The 10 Best Places to Retire in Wyoming - SmartAsset (2023)

FAQs

What is the number 1 retirement state? ›

According to Bankrate's study, Florida is the best state for retirement in 2022, followed by Georgia, Michigan, Ohio and Missouri. Alaska, on the other hand, held last place in our ranking. The state was dragged down by back-of-the-pack scores in affordability and weather.

A good retirement income is about 80% of your pre-retirement income before leaving the workforce. For example, if your pre-retirement income is $5,000 you should aim to have a $4,000 retirement income.

The warmest parts of the state are the lower portions of the Bighorn Basin, the lower elevations of the central and northeast, and along the eastern border. The highest recorded temperature is 116°F on July 12, 1900 at Bitter Creek in Sweetwater County. The average maximum temperature at Basin in July is 92°F.

1. Delaware. Congratulations, Delaware – you're the most tax-friendly state for retirees! With no sales tax, low property taxes, and no death taxes, it's easy to see why Delaware is a tax haven for retirees.

According to data from the Federal Reserve, the average amount of retirement savings for 65- to 74-year-olds is just north of $426,000.

The 80% rule: Some experts will cite the "80 percent rule" of retirement planning, which states that you should plan to live on 80 percent of your pre-retirement income to maintain a similar lifestyle. So if you earn $100,000 per year, you should aim for a retirement income in the range of $80,000 per year.

On average, Americans have around $141,542 saved up for retirement, according to the “How America Saves 2022” report compiled by Vanguard, an investment firm that represents more than 30 million investors.

Why are people moving out of Wyoming? ›

Movers are choosing to embrace the small city lifestyle with lower costs and more wide open space. Post-pandemic "more remote workers and retirees are choosing their next destination based on lifestyle, taxes, and cost of living, not proximity to a subway" the study said.

Wyoming. Retirement Income: Wyoming is very taxpayer-friendly when it comes your retirement income—no taxes on payments from 401(k) plans, IRAs or pensions.

Rural subdivision and development, energy development, invasive species, climate change, and disruption of historic disturbance regimes are five important conservation issues that extend across a majority of Wyoming's habitat types and wildlife species.

Exemptions. (a) The following property is exempt from property taxation: (xlii) Property of residents sixty‑five (65) years of age or older, to the extent provided by W.S. 39‑13‑105(m).

Weather: Winters in Wyoming are usually long and cold. January is usually the coldest month of the year. At this time, the minimum temperatures are between 5 and 10 degrees. There are some mild periods when it gets up to the 50s.

The top two states to retire in according to our formula are — drumroll please — Alaska and New Hampshire! Special mentions go to Delaware, Virginia, and Washington, which were all in the top 20 on both lists.

More often than not, retirees will find the most affordable and sunniest retirement destinations in the southernmost state of the continental U.S. — Florida.

Where can I retire on 1000 a month in the US? ›

Key Takeaways. Florida, South Carolina, and Arizona are the top three states people are retiring to. New Jersey had the greatest percentage of outbound moves last year at almost 71%. The Mountain West area is one of the most popular regions for retirees.

The personal finance website has come up with a ranked list of the top 20 best states to live in for 2022. Here are the results! The top state is Massachusetts, which ranked first in the nation for education and health, fourth for safety, sixth for quality of life, and 10th for its economy.

States That Don't Tax Retirement Income

Those eight – Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington and Wyoming – don't tax wages, salaries, dividends, interest or any sort of income.

Teton County has highest concentration of wealth per household than any other county in the nation | Wyoming Public Media.

1. Evanston. Evanston, the most affordable city in Wyoming, rises about 6,700 feet above sea level and is bathed in sunshine 300 days a year. This small town is surrounded by mountains and offers opportunities for camping, mountain biking, kayaking, fishing, and more.

The coldest town in Wyoming is Bondurant, which is located in Hoback Canyon between Jackson and Pinedale. The average temperature in Bondurant for the months of December, January and February is 10.7 degrees.

Is it worth moving to Wyoming? Wyoming offers affordable home prices, no state income tax, clean air, and a wealth of outdoor recreational opportunities. So yes, if you're planning to move there, then you simply shouldn't hesitate.

It's no secret that a lot of celebrities either have a home in Jackson Hole, or visit often! Kanye West, Kim Kardashian, Harrison Ford, Sandra Bullock, Brad Pitt, Pippa Middleton, Tiger Woods, Uma Thurman, Matthew McConaughey have all spent time here.

1. Kemmerer. The top safest city in Wyoming is Kemmerer, also known as 'The Gateway to the West. ' This community is an astounding 73% below the national crime rate, which helps stress levels remain low.

What is the most common crime in Wyoming? ›

Despite low concern, Wyoming uses more security measures than most other states. Wyoming's property crime rate is 16% lower than the national average of 19.6. Larceny-theft is the most prevalent property crime, accounting for 77% of all crime statewide.

Average Cost of Living in Wyoming: $42,016 per year

It also ranks among the top 20 most affordable states in the nation, according to MERIC data collected in late 2021.

About 35% have no retirement savings, compared to 60% of those who never married and 40% of those who married more than once (Figure 2).

But how many people have $1,000,000 in savings for retirement? Well, according to a report by United Income, one out of six retirees have $1 million.

For those who are collecting Social Security at age 65, the average payment in 2022 is about $2,484 a month, according to the Social Security Administration. That's based on the agency's estimate that the average annual benefit is $29,806 for Social Security recipients who are age 65.

The average retired person spends $4,074 a month. This is based on the average annual expenditure of persons aged 65-74 in the United States of $48,885.

Is Wyoming a good state for retirees? ›

Wyoming is a good place to retire based on the weather, cost of living, and taxes. It does not impose state income taxes on retirement income such as 401(k) withdrawals and social security. The state has four distinct seasons, good weather in the summer, low crime rate, and good transport network.

226 miles northeast of Kemmerer lies the warmest town in Wyoming, Thermopolis. Named after the Greek word for "hot city", the city is home to the largest mineral hot spring in the world and boasts an average year-round high temperature of 66.

Wyoming has low income and property taxes

Taxes don't stop in retirement — some states require residents to pay taxes even on their Social Security income or retirement income. Wyoming won't require that, and it has to do with the state's history with mining taxes.

Wyoming does not have its own income tax, which means the state will not tax any form of retirement income. This includes Social Security retirement benefits. Property taxes and sales taxes in Wyoming are also among the lowest in the country.

Exemptions. (a) The following property is exempt from property taxation: (xlii) Property of residents sixty‑five (65) years of age or older, to the extent provided by W.S. 39‑13‑105(m).

According to the study, the region surrounding Wyoming is a good place to retire to in general. The study ranked South Dakota 3rd, Colorado 5th, Idaho 6th, and Montana 8th.

Wyoming does not have an individual income tax. Wyoming also does not have a corporate income tax. Wyoming has a 4.00 percent state sales tax, a max local sales tax rate of 2.00 percent, and an average combined state and local sales tax rate of 5.22 percent.

Worland, Wyoming, is widely considered to be the least windy place in the state. Located in the Big Horn Basin, Worland is naturally sheltered from the strong winds that batter other parts of Wyoming. While Cheyenne, Laramie and Casper have average wind speeds above 12 miles per hour, Worland is calm by comparison.

The record low for the State is -66° F observed February 9, 1933, at Yellowstone Park. During warm spells in the winter, nighttime temperatures frequently remain above freezing.

Which state is best for elderly? ›

Wyoming is one of the most tax-friendly states for retirees while also being one of the largest states and the least populated. Wyoming also offers a little less hustle and bustle for anyone who wants a quieter life following retirement.