Why To Retire In Tennessee
When it comes to financial retirement incentives, very few states can compete with Tennessee. The state’s low cost of living, coupled with no income tax, makes retirement in the state feel like a no-brainer. The state also has beautiful weather, incredible national parks, and options in both rural and urban cities.
Retire In Tennessee: Things To Know
One of Tennessee’s main draws for many retirees is its taxes. With no income tax, retirees don’t have to pay a tax on their 401(k), IRA, or pension. The state also claims some of the lowest property taxes in the country.
- Current Income Tax Rates: 0.64%
- Median Property Tax Rates: 0.98%
- Estate or Inheritance Tax Rates: 0%
Tennessee has a rate of medical facilities on par with the national average, providing residents with the peace of mind that quality healthcare is always nearby, no matter where in the state they reside.
- Medical Facilities Per 1,000 Residents: 2.9
- Health Insurance Networks: BlueCross BlueShield of Tennessee, Bright Health Insurance Company of Tennessee, Celtic Insurance Company, Cigna Health and Life Insurance Company, Oscar Insurance Company, and UnitedHealthcare
Cost Of Living
One of the best benefits of retiring in Tennessee is the low cost of living. Tennessee has the seventh lowest cost of living in the country, and the 16th lowest average home price. Combine these low costs with an already lenient tax system, and retirement in Tennessee looks as good as it can get.
- Average Home Price: $185,922
- Average Cost of Living Index: 89.6
Tennessee undergoes four distinct seasons: Warm, sunny summers average 80 degrees Fahrenheit, and crisp autumn weather sees the leaves turn red and the temperatures drop to the low 60s. Winters guarantee snowfall, and the state’s gorgeous wildflowers emerge during cool, rainy spring weather.