New Hampshire is the fifth smallest state in the U.S., so you might not know much about it. But know this: It's located in New England, so its residents enjoy all four seasons, including glorious fall foliage and ample snow for skiing. It's worth consideration, too, if you're thinking of relocating for retirement. The state ranked No. 1 in a Motley Fool look at the best states to retire in.
Here are some of the pros and cons of retiring in New Hampshire. For starters, there's the weather, which is a pro or con depending on your preferences. The summers aren't as brutal as, say, Florida or Arizona, but the winters can be cold and snowy. New Hampshire even has a shoreline -- though it's only 18 miles long.
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If you enjoy outdoor recreation, New Hampshire offers lakes and mountains for skiing, kayaking, hiking, and more, and it's full of quaint small towns, where you might go apple-picking. New Hampshire scores well when it comes to healthcare -- a big plus for retirees, as healthcare costs are a big deal in retirement. The folks at MedicareGuide.com have rated New Hampshire the 11th-best state in the U.S. for elderly healthcare.
How about the cost of living? Well, according to the World Population Review, its overall cost of living is about 15% above the national average. Utilities and healthcare rate about 30% and 21% above average, while grocery costs are about average. The typical home price in New Hampshire was recently $505,012, about 39% more than the national average -- though, of course, there are plenty of higher- or lower-priced homes. On a more positive note, the average annual cost of car insurance in New Hampshire was recently $2,943, about $74 less than the national average.
Taxes are another major concern for retirees, and New Hampshire is solid on that count. It has no income tax at all, meaning that your Social Security income won't be taxed (by New Hampshire), and neither will pension income or withdrawals from 401(k) and IRA accounts.
If you think New Hampshire might be a good fit for your retirement plan, learn more about it.
