So your heading into retirement – along with your financial planning one of the most important retirement decisions you will make is where to live. I, of course, recommend Las Vegas, but I could be biased. However, I am not the only one who thinks this is a great place to live and retire.
According to nerdwallet.com who crunched the most recent US Census Bureau numbers, Las Vegas metro area is still a growing region—its overall population increased by 9% between 2007 and 2012. The ratio of the senior population to the overall total grew by about 1.916%, the third-highest rate of all places in the analysis. There are a number of reasons enticing the many retirees that move here everyday. Here are just a few of my personal favorites.
Nevada is a low-tax destination with one of the lowest overall state tax burdens in the nation. There are just seven states that do not impose an income tax, and Nevada is one of them. This includes Social Security and income from retirement accounts too. When it comes to property taxes, when ranked by state, Nevada falls in the middle. In Nevada, property tax is based on 35 percent of the fair market value of the property, where many others assess taxes on 100 percent of the fair market value. As far as property taxes in retirement, residents over the age of 62 who qualify can receive a rebate of up to 90 percent of their property taxes each year. There is no inheritance and estate taxes in Nevada too. Moving from a high-tax state to a low-tax state can be viewed as strategic and a big factor for many retirees when selecting their retirement destination. This alone could be the reason for the influx of new retired residents.
Climate & Community
Yes, it gets hot in Las Vegas in the summer, but at least you rarely ever have to shovel snow in the winters. With more than 300 days of sunshine each year, Las Vegas is one of the sunniest places in the country, making it an ideal destination for outdoor enthusiast and avid golfers. With golf communities across the valley, retirees have many options to live in a community designed with their retirement lifestyle in mind. And since the housing market in Las Vegas hasn’t fully recovered, purchasing a home is still very affordable.
With world-class resort hotels, restaurants and shows it is no wonder that Las Vegas is known as the Entertainment Capital of the World. Boredom is not an option as there is always something new coming. The casinos can provide many forms of entertainment to the retired Las Vegas resident, but of course, retirees will need to be sure they don’t gamble with those retirement dollars!
Yes, Las Vegas has many benefits for its retired residents. To make the most of these benefits, it’s important to do a little planning prior to retiring or relocating to the valley. Some smart planning can enhance a financial plan and ultimately allow for a better life in retirement.
If you are considering a move, go www.MyNevada.gov for more information about Nevada.
Brad Zucker, RFC® is the president of Safe Money Advisors, Inc., a Las Vegas-based independent financial advisory firm. He blogs on personal finance every Monday for the RJ. For more information visit www.SafeMoneyAdvisorsNV.com or connect with him via Facebook and LinkedIn.