Quantcast
Published On: Mon, Jul 30th, 2018

Are you planning to retire in Pennsylvania: Essential aspects to consider

If you are approaching age of retirement and you have already started making plans for the same, which states in the United States do most of the people consider? The 2 states that come to your mind are Arizona and Florida. However, these days, many people prefer to settle down in a safe haven in Pennsylvania. In this write-up, we will find out why Pennsylvania is becoming a sought after destination for retirement.

Franklin County, Pennsylvania Image/David Benbennick

Fast facts about Pennsylvania

Check out the facts about this state in the United States-

  • With 45,000 square miles at its disposal, this state is one of the largest states in the US
  • It harbors the city of Lancaster, which is regarded as the “2nd best place to retire” in the United States. This was reported by U.S News and World Report.
  • Studies reveal that approximately 15.4% of the population in this state comprises individuals that are above 65 years old.
  • This state serves as nest for 880,000 veterans and more
  • The geographical terrain is dotted with rivers and mountains and other natural getaways that makes it a great place to enjoy post retirement vacation
  • Most importantly, the economic set up prevailing in the state is very conducive for elderly residents.

Attaining retirement in Pennsylvania

Ranging from enjoying tax benefits to taking pleasure in visiting several places of interest or attractions, this state has a broad spectrum of benefits to offer to elderly individuals.

You can have guests visiting you even if you are staying in elderly care homes or Christian retirement home. You can welcome your visitors that include your own children, grandchildren, and other family members owing to its excellent geographical positioning with its neighbors.

Why it makes sense to retire in PA?

  1. 401(k)-If you are equipped with 401(k) or you enjoy social security income, this is the best state where you can judiciously tap into your income from social security.
  2. Friendly weather – Most importantly, the weather and the climate must be friendly for you to reside, which is just perfect in PA. The climate is moderate characterized by warmer summers and pleasant winters. It is cool at night during the summer months and winters are sunny, thereby, encouraging you to indulge in the pleasures of snowy mountains where you can ski down the slopes. Extreme weather in Pennsylvania is something that is not heard of too often.

Pennsylvania Retirement Taxes

Taxes are an important aspect that you must take into account if you are approaching retirement. PA offers a “tax-friendly” environment to its residents (retirees). This state will not impose any tax on the income of the retirees. This is one of the two states that exempt taxes on income from pension.

The flat tax rate here is just 3.07%. It may be mentioned here that you cannot avoid paying federal income taxes but on retirement in PA, you don’t have to shell out that tax.

Property taxes in Pennsylvania

If you are above 65 years and residing in PA, you can enjoy rebate on housing costs, regardless of whether you are living on rented premises or you own a house.

For elderly individuals, that have household income that is less than USD$35,000, the tax rebate on property that you can enjoy is more than USD$600.

You are benefited even if you are a tenant. Renters qualify for housing rebate if your income is lower than USD$15,000. Aside from the above tax benefits, you can also enjoy tax rebates on Inheritance and Estate taxes.

Other benefits you can enjoy if you are retiring in PA include-

  • Low sales tax
  • Healthcare benefits
  • Exemption from tax on retirement income

Strategically located – It is located close to the major cities in US that include New York City, Pittsburg, Philadelphia, and New Jersey.

Author: Jimmy Simond

About the Author

- Outside contributors to the Dispatch are always welcome to offer their unique voices, contradictory opinions or presentation of information not included on the site.

Tags

Leave a comment

XHTML: You can use these html tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>



Recent Posts

Categories

Archives

At the Movies