Tags: Retirement | retirement | Oregon | drawbacks

Drawbacks of Retiring in Oregon

By    |   Tuesday, 09 Jun 2015 12:27 PM

Oregon offers a lot of perks for retirees, including a relatively mild climate and an abundance of outdoor, cultural, and leisure opportunities. However, retirement in Oregon comes with a few downsides, including the high cost to live there and dreary weather in some regions during certain seasons. If you're considering spending your retirement in Oregon, take a look at the drawbacks of life in the Beaver State first.

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  1. High Cost of Living - It costs more to spend your retirement in Oregon than in many other states. According to Sperling's Best Places, Oregon's overall cost of living is 16 percent higher than the national average. Health care also costs 16 percent more, while you'll pay 14 percent more for groceries and 36 percent more for housing. There are some cities and towns where the cost of living is close to the national average, but in some of the more popular cities, expenses skyrocket. Bend, for example, is a thriving retirement destination where the overall cost of living is 20 percent higher than the national average and where median home prices are approximately $75,000 higher, according to MarketWatch.
  2. High Income Taxes and Fewer Tax Credits - The Retirement Center for Living notes that income tax rates are high in Oregon. Additionally, you're more likely to pay taxes on retirement benefits than in other states. Oregon taxes most retirement income, except for Social Security and railroad retirement. You might be able to deduct some of your retirement income if you worked for the federal government or served in the military.
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  4. Higher Property Taxes - With its higher property values, Oregon also charges more in property taxes. For example, it's one of the few states that doesn't offer a homestead exemption, which lowers property values and thus taxes. The states that offer the homestead exemption typically also offer a senior homestead exemption, which subtracts twice the standard deduction. If you have difficulty paying your property taxes in Oregon, you can apply for the state's Senior Citizen Property Tax Deferral Program, open to homeowners who are at least age 62 and have a total household income below $39,500. While it doesn't lower your taxes, it does allow you to delay paying them.
  5. Sometimes, the Weather is Inclement - The Western Regional Climate Center notes that Oregon has an overall mild climate and that extremely high or low temperatures are rare. However, as the Estately Blog notes, in some regions the weather isn't always welcoming, especially if you're an outdoor enthusiast. In places like Bend, for example, a warm and sunny summer is frequently followed by a lengthy winter and up to 2 feet of snow a year.
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Oregon offers a lot of perks for retirees, including a relatively mild climate and an abundance of outdoor, cultural, and leisure opportunities.
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2015-27-09
Tuesday, 09 Jun 2015 12:27 PM
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