One of the biggest challenges for many older adults is transitioning it living on a fixed income. Just because your budget has changed doesn’t mean you should have to sacrifice your quality of life. Delaware is a place that provides excellent financial benefits for older adults, but also offers plenty to do. Here are some of the reasons why you might consider retiring to Delaware.
In general, Delaware offers low tax rates that you won’t find in most other states. Income tax rates are about average, but they don’t charge sales tax on any products. Not only will this save you money on your purchases as a Delaware resident, but it’s also strengthened the Delaware economy. This is because many companies register their corporations in Delaware, which supports a strong state infrastructure.
Delaware has low tax rates for everyone, but they also provide a few unique tax benefits to help older adults save money specifically. Those over the age of 65 get an additional $2,500 standard deduction. There’s also a $12,500 tax exclusion for income from IRAs, 401(k) plans, pensions, and other forms of retirement income.
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The Northeast is known for having very high rents and property values, but Delaware is much cheaper to live in than places like New York, Massachusetts, New Jersey, or Washington, DC. By living in Delaware, you’ll be able to stay in close proximity to cities like New York, Baltimore, and Philadelphia without paying the same high prices. You can get to several urban hubs in just a few hours’ drive or train ride from Delaware.
Staying entertained in Delaware is easy, and you won’t have to break the bank to do it. There’s plenty to do outside, with miles of pristine shoreline as well as trails for hiking, biking, and horseback riding. The city of Wilmington hosts free and low-costs festivals throughout the summer and fall, most notably the Clifford Brown Jazz Festival. Many of the area’s notable art and history museums offer free days as well.
Older adults should also take advantage of Delaware’s Medicare program. As in many other states, Delaware offers Medicare to residents 65 and older as well as disabled residents. Original Medicare provides inpatient hospital coverage through Part A, as well as coverage for many outpatient services through Part B. Those looking to expand their coverage can purchase a Part D plan, which covers prescription drugs, as well as a Medigap or Medicare Advantage plan, which provides extended coverage that Original Medicare doesn’t offer.
If you’re looking to save money while still enjoying rich history and culture, Delaware is a great place to retire. If you’re interested in learning more about your Medicare options, contact Time For 65’s licensed partnered agents today. Fill out this form or give us a call today to see how we can help.
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