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Facts About Retiring in Oregon

By    |   Tuesday, 09 Jun 2015 11:46 AM

With its sprawling mountain ranges, mild weather, and vibrant artistic and cultural communities, Oregon is attracting retirees in droves. In fact, some cities and towns are developing a reputation as retirement destinations on par with Palm Springs or Florida. You can expect a high quality of life if you're spending your retirement in Oregon, but also some drawbacks such as a high cost of living. If you're considering retirement in Oregon, here are a few things you should know.

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  1. The Crime Rate is Higher Than in Other States - Oregon offers an overall high quality of life, but you'll also have to contend with high crime rates. According to the National Institute of Corrections (NIC), the state's overall crime rate in 2013 was 13 percent higher than the national average. If you're a retiree who travels frequently, you might be concerned about the safety of your home while you're away. According to the NIC, property crimes make up 93 percent of the state's crime rate and are 18 percent higher than in other states.
  2. You'll Pay More in Taxes - Oregon is one of just five states that doesn't have a state sales tax, according to the Tax Foundation, but you'll pay more taxes in other areas. You'll pay taxes on your retirement income unless it's from Social Security or the railroad, or unless you can take a deduction for military service or employment with the federal government. However, WalletHub notes that Oregon ranks No. 11 in the country for average state and local taxes, coming in at 14 percent below the national average. The state ranked 27th for real estate taxes and 50th for income taxes.
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  4. The Cost of Living is Higher - According to Sperling's Best Places, the overall cost of living in Oregon is 16 percent higher than the national average. Health care also costs 16 percent more while housing costs 36 percent more, and transportation costs 14 percent more. If you manage your money wisely, however, you might save enough in other areas to offset some of these costs. Both groceries and utilities, for example, cost just below the national average.
  5. You'll Be in Good Company - Retirees from all over the United States are discovering the benefits of retirement in Oregon, meaning you'll have plenty of opportunities to meet and socialize with your peers. The Wall Street Journal notes that according to the 2013 Action Plan for an Age-Friendly Portland, the population of people age 65 and older in that city is expected to increase by 106 percent by 2030. MarketWatch notes that Bend is so popular with retirees it's become known as the "Palm Springs of the Pacific Northwest."
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With its sprawling mountain ranges, mild weather, and vibrant artistic and cultural communities, Oregon is attracting retirees in droves. In fact, some cities and towns are developing a reputation as retirement destinations on par with Palm Springs or Florida.
retirement, Oregon, facts
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2015-46-09
Tuesday, 09 Jun 2015 11:46 AM
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