Tags: Retirement | US State Facts | retirement | Rhode Island | affordable places

Most Affordable Places for Retirees in Rhode Island

By    |   Tuesday, 01 Dec 2015 05:09 PM

When it comes to retiring, the tiny New England state of Rhode Island, with its charming small towns and hundreds of miles of coastline, is a bucolic choice. But with higher than average cost of living and taxes, a Rhode Island retirement doesn't come cheap.

In fact, the website TopRetirements.com said Rhode Island is one of the most expensive states in the country to retire with one of the highest tax burdens in the country and also taxation of Social Security income (it's one of few states to do so).

That said some cities in Rhode Island are more affordable than others, and should you choose to retire in the Ocean State, you'll have access to excellent health care, other major East Coast cities and plenty of culture.

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Providence
The capital city of Providence is the most affordable urban area to retire in Rhode Island. With a population of less than 200,000, Providence is still small for being the state's largest city. The cost of living is 12.9 percent above the national average, but less than other town's in Rhode Island, according to MarketWatch. The city is a favorite with intellectual retirees, as it is home to two excellent high education facilities: Ivy League Brown University and the acclaimed Rhode Island Institute of Design. It also has access to excellent health care.

Westerly
Norman Rockwell-style Westerly is another favorite place to retire. The small town has a huge library, plus an airport and hospital. It also has focus on arts and culture, and its annual Summer Pops concert attracts some 20,000 plus visitors, MarketWatch reported. It also hosts the Virtu Art Festival that brings in more than 180 artists from around the Northeast to showcase their creations. And for retirees moving here, the town makes it easy to get involved in the community. Westerly is also convenient, at just a 2.5-hour drive to New York City.

Bristol
Bristol is another popular spot to retire in Rhode Island. The town is known for its community involvement and its patriotism – it calls itself America's most patriotic town – and is considered one of New England's top sailing communities.

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But the reason most people end up retiring in Bristol is its affordability in comparison to Newport, a town located just 15 miles away.

"Many, in fact, say they’d planned to settle in Newport … but were deterred by its prices. That led them to Bristol, where homes are more than 20 percent cheaper and the cost of living is substantially less," MarketWatch said.

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When it comes to retiring, the tiny New England state of Rhode Island, with its charming small towns and hundreds of miles of coastline, is a bucolic choice. But with higher than average cost of living and taxes, a Rhode Island retirement doesn't come cheap.
retirement, Rhode Island, affordable places
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2015-09-01
Tuesday, 01 Dec 2015 05:09 PM
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