Thinking of retiring out West? Consider Utah. The Beehive State is a great choice for active retirees who love the outdoors. But it's not just lifestyle that makes the state an alluring spot to spend your golden years. Utah snuck in to our top 10 states for retirement for financial reasons, too, despite its unfriendly tax policies. (More on Utah's taxes on retirees later.) After analyzing all 50 states for retirement based on the financial factors most critical to retirees, from health care costs to taxes, Utah ranked 10th on our list of retirement havens. Here's why.
Utah: #10 Best State for Retirement
Population: 2.9 million
Share of population 65+: 10.0% (U.S.: 14.5%)
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Cost of living: 4% above the U.S. average
Average income for 65+ households: $53,211 (U.S.: $53,799)
Average health care costs for a retired couple: Below average at $412,641 (U.S.: $423,523)
Tax rating for retirees: Least Tax Friendly
The Beehive State is a sweet spot for active retirees. Utah ranks second in the U.S. for the overall health of its 65-plus population, according to the United Health Foundation, and offers plenty of outdoor recreation options that are sure to keep you buzzing through retirement. There are five national parks, seven national monuments, five national forests and 43 state parks to host all your hiking, climbing, boating and skiing desires.
Maybe the activity can distract you from the state's unfriendly tax laws—Utah is one of the few states that taxes Social Security benefits, for example. Still, the tax man isn't keeping Utah's seniors down: Even with income levels for older adults just about average for the U.S., the state has the third-lowest poverty rate in the country for people 65 and older.
Learn more about how we ranked all 50 states for retirement including our methodology and data sources.
-
Alaska Airlines to Buy Hawaiian: Get Bonus Miles NowHow to use the Alaska Airlines credit card and frequent flyer program to save on trips to Hawaii, Alaska and beyond.
-
11 Reasons to Consider a 1031 Exchange
Deferring capital gains taxes might be at the top of the list, but growing your portfolio and your wealth and helping with estate planning are also compelling reasons.
-
Best Foreclosure Sites for Finding Properties
Making Your Money Last Wondering how to find foreclosed homes for sale for your next residence or to flip for a profit? These websites will guide you to foreclosures and real estate-owned properties to buy.
-
Luxury Home Prices Rise as the Rich Dodge High Mortgage Rates
Luxury home prices rose 9% to the highest third-quarter level on record, Redfin reports, growing nearly three times faster than non-luxury prices.
-
Four Tips for Renting Out Your Home on Airbnb
real estate Here's what you should know before listing your home on Airbnb.
-
Is a Medicare Advantage Plan Right for You?
Medicare Advantage plans can provide additional benefits beneficiaries can't get through original Medicare for no or a low monthly premium. But there are downsides to this insurance too.
-
What You Must Know About the Different Parts of Medicare
Medicare Medicare can be complicated but we've got you covered. Here is a quick guide to the different benefits provided through each part.
-
5 Ways to Shop for a Low Mortgage Rate
Becoming a Homeowner Rates are high this year, but you can still find an affordable loan.
-
Retirees, It's Not Too Late to Buy Life Insurance
life insurance Improvements in underwriting have made it easier to qualify for life insurance, which can be a useful estate-planning tool.
-
Best Banks for Retirees
banking Kiplinger's 2023 list of the best banks for retirees.
