Bankrate.com has just released their top ten great states for retirement. If you are unfamiliar with bankrate.com it is a consumer financial services company providing personal finance information. Here you can find any and all information related to personal finance.
Here are Bankrate’s 2014 ranking of the best places to retire in ascending order:
4. North Dakota
1. South Dakota
So how does a state get ranked in the top 10? There are several factors that determine the ranking of the states. The criteria includes: weather, access to healthcare, cost of living, crime rate, and tax burden. Here are some of the highlights for each state.
Virginia – The cost of living in the state known for lovers is below the national average and so are the taxes. Virginia makes a great location for those on a fixed income looking to get the biggest bang for their buck. It is also the only coastal state to make the top ten, so if you are a fan of the water this could be a great location.
Iowa – Iowa is similar to Virginia with lower cost of living and tax costs compared to the national average. Iowa is also known for their healthcare systems.
Idaho – Idaho falls in the top ten this year for it superb crime rate. Idaho ranks as one of the safest states in the country with the lowest crime rate with only 208 violent crimes per 100,000 people. Another factor getting Idaho in the top 10 is the weather. On average Idaho had more sunshine than Atlanta in 2013 plus average humidity of only 58 percent making it a very comfortable state to live in.
Montana – Montana was one of four states to receive above-average scores in all of the criteria considered.
Nebraska – The cost of living in Nebraska is one of the major factors that helped it rank in the top 10. The average cost of rent for someone in Nebraska is only $670 per month while the national average is $893.
Wyoming – According to the Tax Foundation, Wyoming had the lowest taxes in the country. On average Wyoming residents paid 6.9 percent of their collective income in state and local taxes in 2011 while the national average was 9.8 percent.
North Dakota – For the second year in a row North Dakota has made the top ten with Bankrate. North Dakota has below-average cost of living, low taxes, and low crime rates.
Utah – This mild-weather state scored high in all categories and provides plenty of activities for retirees like skiing, and some of the top national parks in the country.
Colorado – Colorado is very similar to Utah and offers even more like above-average marks for cost of living, crime rate, healthcare, and taxes.
South Dakota – While the weather might not be the best in South Dakota in all other areas Bankrate took into consideration, South Dakota beat out every state. South Dakota scored better for access to healthcare, cost of living, crime rate, and tax burden. If you can look past the weather South Dakota can be the perfect state for you to retire in.
If you are considering moving to one of these destinations in your retirement or somewhere not on the list did you know you can buy a new home with a reverse mortgage? Think about being able to move to the destination you have always dreamed of and not having a mortgage payment. With a reverse for purchase from One Reverse Mortgage you can purchase your dream home and never have to make another monthly mortgage payment*.
Want to learn more? Give us a call. A One Reverse Mortgage licensed expert working only with clients interested in a reverse for purchase will help you determine if the reverse for purchase makes sense for you. The reverse for purchase process is easy with only one closing in the process you can easily close your loan and being living in the home of your dreams.
*Homeowner is still responsible for taxes, insurance, and property maintenance.