How Does Colorado Rank High for Retirement?
Retirement is a stage of life that many people look forward to, where they can finally put work behind them and focus on enjoying their golden years. But, like with any big decision, location plays a key role in determining the quality of life during retirement. One state that has been gaining popularity among retirees in recent years is Colorado. So, how does Colorado rank for retirement? Let’s explore this question and see why this state is becoming a top choice for retirees.
The Overall Ranking
According to the 2020 Best States to Retire ranking by WalletHub, Colorado ranks at number 10 out of all the states in the US. This comprehensive study evaluated states based on three main categories: affordability, quality of life, and healthcare. Within these categories, various factors such as cost of living, crime rates, climate, and access to healthcare were considered to determine the final ranking.
Affordability
One major factor that plays a crucial role in retirement planning is affordability. And regarding affordability, Colorado ranks at 21 out of 50 states. This makes it a relatively affordable option for retirement as compared to other states. One of the main reasons for this is the relatively affordable cost of living, especially in smaller towns and cities. Also, Colorado does not have a state income tax on social security benefits, pension, or retirement plan distributions, making it financially feasible for retirees.
Quality of Life
Colorado is known for its stunning landscapes, outdoor activities, and healthy lifestyle. And these are factors that contribute to its high-quality life ranking. Outdoor enthusiasts will love the plethora of recreational activities available in Colorado. From hiking and camping to skiing and snowboarding, there is no shortage of ways to stay active and enjoy the great outdoors. Moreover, Colorado enjoys 300 days of sunshine a year, making it an ideal destination for those who love a sunny climate.
Healthcare
Regarding healthcare, Colorado ranks at number 17 in the country. The state has a well-developed healthcare system with access to quality medical care and facilities. The cost of healthcare in Colorado is also relatively affordable compared to other states, making it an attractive option for retirees who may have to rely on healthcare services more frequently.
Active Adult Communities
Another reason Colorado is becoming a popular choice for retirement is the presence of active adult communities. These age-restricted communities cater to seniors’ specific needs and interests. They offer amenities such as fitness centers, organized activities, and maintenance-free living, making it an ideal choice for those who enjoy their retirement years comfortably and actively.
Tax Benefits for Seniors
Besides tax benefits on retirement income, Colorado also offers a homestead exemption for seniors who own a home. This means that some seniors’ home values are exempt from property tax, saving them money in the long run. Colorado also offers a property tax/rent rebate program for eligible seniors, providing them with additional financial assistance.
Job Opportunities
Retirement does not necessarily mean giving up work completely for many individuals. And in Colorado, seniors can enjoy job opportunities even after retirement. The state has a thriving economy and low unemployment rates, making it an ideal place for seniors to continue working part-time or pursue a new career.
Senior-Friendly Infrastructure
Colorado is known for its excellent transportation infrastructure, making it easy for seniors to get around. The state offers senior transportation services, such as discount fares on public transportation and door-to-door rides for those with limited mobility. Furthermore, the state has been working towards becoming more age-friendly by improving sidewalks and implementing pedestrian signals.
Cultural and Recreational Opportunities
Colorado boasts a vibrant culture and rich history, offering seniors endless opportunities to explore and learn. The state is home to numerous museums, galleries, and cultural events that cater to all interests. Additionally, Colorado is renowned for its recreational activities, from golfing to hot springs, providing seniors with plenty of opportunities to stay active and engaged.
Frequently Asked Questions
Is Colorado a tax-friendly state for retirees?
Colorado does not tax social security benefits, pensions, or retirement plan distributions. Furthermore, the state offers additional tax breaks for seniors, such as property tax/rent rebate program and homestead exemption.
What is the cost of living like in Colorado?
The cost of living in Colorado can vary depending on the city or town you choose to live in. Generally, major cities such as Denver and Boulder have a higher cost of living, while smaller towns offer a more affordable lifestyle.
What are the best places to retire in Colorado?
Some popular places to retire in Colorado are Colorado Springs, Fort Collins, Grand Junction, and Pueblo. Each offers its unique lifestyle, amenities, and cost of living, so it’s essential to research and find the best fit for your retirement needs.
Conclusion
In conclusion, Colorado ranks high for retirement thanks to its affordability, quality of life, and healthcare. The state offers various tax benefits, job opportunities, and senior-friendly infrastructure, providing an ideal environment for seniors to enjoy their golden years. With its beautiful landscapes and cultural and recreational opportunities, it’s no wonder that Colorado has become a top choice for retirement.
