lower cost of living –This is probably number one for almost everyone who moves to Delaware. Less crowded and busy –Philadelphia is loud and congested – a byproduct of the fact that it’s the fifth-largest city in the country, by population (and the sixth-largest metro area). Considering a move to Delaware? Please select your preferred appointment time and date. Lot premiums, assessments and HOA fees may apply. Source: Pixabay. Surveys report that more than a third of seniors move to another state sometime after retirement. Other important consid­er­a­tions are access to healthcare, climate, and culture. As the study points out, AARP named Philadelphia one of the best big cities for retirees in the U.S. thanks to its free or reduced transit fares for those aged 65 and up. Consult a Community Sales Manager for additional information. Taxes—income tax, sales tax, property tax—can have a huge impact on the afford­ability of one state over another. For a deeper dive into what to expect living in Delaware, check out our blog series about different areas of Sussex County near Insight Homes communities. So what does Delaware have that Philly doesn’t, and why are more people moving to Delaware? Call us at (302) 956-9337. With plenty of people visiting family in Delaware this Holiday season, you might notice that outsiders will start to enjoy our tiny state, and they may point out how full of secrets the First State really is. 3. However, the scenery only tells half the story as West Virginia also offers the most affordable housing and rental options for senior citizens. ), 1 min. Here are four of the things that draw Philadelphians and Southeastern Pennsylvanians to DE: 1. From golf courses to the Grand Canyon, Arizona has scenery that will pique just about any retirees' interests. Delaware, on the other hand, has some of the most reassuring crime stats in the country, both in cities and smaller communities. Pennsylvania If you're looking to retire on the East Coast without an East Coast cost of living, then fourth among the best states to retire, Pennsylvania, may be right up your alley.

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