Benefits of Retiring in Wyoming

Wyoming used to be a well-kept secret for retirees, but not anymore. Bankrate, Kiplinger, and Sperling’s Best Places all rank the Cowboy State among the top 10 locales for retirement in America. In fact, Bankrate crowned Wyoming the No. 1 state for retirees, listing three chief reasons: low taxes, good weather and a low crime rate.

Here are three of the leading benefits of retirement in Wyoming.

1. Low Taxes

Wyoming’s chief appeal to retirees is probably its low taxes. Wyoming is the No. 2 tax-friendly state in America, according to Kiplinger.

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Thanks to an abundance of state revenue coming from oil and mineral rights, Wyoming has no state income tax. Wyoming has the country’s lowest effective tax rate at 6.9 percent, according to CNN Money. This rate is roughly half of New York’s effective tax rate by comparison.

The Equality State also appeals to retirees because it doesn’t have a state inheritance tax or a state estate tax, and Wyoming’s state sales tax rate is also one of the lowest in the U.S. at 4 percent, according to TaxRates.com. Wyoming also features a sales tax exemption on prescription drugs and groceries, a strong draw for seniors.

2. Outdoors

Wyoming boasts a vast array of options for nature lovers and outdoorsmen. It is home to two of the most celebrated national parks in the country, Yellowstone and Grand Teton, which attract scores of hikers and campers, as well as spectacular mountain ranges. The state also offers numerous rivers for excellent canoeing, fishing, fly fishing, and swimming, including the Snake, Yellowstone, North Platte and Bighorn, according to the Wyoming Fishing website. Wyoming is also popular with hunters who can pursue a variety of big game, from mountain lions and antelope to spring black bears, mule deer, elk, and white tail deer, according to Hunt Wyoming.

3. Safety

Wyoming ranks 20th of 50 states in overall safety, according to WalletHub.com. The state ranks 11th in financial safety, 13th in road safety, and 25th in home and community safety. Wyoming’s crime rate is fifth lowest in the nation, according to CNN Money. “And a safe place to live is the most important factor for retirees,” said Bankrate analyst Chris Kahn.

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