It ranks #5!
According to kiplinger.com our beloved South Dakota is ranked in the top for retirement friendly states. Their reasons are as follows:
- There is no state income tax so Social Security benefits and other retirement income are not taxed.
- Cost of living is low.
- Percentage of the population over 65 is above the national average with 14.5%
- Sales tax is relatively low.
- SD offers many home-owner benefits for Seniors including tax freezes, property tax reduction, and property tax homestead exemptions. Property Tax homestead exemption is for homeowners 70 or order or a surviving spouse. This allows them to delay paying property payment until the sale of the property.
- There are no inheritance and estate taxes.
The only states that rank better than SD for retirement are Delaware, Florida, West Virginia and Pennsylvania.
Our neighbors, Nebraska and Minnesota, are among the worst states for retirees along with North Carolina, New York, New Mexico, California, & District of Columbia.
So why not move all your older relatives to the wonderful state of South Dakota!