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%)
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.
Rapacon joined Kiplinger in October 2007 as a reporter with Kiplinger's Personal Finance magazine and became an online editor for Kiplinger.com in June 2010. She previously served as editor of the "Starting Out" column, focusing on personal finance advice for people in their twenties and thirties.
Before joining Kiplinger, Rapacon worked as a senior research associate at b2b publishing house Judy Diamond Associates. She holds a B.A. degree in English from the George Washington University.
Alaska Airlines to Buy Hawaiian: Get Bonus Miles Now
How to use the Alaska Airlines credit card and frequent flyer program to save on trips to Hawaii, Alaska and beyond.
By Ellen Kennedy Published
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.
By Daniel Goodwin Published
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.
By Bob Niedt Published
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.
By Kathryn Pomroy Published
Four Tips for Renting Out Your Home on Airbnb
real estate Here's what you should know before listing your home on Airbnb.
By Miriam Cross Published
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.
By Jackie Stewart Published
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.
By Jackie Stewart Last updated
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.
By Daniel Bortz Published
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.
By David Rodeck Published
Best Banks for Retirees
banking Kiplinger's 2023 list of the best banks for retirees.
By Lisa Gerstner Published