When it comes to choosing your place of retirement, there are quite a few factors to consider. Maybe your primary residence will continue to stay the same in your golden years or maybe you are ready for a change. In retirement, some value community involvement, great views, and nice weather while others prioritize strong healthcare systems or tax breaks. As you plan to make this big decision, we have gathered some of the best states for retirement in 2023 to consider.
When it comes to views, Montana serves beautiful mountain scenery across vast open plains. Given its mild climate through most of the year, it is perfect for the retiree interested in relishing the outdoors. If you can envision spending your days fly fishing, hiking, and skiing, Montana may be a great option for retirement. Coming in at number three in best state tax rankings, there are even more tax benefits to settling in Montana. In addition to no sales tax, the state taxes 33% less than the U.S. average.
While it may not be the first state that comes to mind when we mention retirement, Virginia has been rated the top state to retire in based on its quality of life, healthcare services and affordability, according to a study done by WalletHub. This state scored the highest overall making it the most well-rounded state to consider in retirement. From a tax perspective, Virginia falls in the middle of the road offering .66% fewer state taxes than the U.S. average. Not to mention, social security benefits are not taxed in Virginia.
Florida is a must to add to our list of best states for retirement in 2023. Florida is ranked as the second best state to retire to according to WalletHub’s study. Florida offers a high population of seniors ages 65+ which has created a culture of events and activities that cater to those in their advanced years. Of course, the warm climate, golf courses, and sunny beaches make it a great place to spend your days as a newly retired individual. Florida also taxes 23% less than the U.S. average offering some financial incentives as well.
Michigan makes the list of best states for retirement in 2023 for reasons other than financial perks. The state offers high levels of community involvement and volunteer activities as well as a high number of golf courses (650+). Michigan’s serene Great Lake views, skiing hills, rivers for fishing and kayaking, and little lake towns make it a quaint state for retirement years spent outdoors. Michigan does have state taxes slightly higher than the U.S. average, but scored high marks in affordability and healthcare services.
West Virginia completes our list of great retirement states due to securing the lowest in-home service costs out of all 50 states. It also scored the second highest in overall state healthcare services making it a prime location for older retirees. While affordability isn’t the high point of West Virginia, the state still taxes about 10% less than the U.S. average.
Want to explore a few more of the best states for retirement? Take a peek at even more retirement options here.
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