Best States For Military Retirees (2024 Guide)
ST
Last updated 04/03/2024 by
SuperMoney TeamEdited by
Summary:
Our valued service members look for a retirement state that honors their service with support, benefits, and a quality of life they deserve. States like Florida, Arizona, Alabama, Virginia, and South Dakota stand out for their nice offerings, from tax advantages and healthcare accessibility to community support and affordable living.
Our valued service members dedicate years of their lives to serving our country, making sacrifices that ensure our safety and freedom. As they transition to retirement, it’s crucial that they find a state that not only recognizes their service but also offers the support, benefits, and quality of life they deserve. The choice of state for retirement can significantly impact their well-being, access to healthcare, and the ability to enjoy a fulfilling post-service life. Recognizing the importance of this decision is the first step in honoring their commitment and ensuring they receive the retirement they have earned.
Get Competing Personal Loan Offers In Minutes
Compare rates from multiple vetted lenders. Discover your lowest eligible rate.
It's quick, free and won’t hurt your credit score
What do military people look for when they retire?
Although people who have served in the military are by no means a monolith, there are common threads that unite military veterans. Whether they served in an active battle, or were stationed in Germany for tow decades, in general, they look for the following:
Checklist for military retirees
- Understand retirement requirements and ensure all are met before the retirement date.
- Create a post-retirement budget to understand financial resources and living standards.
- Ensure access to healthcare and other benefits, prioritizing locations with VA facilities and military bases.
- Seek communities with a strong military presence or significant veteran population for support and camaraderie.
- Look for employment opportunities that value military experience for those entering the civilian workforce.
- Consider quality of life and recreation, including climate, outdoor activities, and cultural amenities.
- Research tax advantages, such as no state income tax and exemptions on military pensions.
- Evaluate housing options for affordability and proximity to military-friendly services and communities.
Pro Tip
“Affordability can be challenging. Unexpected bills, stagnating wages, and rising housing costs can throw even the best-laid plans for a loop. This is where making thoughtful decisions and organizing ahead of time are essential. Finding reasonably priced real estate, haggling over rent, and developing sensible spending practices are all positive moves. You can also better understand the intricacies of investing, retirement planning, and budgeting by getting professional financial advice.” – Erica Brenning, Financial Expert at Cash Buyers.
Florida
Florida is renowned for its exceptional quality of life, offering a perfect blend of warm weather, beautiful beaches, and a tax-friendly environment for retirees. Known for its absence of state income tax, Florida stands out as a premier destination for military retirees seeking a dynamic yet relaxed lifestyle. The state’s commitment to healthcare innovation and its array of recreational activities contribute to its high ranking as a desirable place to live for retirees.
| Average Home Price | $410,000 |
| Cost of Living | 102.144 Regional Price Parity (RPP for the US is 100, lower = lower than average, higher = higher than average) |
| Crime | Violent crime rate at 3.8 per 1,000 people, below the national average |
| Weather | Warm year-round with mild winters |
| Notable Hospitals | Mayo Clinic-Florida, AdventHealth Orlando |
| Assisted Living Facilities | Average cost ranges from $850 to $7,920 per month |
| Notable Retirement Communities | The Villages |
| Military Perks | Property tax exemptions, education benefits, healthcare options |
| State Income Tax for Retirees | None |
SuperMoney may receive compensation from some or all of the companies featured, and the order of results are influenced by advertising bids, with exception for mortgage and home lending related products. Learn more
Loading results ...
Arizona
Arizona is celebrated for its stunning landscapes, vibrant cities, and favorable living conditions for retirees. With its warm climate, diverse communities, and tax-friendly policies for retirees, Arizona offers a unique blend of natural beauty and convenience. The state’s commitment to healthcare excellence and outdoor activities makes it a top choice for retirees seeking an active and fulfilling lifestyle.
| Average Home Price | $436,600 |
| Cost of Living | 99.897 Regional Price Parity(RPP for the US is 100, lower = lower than average, higher = higher than average) |
| Crime | Crime rate per 100,000: 2992.65 |
| Weather | 2023 was among the warmest years |
| Notable Hospitals | Mayo Clinic-Phoenix |
| Assisted Living Facilities | The average cost is $4,000 per month |
| Notable Retirement Communities | Catalina Foothills, Green Valley |
| Military Perks | Property tax exemptions, healthcare benefits |
| State Income Tax for Retirees | Has state income tax with exemptions |
Alabama
Alabama is known for its rich cultural heritage, warm community, and favorable conditions for retirees. With its affordable cost of living, diverse climate, and tax-friendly policies for retirees, Alabama offers a blend of comfort and convenience. The state’s focus on healthcare and community support makes it an attractive destination for retirees seeking a peaceful and fulfilling lifestyle.
| Average Home Price | $259,539 |
| Cost of Living | 87.776 Regional Price Parity(RPP for the US is 100, lower = lower than average, higher = higher than average) |
| Crime | Statewide statistics available; specific rates vary locally |
| Weather | Warmer and drier conditions with regional variations |
| Notable Hospitals | University of Alabama at Birmingham Hospital |
| Assisted Living Facilities | Average cost is $3,503 per month |
| Notable Retirement Communities | Orange Beach, Indian Springs Village |
| Military Perks | Tax exemptions on certain retirement incomes |
| State Income Tax for Retirees | Has state income tax with exemptions for retirement income |
Virginia
Virginia is celebrated for its rich history, diverse landscapes, and strong community support for retirees. With its balanced climate, strategic location, and tax-friendly policies for retirees, Virginia offers a unique blend of historical charm and modern convenience. The state’s commitment to healthcare excellence and community engagement makes it a top choice for retirees seeking a rich and engaging lifestyle.
| Average Home Price | $385,038 |
| Cost of Living | 102.137 Regional Price Parity(RPP for the US is 100, lower = lower than average, higher = higher than average) |
| Crime | Varies by location; some areas see a rise in specific crimes |
| Weather | Mild winters and warm summers |
| Notable Hospitals | Riverside Regional, Inova Fairfax Hospital |
| Assisted Living Facilities | Average cost: ~$4,850/month |
| Notable Retirement Communities | Rockwood, Massanetta Springs |
| Military Perks | Tax exemptions for Social Security, deductions for military pay |
| State Income Tax for Retirees | Social Security not taxed, deductions for military pay |
South Dakota
South Dakota is known for its stunning natural beauty, low cost of living, and favorable tax environment for retirees. With its wide-open spaces, national parks, and friendly communities, South Dakota offers a peaceful and active lifestyle for retirees. The state’s commitment to healthcare and low crime rates make it a safe and attractive destination for those seeking a serene retirement.
| Average Home Price | $315,400 |
| Cost of Living | 87.991 Regional Price Parity(RPP for the US is 100, lower = lower than average, higher = higher than average) |
| Crime | Decreased by 2.57% in 2023 |
| Weather | Warmer and drier than normal in 2023 |
| Notable Hospitals | Sanford Medical Center Fargo |
| Assisted Living Facilities | Affordable compared to the national average |
| Notable Retirement Communities | Milbank, Deadwood, Hot Springs |
| Military Perks | Various benefits including property tax exemptions |
| State Income Tax for Retirees | None |
FAQ
Are there specific programs or communities for military retirees in states not mentioned in the article?
Yes, many states not covered in the article also have programs and communities specifically designed for military retirees. These programs often include access to healthcare, social events, and employment resources tailored to the needs of veterans. Researching state veterans’ affairs websites or contacting local veterans’ organizations can provide more detailed information.
How do state taxes affect military pensions and retirement benefits?
State taxes can significantly impact the net income from military pensions and retirement benefits. Some states offer complete exemptions for military retirement pay, while others may tax it at varying rates. Additionally, the overall tax environment, including sales tax, property tax, and income tax on other sources of income, should be considered when choosing a retirement location.
What healthcare options are available for military retirees beyond VA facilities?
Beyond VA facilities, military retirees may have access to TRICARE, the healthcare program for military personnel, retirees, and their dependents. Some states also offer additional healthcare programs and benefits for veterans. Additionally, retirees may choose to use private healthcare providers or participate in Medicare.
Can military retirees access educational benefits in retirement?
Yes, military retirees can access various educational benefits, including the Post-9/11 GI Bill, which can be used not only for degree programs but also for vocational training and certification courses. Some states offer additional educational benefits, scholarships, or tuition waivers for veterans and their families. It’s advisable to check with the state’s department of veterans affairs for specific opportunities.
Key Takeaways
- Military retirees prioritize states with no income tax, healthcare accessibility, and military benefits.
- Florida and South Dakota are highly favored for their tax policies and quality of life.
- Virginia and Arizona offer rich cultural experiences and strong community support for veterans.
- Alabama provides an affordable cost of living and a warm community for military retirees.
Share this post: