For average Americans, the ultimate goal is financial independence after retirement. People work so hard for years, save diligently and invest so as to retire comfortably and at the same time ensure that their dependants to not lack what they need.
Choosing where to retire so as to enjoy your retirement is a daunting task since there are thousands of cities within the US. However, AARP has released a list of the best cities for retirees. Here are the cities:
Daytona/Deltona/Ormond Beach, Florida
Florida has the highest number of retirees in the US. It has pleasant weather and its state and local tax burden of 9.3 percents falls below the national average of 9.9 percent.Residents also enjoy a median home price of under $109,000.
Idaho offers some of the most beautiful scenery in the country but it doesn’t have warm weather all year round. Here, there’s no state tax on Social Security benefits and retirees may also be eligible for sizable property tax breaks. The combined tax burden comes to 9.4 percent only.
The beauty of this state makes it an attraction for seniors. Even though the residents here have the ninth-highest tax burden in the country, the state makes up for this by levying no tax on Social Security benefits, and there is also no inheritance tax. They also offer some tax exemptions that those aged 65 and above may qualify for.
Greenville, South Carolina
In South Carolina, retirees pay no taxes on their Social Security benefits. There is also no estate tax or inheritance tax. The state also offers property tax break for those aged 65 and above, known as the homestead exemption.
Grand Rapids, Michigan
In Michigan there is no tax on Social Security benefits, and there are also no estate and inheritance taxes. The combine tax burden here is less than the average national figure. A homestead exemption also exists here as well for property owners whose residence is valued at less than $50,000.
Other best cities for retirees include South Bend, Erie, Pueblo, Sherman/Denison and Louisville.