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Layin’ It on the Line: Retirement living in Utah — A cost-effective option

By Lyle Boss - Special to the Standard-Examiner | Jun 7, 2023

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Lyle Boss

Our beautiful Utah is a popular retirement destination for many reasons. It has a mild climate, beautiful scenery and a strong economy. But is it also a cost-effective place to retire?

The answer is yes. Utah is one of the most affordable states in the country for retirees. The cost of living is lower than the national average, and there are many government programs and resources available to help seniors make ends meet.

Here are some of the things that make Utah a cost-effective place to retire:

1. Low cost of living: The cost of living in Utah is significantly lower than the national average. According to a 2022 cost of living index by C2ER, the cost of living in Utah is 83.6% of the national average. This means that goods and services in Utah are, on average, 16.4% less expensive than they are in the rest of the country.

2. Affordable housing: Housing is one of the largest expenses for retirees. In Utah, the median home price is $350,000, which is significantly lower than the national median of $428,700. There are also many affordable rental options available in Utah.

3. Tax-friendly policies: Utah has a number of tax-friendly policies for retirees, including:

  • Low state income tax: Utah has a 4.65% flat income tax. This low rate can help retirees save money on their retirement income.
  • Property tax exemption for seniors: Utah offers a property tax exemption for seniors who are 65 years of age or older and have a household income of $30,000 or less. This can save retirees thousands of dollars on their property taxes each year.
  • Senior citizen discounts: Utah offers a variety of senior citizen discounts on goods and services, including transportation, entertainment and dining.

4. Strong economy: Utah has a strong economy that is growing at a faster rate than the national average. This means that there are more job opportunities available for retirees, and there is less risk of job loss.

5. Active lifestyle: Utah is a great place to retire if you enjoy an active lifestyle. There are many opportunities for hiking, biking, camping, fishing and other outdoor activities. There are also many cultural and recreational amenities available in Utah, such as museums, theaters and parks.

If you are looking for a cost-effective place to retire, Utah is a great option. The state has a mild climate, beautiful scenery, a strong economy and a variety of amenities that make it a great place to live.

Here are some additional tips for planning your retirement in Utah:

  • Start planning early: The earlier you start planning for retirement, the more time you will have to save money and make decisions about where you want to live.
  • Do your research: There are many different retirement communities and options available in Utah. It is important to do your research and find the option that is right for you.
  • Get professional help: A financial advisor can help you create a retirement plan and make sure that you are on track to reach your financial goals.

When it comes to funding your retirement, consider the safe money income option an annuity can provide.

Lyle Boss, a native Utahn, is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management. Boss Financial, 955 Chambers St., Suite 250, Ogden, UT 84403. Telephone: 801-475-9400.

Editor's note: A previous version of this article incorrectly stated that Utah has no state income tax. After recently passed legislation, Utah has a flat personal income tax rate of 4.65%.


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