East Coast states offer different options depending on what you want. You can live in a colder state or a warmer one. But no matter what state you choose, you will enjoy your retirement. The Atlantic Coast has fourteen states that are too much for us to cover. We have created a list of the East Coast states with the biggest benefits for seniors. On this list, we will explain the benefits of moving to these states and give general moving advice, like things you should not forget when moving.
Our list will feature four states:
- Virginia is the first state on our list of the East Coast states with the biggest benefits for seniors
- The second is North Carolina
- The third is Florida
- And finally, Maryland
Virginia for seniors
The Commonwealth of Virginia is suitable for retirement because it is tax-friendly. Let’s see what tax benefits you get by moving to Virginia. When you get older, you can not and do not want to work anymore. Because you can not earn more money, you need to retire in a tax-friendly state like Virginia.
- The first thing you should know about the taxes in Virginia is that Social Security is not taxed.
- The second thing is that property taxes are low at only 0,8%, but this can vary.
- Also, the state and local sales tax in Virginia is one of the lowest in the county.
- Your IRA and 401(k) will be taxed.
- Finally, you can be exempted from personal income tax if you qualify. To qualify, you need to be 65 or older, and you can deduct up to 12,000 dollars out of your income.
If you like how taxation is handled in Virginia and need help with your interstate relocation, hire teams to ease the process. These Virginia interstate movers will relocate you swiftly and problem-free so that you can start enjoying your golden years fast.
Even though the cost of living in Virginia is higher than in the rest of America, you will be able to find affordable places to live. We recommend looking into these places:
- Belmont Estates
- Pantops
- Fairlawn
But there are many other senior-friendly options. For fun, you can always go hiking in the delightful Virginia mountains and visit one of the many festivals.
North Carolina is the second state on our list of the East Coast states with the biggest benefits for seniors
North Carolina has a moderate climate which means the state has four seasons. In addition, to the beautiful weather, there is an assortment of activities no matter what the weather is. In the summertime, visit one of the coastal towns on the Atlantic. With approximately 300-miles of coastline, you have a lot of exploring to do before you find your perfect beach town.
But if you get bored of the beaches, climb up the Smoky Mountains or the Blue Ridge Mountains. There you visit one of the resorts and hike on one of the many trails. Enjoy the stunning nature and waterfalls. And in the winter come skiing.
The cost of living in North Carolina is 9,4% cheaper compared to the national average. If you move here, you will pay less for groceries, housing, utilities, and transportation. In addition to all that, North Carolina is tax-friendly. There is no state estate tax, low-income tax, and no taxation on social security income in Virginia. Finally, Virginia is great for seniors looking to start a business because it has a low corporate income tax. Before moving here, learn about some decluttering tips.
Florida
Florida is an obvious choice for anybody looking to retire. First, let’s go over the taxation in Florida – the number one reason why people move there.
- For any seniors that do not know, there is no state income tax in Florida.
- The second thing Florida does not tax is your inheritance.
- Florida does not have an estate tax.
- But now, let’s get to the reasons why seniors choose Florida. The state of Florida does not tax any retirement income. Because it does not tax any retirement income, your IRA’s, 401(K), social security income is exempt from taxation.
And if the taxation system does not convince you to move to Florida. The fact that there are many seniors in Florida should. There are approximately 3 million adults over 65 in Florida. You will be able to enjoy all the fun activities Florida has to offer with your peers and not feel like an odd duck.
To rip all the benefits of Florida, a2bmovingandstorage.com can help you relocate there. Their experts will handle all the packing, loading the truck, and unpacking you in your Florida home.
Maryland is the final state on our list of the East Coast states with the biggest benefits for seniors
Maryland offers many activities for seniors. It has about 4000 miles of shoreline, many rivers, and lakes. You can go boating, or if you are looking for a more relaxed time, fishing is your best option. It is not as tax-friendly as Florida but in Maryland:
- The state does not tax social security benefits.
- There is an inheritance tax. But if your inheritance goes to your siblings, spouse or children, there is no taxation in Maryland.
- Finally, you can apply for a pension exclusion of up to 29,000 dollars.
You should know that the cost of living is 13% higher than the national average. So if Maryland seems a desirable location for retirement, come here and learn how to move bulky items so that you can relocate safely.
Conclusion
We hope that our list of the East Coast states with the biggest benefits for seniors will help you decide. Good luck with your move!