It would be best if you were prepared beforehand, so when you reach that age when you are ready to retire, you’ll know exactly what steps you need to take. So, we did the research, and here we bring you seven important reasons you should consider Colorado as your retirement destination.
Best Reasons to Retire In Colorado aka the Centennial State
Yes, Colorado was the first US state to legalize marijuana for medicinal and recreational use. But, there are many more reasons why you should consider Colorado for enjoying your golden years. Here are all the pros and cons of retiring in Colorado, for those who are considering doing so.
Lower Retirement Income Taxes
If you’ve set your retirement financial goals, chances are you’ve looked into income taxes for retired individuals. Many US states calculate all taxes the same so that you can expect a significant deduction from your retirement income.
However, Colorado has a pension/annuity subtraction that includes retired military pay, military disability pay, social security, and homestead exemption for qualifying seniors.
For the people from 55 to 64 years of age, Colorado allows the exclusion of $20,000 of qualified retirement income. The people over 65 get a $24,000 exemption.
They qualify for a homestead exemption excluding 50% of the value of a primary residence that has been lived in for 10+ years. All of these make Colorado the state with the highest senior citizen tax deductions in the USA.
Peaceful Retiree-Filled Neighborhoods
It may be uncomfortable to move to a neighborhood with plenty of young people, as there are huge differences between the living habits of the younger and senior crowd.
Colorado has you covered here, as there are many retirement communities and many senior citizens select to move to such neighborhoods.
As these communities are on the rise, many services and businesses that cater to seniors develop, and now seniors are significant contributors to the Colorado economy.
Good Healthcare System
Colorado’s healthcare system is very good, which is a factor desired by retirees. The leading healthcare carriers in Colorado are UnitedHealthcare, Anthem Blue Cross, and Blue Shield.
At this time, Colorado is ranked at the No.10 spot in the Healthcare Ranking of America in 2020.
Appealing Retirement Communities All Over the State
When moving to a new place, it is vital to meet new people and make friends, even at a more senior age.
Well, Colorado has got you covered here as well, as there are many retirement communities all over the state. It means that you can move to one of these and quickly meet people your age.
But not only that, but also get other services catered to senior citizens, like exercise centers, events, catered services, and more.
Instead of moving and risking it, you can move to one of the many active adult communities near Denver and Colorado Springs, the two most populated cities in Colorado.
Great Selection of Rural Or Urban Areas
If you wish to spend your golden years in a rural environment, Colorado offers many rural and suburban communities with great amenities but are still close to urban areas.
The many smaller rural areas have excellent pricing terms, as well as many retiree communities.
However, we need to note that the more popular tourist places like Aspen have a higher price tag on living.
Look for a place south of Colorado Springs or near Fort Collins or Loveland, as these are areas with many senior citizen communities.
Places for All Income Levels
While it is true that the costs of living are higher in Denver and Boulder, that’s not everywhere. Many places in Colorado actually have a much lower cost of living than the national average.
If you take a while to research many of the smaller cities and rural areas, you will see that living costs are much cheaper. There are many beautiful places where you can live comfortably and still get to experience beautiful sights.
The Colorado Nature Is Amazing
Maybe this should have been my number one pick. Retirees often enjoy nature on a deeper level than young people. While I’m not retired yet, I know nature is being taken into consideration for me as well.
Colorado has impressive scenery all over, with fantastic hills and mountains, sunsets, lakes, and more. You can enjoy nature in all ways, whether sitting and observing or hiking and immersing yourself in nature.
A Single Downside
Well, above, we’ve covered the reasons why you should pick Colorado as a retirement destination. However, to cover all the bases, we need to note that Colorado has higher living expenses than many US states.
Also, the cost of assisted living in Colorado is higher, and the monthly average is about $3,850. This is primarily for the more popular and populated areas. That said, many other beautiful places offer lower living costs in the Centennial State.
As a suggestion, you can take a closer look at the Denver metro area, Aurora, Colorado Springs, Loveland, and the like.
Conclusion: Retire And Move To Colorado? Maybe!
For all the reasons mentioned above, I suggest that you strongly consider kick-starting your retirement in Colorado. There are far more pros compared to the cons of retiring in various locations throughout the state.
Whether you’re looking to ski daily throughout your retired years or you’re just trying to enjoy nature check out Colorado. You’ll find the best of what life has to bring. Consider upgrading your status to retired in this beautiful state.
If you have your own thoughts on retiring in colorado, then I’d love to hear them. Please leave a comment and tell me what you think about this state.
More Articles About Retiring That You Might Like
Here’s a list of a few articles covering various topics related to retirement that you might truly enjoy. Check them out to learn more and hopefully make better investment decisions while you’re at it.