Retirement. That thing we all dream about when the daily grind of our jobs start to get to us. Whether you love your job or not, retirement is always something in the back of most adult minds. Whether it is early retirement and a chance to start on a second career, or that long awaited move from working to leisure, the plan and goals are the same. Two major factors come into planning and executing retirement, cost of living and making your money last. Taxes, home costs, daily expenses and the ability to live a long time on savings and retirement benefits are all criteria that must be taken into account when choosing where to live when you retire. Tennessee does not tax retirement income, making it an attractive alternative to the cliche of Florida. There are many other things that make Tennessee attractive such as well. Here are some facts about the retirement cost of living in Tennessee:
The cost of housing in Tennessee is also well below that of the national average. There is no state property tax; a resident will only pay taxes determined by their local government. Chattanooga has a median home price of $150,000 and offers public transportation and if you live in the city of Chattanooga, garbage and recycling are provided by the city. The home offering in Chattanooga ranges from condos and town homes to single family homes in both suburban neighborhoods and downtown urban areas. This highly attractive combination of affordable homes and variety is optimal for retirees in all stages of life.
Tennessee offers one of the lowest tax rates for retirees. The Hall Income Tax, and is the only tax that affects a retiree’s income directly, since the state does not have an income tax. This low tax rate means that retirees can live longer and better on their retirement income. A less stressful retirement is the goal, after all.
The cost of healthcare in Tennessee is lower than the national average. Most people in Tennessee pay just under $6,500 of their income on healthcare. As a factor in cost of living expenses, especially for those of an older age on fixed income, this lower rate is crucial. Chattanooga has one of the best hospital systems in the state, with Erlanger Medical Center being centrally located in the heart of downtown and the Mary Ellen Breast Center of Excellence being newly finished in conjunction with Memorial Hospital.
For retirees looking for affordable housing for their retirement years, Tennessee is a popular decision and Chattanooga offers the best of all that Tennessee has to offer with a thriving arts, live music and educational system. If you are interested in learning more, we would love to share our city with you.