Facts About Retiring in Idaho

The influx of retirees who are seeking to spend their retirement in Idaho has been steady for the past few years. This is primarily due to the consistently high ranking of Idaho among the best places to retire in surveys year after year. In 2012 Forbes.com ranked Idaho as the 2nd-best state for retirement second only to Hawaii. On a more recent survey, Bankrate.com ranks the state as the 4th-best state to retire in its 2015 report.

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While the criteria for ranking the states as the best or worst places to retire may differ slightly, most surveys rely on several factors to boost their rankings. These factors include the average cost of living, average home price, crime rate, economy, local tax burden, health care quality, life expectancy, recreation, and climate. Idaho earns its place consistently among the top five best states for retirement by putting up high and decent scores in these criteria.

Here are some helpful facts about retiring in Idaho for retirees who are thinking of relocating to the state.

• The Cost of Living Index in Idaho is below the U.S. average. This means that it is cheaper to live in Idaho compared to other states that are at or above the U.S. average. The state capital, Boise, for instance has a cost of living index of 91 to 100 (100 is the U.S. cost of living index average). Other places in Idaho that have a low cost of living index include Idaho Falls, Sandpoint, and Pocatello. It is important to note that some cities in Idaho have a high cost of living index such as Coeur d’Alene and Sun Valley, with the latter having a cost of living index of more than 100% above the national average. Home prices also vary in Idaho according to the location.

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• Idaho has one of the lowest crime rates in the United States. The low crime rate in Idaho is one of the reasons why the state is one of the best places to relocate for retirement. In its 2015 report, Bankrate.com ranks Idaho as 2nd when it comes to the lowest crime rate among the 50 states.
• The local tax burden in Idaho is average. Although it does well in other categories, the local tax burden is just about average in Idaho. Bankrate ranks the state at number 27 when it comes to tax rates. Seniors and retirees, however, can still qualify for tax deductions on certain benefits including civil service retirement annuities and retirement benefits paid to retired members of the U.S. military.
• Idaho is ideal for retirees who love the outdoors. Idaho offers a myriad of outdoor activities for active retirees. The proximity of cities and towns to mountains, rivers, and ski resorts gives retirees post-card quality scenery and exceptional recreation opportunities such as hiking, skiing and fishing.

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