Why To Retire In Arizona
Arizona has incredible views, gorgeous parks, and warm weather — the state perfect for retirement. On any given day, residents can go camping, hiking, skiing, and fishing at any number of parks throughout the state. Also offering great tax breaks, the state is an ideal home for retirement.
Retire In Arizona: Things To Know
While Arizona does tax IRA and 401(k) income, the state doesn’t tax Social Security retirement benefits, making it a friendlier tax location for retirees than many other states. On top of this, the state has no estate tax and a low property tax rate.
- Current Income Tax Rates: 2.59-4.5%
- Median Property Tax Rates: 0.62%
- Estate or Inheritance Tax Rates: 0%
Many people may consider retiring in Arizona simply for the quality healthcare. With the nationally renowned Mayo Clinic and highly regarded Banner Medical System, residents are sure to be well cared for throughout the state.
- Medical Facilities Per 1,000 Residents: 1.9
- Health Insurance Networks: Blue Cross Blue Shield of Arizona, Cigna HealthCare of Arizona, UnitedHealthcare of Arizona, Aetna Health, Humana, TRICARE, Health Choice Arizona, and Arizona Complete Health
Cost Of Living
In addition to being fairly tax friendly to retirees, Arizona has a cost of living that is nearly equal to that of the national average. Arizona’s average home price is also only slightly higher than the national average, making retirement in the state a reasonably priced decision.
- Average Home Price: $268,765
- Average Cost of Living Index: 102.4
Arizona is notorious for its summer season, which brings months of triple-digit temperatures. Summer is almost year round in this state, with lows averaging in the 70s for much of the year, and winter months staying around 50 degrees Fahrenheit. The state has reliably sunny days throughout the entire year, with very little precipitation.