Recently, Iowa has been rated by two independent sources as a top retirement destination. MoneyRates.com places Iowa in first place, and a study by Blacktower Financial Management Group puts it in third.
For most, the Hawkeye State is not the first retirement location to come to mind, but it clearly deserves another look. Keep reading to learn what benefits await seniors living in Iowa.
Financial Incentives for Iowa Retirees
One of the first considerations you must make as you envision your retirement is what you can afford and where your money will go furthest. Iowa has a lot to offer in this regard.
- Tax Benefits: As a retiree, your Social Security benefits are exempt from Iowa state income tax. While there is a tax on income from a 401(k) or IRA, you can qualify for a tax deduction of up to $6,000 on retirement income.
- Low Cost of Living: While you may pay slightly higher property taxes than you might in some states, the price of goods and services are considerably low in Iowa. In fact, it is in the top 25% of affordable states in the country. The average house price is $154,727, and their below-average sales tax exempts food and prescription drugs.
- Inheritance Tax Breaks: In Iowa, there is no inheritance tax on lineal descendants. While nonlineal descendants will have a tax rate between 5–15%, sons, daughters and grandchildren will not have to pay state tax on their inheritance.
- Vibrant Job Market: More and more, retirees are interested in keeping a part-time job. Iowa boasts the third lowest unemployment rate in the country. The economy is strong, and jobs are available to those who would like to continue to work.
Medical Care You Can Count On
Whether you have medical needs now or want to be prepared for whatever comes in the future, living in a place that has excellent health care options can offer you peace of mind. Iowa has this covered.
- Health Care Capacity: A significant reason for Iowa’s top rankings in retirement destinations is its capacity for senior care. Not only are there exceptional care options available to older adults, but the per capita number of people employed by care facilities is fifth in the nation. This means that senior living communities can provide superior assisted living care and memory care to you.
- Senior Living Communities in Iowa: There are outstanding independent living communities, assisted living communities, memory support facilities, and skilled nursing homes in the state of Iowa. You can choose from senior housing in the Quad Cities or a retirement home in a bustling urban area.
Riverfront Living and Fast-Growing Hubs
One might think as they consider Iowa as their new home, “But what is there to do there?” You may be surprised.
- Quaint Quad Cities: Bettendorf and Davenport are river-front Iowa cities considered a part of the Quad City metropolitan area. Here, you can enjoy riverboat cruises, accessible bike trails and quaint village shopping. There is fun for young family members who visit as well as museums and shopping for others.
- Unique Culture of Des Moines: In 2014, the Today Show stated that in Des Moines, “regular folks can live the rich life.” It is a fast-growing city, which comes with a rich culture of art, theatre, music and dining.
The Best of the Midwest Charm
Another noteworthy benefit of living in Iowa is the quiet, small-town feel that you often experience in the Midwest. There aren’t many places that can offer a robust economy, high-quality health care, and a sense of community. In Iowa, you will find it all.
- Great Neighbors: “Midwest nice” is not just a stereotype. In Iowa, you will find people who are warm, hospitable and welcoming to you in this new phase of life.
- Low Crime Rates: In Iowa, you will find safety and security. The study by Blacktower Financial Management Group ranked Iowa 17th for crime across the nation.
- Taste of All Four Seasons: The weather in Iowa may not be tropical and warm all year round, but you will experience four distinct seasons with beauty all their own.
Experience Quartet Senior Living
There is an uplifting place to call home coming to Bettendorf, Iowa. At Quartet Senior Living, you can reap the benefits of retiring in Iowa while enjoying a maintenance-free life in a beautifully designed space with activities and amenities just for you. For more information, contact 536-277-7021.