When you are planning when and where you will retire, there are many factors to consider, from the climate to the culture to the proximity of friends and relatives. You may have already gone over your finances to find out how much you can afford, and consulted with a physician to find out what level of care might be best. One thing that many retirees overlook, however, are which states are friendliest to retirees in terms of taxes and other financial incentives.
With many cities throughout the country on the border of other states, it might be well worth looking into which state is ideal for your residential needs as you consider proximity to culture, arts, and family. Alabama is a wonderful state for seniors. If you are over 65 you are exempt from state property taxes, as well as state income taxes, including on Social Security, pensions, and out-of-state defined benefit plans.
The state sales tax applies to food, but not to prescription drugs. The cost of living in Huntsville is 6.2% below the national average according to Forbes, with low housing costs and rising median incomes. Even for those considering a retirement community or who won’t be working at least part time into their senior years, these factors contribute to new life and energy coming into the city, and brightening the city’s cultural offerings.
In 2012 CNN’s Money team voted Huntsville one of the 25 best places to retire, with lower taxes, “major role in civilian and government spacecraft and rocketry…19th century buildings…parks, botanical gardens, and nature preserves…this Southern city seems to have something for everyone.” With mild temperatures and plenty of restaurants thrown in, you can be confident that Huntsville is a place with not only plenty to see and do, but that makes it easy to afford all the things you’d like to try.