A financial magazine has named Delaware the top destination for retirees, and Milford as the best city to settle in.
Low taxes, affordable cost-of-living and ease of access to nearby cities are the top reasons to relocate to Delaware after retirement, according to Kiplinger, a D.C. based magazine focusing on business and finance advice.
Kiplinger rated all 50 states and D.C. based on affordability and economy, crime rates, population of the over 65 demographic and the tax burden for retirees.
Pennsylvania ranked 4th, regarded for its below average crime rates, tax emption laws and reasonably priced housing for individuals over 65. Kiplinger ranked Pittsburgh as the top city for retirees.
In Delaware, individuals 65 and over make up almost 15 percent of the population, according to the report.
The state’s low tax burden is a top incentive to relocate, Kiplinger reports. Delaware has no sales tax, and low income taxes from which social security benefits are exempt.
The magazine also reports that Delaware has an affordable cost of living compared to nearby states like New Jersey, New York and Connecticut.
Although retirees might consider purchasing beach houses in Bethany, Dewey and Rehoboth, Kiplinger suggests settling in Milford instead. The city is within an hour’s drive of beaches and has a cost of living only 5.2 percent above the national average—compared to at least 49.4 percent at the beach locations.
Kiplinger also notes Milford’s restaurants, shops and seasonal events as top attractions, and its ease of acces to Wilmington, which has regular Amtrak service to other major east coast cities.
In addition, Milford’s quality healthcare is an incentive for retirees, according to the report. Bayhealth Milford Memorial provides inpatient and outpatient services, including a cancer center and a joint replacement facility.