If you’re looking toward retirement, chances are you’re getting ready to make some big decisions. Perhaps you’re trying to decide if you want to remain in your current home or try someplace new. While you might be thinking about coastal cities in sunny Florida or California, you might want to consider other states, as well, such as Pennsylvania. Why would you want to retire in Pennsylvania? Here are seven reasons why!
1. Pennsylvania Is Tax-Friendly for Retirees
An important part of planning for retirement is taxes. Especially if you’re planning on using Social Security or you don’t have a very robust retirement fund, tax rates are an important part of making sure you have enough money to live on. Pennsylvania does not tax Social Security benefits, public or private pensions, or income from a 401(k) or IRA account. For those 65 and older, there are also rebates on property taxes, as well as a homestead exclusion if necessary.
However, Pennsylvania does have an inheritance tax, differing from many other states. While tax laws for retirement income are extremely lax, making it a very alluring choice, Pennsylvania differs from much of the rest of the nation in that they do levy an inheritance tax on estates. Surviving spouses are entirely exempt from this tax, as well as children 21 or younger, but all other relatives will have an inheritance tax due nine months after receiving their inheritance.
2. When You Retire in Pennsylvania, You'll Have Plenty of Outdoor Things to Do
Staying inside can sometimes make you feel a little stir-crazy, and living in a big city, exciting as it may be, can feel stifling if there aren’t any big outdoor places to be. Pennsylvania, with its almost 800 miles of forest hiking trails, doesn’t have that issue. It doesn’t end with hiking, either. Pennsylvania has places for biking, fishing, hunting, horseback riding, and many other outdoor activities for any outdoor enthusiast.
3. Pennsylvania Is Close to Everything
Pennsylvania is very close to places people love to visit on the East Coast. Philadelphia is only a few hours from New York and Washington, D.C, and Pittsburgh is close enough to Niagara Falls that it makes for a great overnight stay. If you like to travel, Pennsylvania is a great place to be for your retirement.
4. History Is Everywhere You Look
If you love learning about the history of the United States, there are literally hundreds of places to do that in Pennsylvania. Philadelphia houses the Assembly room, where the Declaration of Independence and the U.S. Constitution were signed, making it one of the most important places in United States history. There are also military sites, like Valley Forge National Historic Park and Fort Ligonier.
5. Pennsylvania Has Great Weather and Natural Beauty
To retire in Pennsylvania means to take in the beautiful scenery and gentle weather. With average highs that rarely top 90 degrees and rain just enough to be beautiful but not obnoxious, Pennsylvania is great when it comes to weather. People all over the nation praise the gorgeous Pennsylvania fall when the leaves turn bright shades of sunset colors.
6. There Are Plenty of Pennsylvania Breweries and Restaurants to Enjoy
When you think of craft beer, you may think of somewhere on the West Coast, like Portland. However, Pennsylvania actually brews the most craft beer in the nation, producing over one billion bottles of beer every single year. If alcohol isn’t your thing, you’ll be happy to know that there’s also a booming restaurant business — pizza in particular, which is made in its own unique way in Pennsylvania.
7. If You're Looking for Community, Pennsylvania Is the Place to Be
Pennsylvania has a large senior population, with roughly 19 percent of the population over 65. If you want to find a great community with others who are also retired, Pennsylvania is a great place to look. In fact, Lancaster was named the most desirable city for retirees in 2022, and Pennsylvania claimed five of the top 10 spots. Reasons included the quality of healthcare, tax benefits for seniors, housing affordability, and happiness.
