Idaho, Utah, And Washington Become Hot Destinations For Retirees
Retirees are no longer headed to Florida for their retirement destination. Instead, they are gravitating to states such as Idaho, Utah, and Washington.
Business Insider compiled a list of 13 states that will likely become hot destinations for retirees over the next decade. These states also had the most significant growth in senior populations between 2007 and 2017.
Undoubtedly, Idaho, Utah, and Washington are all beautiful states. They offer different natural landscapes, from the lush Pacific coast to the pristine lakes and mountains in Utah and Idaho. Idaho, Utah, and Washington might be beautiful, but they're prime retirement destinations due to favorable tax environments and robust healthcare systems.
Here is where Idaho, Utah, and Washington rank on the list:
9. Utah:
The state boasts one of the lowest income tax rates in the nation, which can significantly benefit retirees living on fixed incomes. Moreover, Utah's healthcare system is renowned for its quality, ensuring that retirees have access to excellent medical care when needed.
Percentage increase of senior population, 2007 to 2017: 47.3%
Average monthly costs for healthcare: $271
State income tax: 4.95%
8. Washington:
The absence of state income tax in Washington is a significant draw, allowing retirees to keep more of their retirement savings. The state also offers top-tier healthcare facilities, especially in cities like Seattle.
Percentage increase of senior population, 2007 to 2017: 48%
Average monthly costs for healthcare: $319
State income tax: None
7. Idaho:
Idaho, characterized by its serene landscapes, including pristine lakes and majestic mountains, has seen a surge in retiree migration due to its low cost of living and tax-friendly policies. The state's healthcare infrastructure is robust, ensuring retirees have access to medical services, even in rural areas.
Percentage increase of senior population, 2007 to 2017: 49.4
Average monthly costs for healthcare: $282
State income tax: 1.13% to 6.93%