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Myths About Retiring in Alabama

By    |   Saturday, 30 May 2015 11:16 AM

When you think about Alabama, it is possible that you have heard about oil spills and hurricanes, mosquitoes and alligators. When it comes to retiring in Alabama there are a lot of myths that need to be ignored. The reality is Alabama is a great state to retire in. It has miles upon miles of serene coastline, a climate that is less humid and hurricane prone than neighboring Florida's, and one of the lowest cost of living indexes in the United States. Here are three myths related to retirement in Alabama.

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  1. The Weather is Terrible - Every so often a hurricane does make landfall on the Alabama coast. It also isn't unheard of for summer thunderstorms to spawn tornadoes, but this can happen in most eastern and southern U.S. coastal regions, and the reality is that Alabama actually has less severe weather than neighboring (and competitive) retirement power state Florida. Plus, the weather here is actually quite nice year round. Even during the coldest months of winter, lows still average around 40 degrees Fahrenheit and daytime temperatures on the coast can reach 60 F.
  2. It is Affordable to Retire in the Sticks, But the Beach is Out of Reach - This is another myth. If you've always dreamed of retiring in a beach town, Alabama is a terrific state to start looking. Although living on the beach in Gulf Shores or Orange Beach will cost more than living in the city or country, when you compare it to certain other hot retirement spots, it is still a lot less expensive. According to MarketWatch, "the cost of living in Gulf Shores is just 11.2 percent higher than average compared to 109 percent higher for Palm Beach and 36.4 percent higher for Boca Raton."
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  4. Alabama Has a State Income Tax, So It Costs More to Live Here - While Alabama does have a state income tax, most retirees are usually no longer drawing income, and when it comes to tax breaks for retirees, Alabama has plenty. People age 65 and older often pay nothing for property taxes while Social Security and defined benefit pension plans are exempt from taxation completely. Also, after a retiree's death, his or her loved ones won't be charged any additional state estate and inheritance taxes beyond the maximum amount charged by the federal government.
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When you think about Alabama, it is possible that you have heard about oil spills and hurricanes, mosquitoes and alligators. When it comes to retiring in Alabama there are a lot of myths that need to be ignored.
retirement, Alabama, myths
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2015-16-30
Saturday, 30 May 2015 11:16 AM
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