Why To Retire In Washington
Washington attracts retirees from around the country thanks to its retirement-friendly taxes, great culture, and mild climate. The state is perfect for those who love big parks and outdoor activities, such as hiking and camping. With quiet homes in the forest and bustling city life, Washington has something for everyone.
Retire In Washington: Things To Know
Retirees interested in Washington will be relieved to find no state income tax, meaning income from a 401(k), IRA, or pension will not be taxed. While many will also avoid an estate tax, those with an estate worth more than $2 million will find a tax rate on par with the national average.
- Current Income Tax Rates: 0%
- Median Property Tax Rates: 0.93%
- Estate or Inheritance Tax Rates: 10-20% on estates worth more than $2 million
Washington as a whole is well-known for incredible healthcare and renowned medical centers, such as the University of Washington Medical Center and Virginia Mason Medical Center. Residents of the state are guaranteed quality care for all medical needs.
- Medical Facilities Per 1,000 Residents: 1.7
- Health Insurance Networks: BridgeSpan, Community Health Network, Coordinated Care, Kaiser, LifeWise, Molina, PacificSource, Premera Blue Cross, Providence, Regence BlueCross BlueShield, and UnitedHealthcare
Cost Of Living
While Washington is tax friendly to retirees, the state’s cost of living isn’t as forgiving. With one of the highest average home prices and a cost of living more than 12% above the national average, day-to-day life in the state will cost more than in many other states.
- Average Home Price: $409,228
- Average Cost of Living Index: 112.7
Washington is somewhat notorious for its weather, which is characterized by frequent rain, cloudy skies, and limited sunshine. The state attracts residents who love a cool climate and ocean air. Summer temperatures tend to stay in the 70s, and winters average mid-40s. While rain is frequent, and the colder months see the state transform into a winter wonderland, the majority of the time it has a cool, mild climate.