The Pros and Cons of Retiring in Colorado

 

Planning for retirement is always important, and there are a lot of things you are going to need to think about before you look into achieving this comfortably. There are loads of different elements you need to make the most of right now, and this is something you have to come up with that is going to help you understand the best retirement decisions you should be making. 

Retiring in Colorado has become a popular choice with many Americans, and it is important to make sure you focus on taking steps to make the best of this. There are a lot of elements that you need to keep in mind when it comes to making this choice, and you are going to need to figure out the pros and cons of retiring in Colorado so you get it right as much as possible. 

Pros

There are plenty of advantages for those looking to retire to Colorado, and this is something you will need to figure out before you actually decide to retire. This could well be the place for you, and it is so important that you understand what is involved in this, and what it is that makes the Centennial State one of the best places in the US to retire to.

• Low pension taxes

One of the most attractive and appealing things about retiring to Colorado is the fact that, as a state, it offers lower pension taxes than most other states. Indeed, typically, retirement income is taxed at the same level as earned income, but this is not the case in Colorado. Instead, the state has what’s known as a pension subtraction, which allows retirees to exclude up to $20,000 ($24,000 for over 65s). Additionally, the over 65s are eligible to qualify for a homestead exemption of up to 50% the value of a primary residence. All this combined makes Colorado one of the most retirement-friendly states for senior citizen tax deductions in the entire United States. 

• Lots of retirees

Something else that is great about Colorado as a choice for retirement is the fact that it is home to a large percentage of retirees. Of course, when you’re retired, the last thing you want to do is to move to an area with a lot of young people, but this is a very real risk in many areas of the US. Well, the good news is that Colorado is home to plenty of senior citizens, and they contribute close to $5 billion every year to the economy. So, any move to Colorado will see you become an essential member of the state, and you’ll be surrounded by people of a similar age in a similar position. 

• Easily accessible

Colorado is a gorgeous state full of delightfully beautiful areas just waiting to be explored, and there are so many opportunities for you to make the most of these. The great news for potential retirees is the fact that these areas of wonderful natural beauty are easily accessible for elderly people, and this is something that is a massive positive for you moving forward. You need to make sure you make the most of this, and moving to Colorado for your retirement allows you to take full advantage. 

• Affordable

Some people worry that when it comes to retirement they aren’t going to be able to afford to move where they want to. And this is something you need to research when you are looking to retire these days. One of the big advantages of Colorado is the fact that it is highly affordable, for retirement income of all levels. For example if finding cheaper insurance rates is important to you then be sure to compare Colorado to other state you may be considering. 

• Strong health care

Health care is a huge consideration when you are retired, and you want to make sure you live somewhere that has plenty of excellent health care facilities and options available. Colorado is excellent for meeting your healthcare needs, and the state ranked as the 7th best state for medical care in 2017. Around one million Coloradoans are with UnitedHealthcare, while close to another million are with Anthem Blue Cross. Many kinds of insurance are accepted here, and this is something you need to be aware of moving forward. 

Cons

However, though there are plenty of great advantages, it is also important to assess the cons of retiring in Colorado as well. And, though there are not as many, it is important to make sure you understand what they are. So, these are a couple of the disadvantages of retiring in Colorado for you to consider. 

• Living costs

Colorado does have reasonably high living expenses compared with the rest of the nation, and this is something to bear in mind. Assisted living costs need to be taken into account as well, and this is something that you need to keep in mind. The average monthly cost of care in Colorado is around $3,850, which works out $100 more than the national average per month. 

• Population

Another of the negative elements of retiring in Colorado is the fact that there are quite a few people who have moved here, and it can get a bit crowded these days. Colorado has become a popular tourist destination, as well as somewhere that is popular with the retirement crowds. If you are not one for a crowded population, this is probably not the choice for you. 

As you can see, there are so many amazing reasons why Colorado would be an ideal place to retire these days. There are, of course, a couple of drawbacks too, but it is important to make sure you keep in mind the advantages that this state offers.