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Facts About Retiring in Rhode Island

By    |   Monday, 18 Jan 2016 05:20 PM

With its charming small towns, Ivy League university, and 400 miles of coastline, the smallest state in the U.S., Rhode Island, is a popular place to retire in the Northeast. Here are four things you need to know about retirement in Rhode Island.

1. Cost of living is high
Rhode Island is filled with charming towns, but living in them will cost you. Bristol, for instance, is considered relatively affordable by Rhode Island standards, yet this patriotic historic enclave that has a sailing legacy, still boasts a cost of living index that is about 32 percent above the national average, MarketWatch reported.

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2. Everything is taxed
Rhode Island has the fifth-highest overall tax burden in the country, and it is one of only a handful of states that tax Social Security income, according to TopRetirements.com. Additionally there are no pension income tax exemptions and Rhode Island also has an estate tax.

3. Easy access to top-quality health care
As the smallest state in the country — it takes under and hour to drive between any two points in Rhode Island — you never have to travel far to reach quality health care in the capital city of Providence, which has world-class hospitals.

4. Appealing towns, educated population
From an intellectual perspective, Rhode Island is appealing to educated retirees. The state is home to Providence, which hosts not only Brown University but also the well-regarded Rhode Island Institute of Design and a buzzing cultural energy.

The town of Bristol is another appealing option. It is one of New England's top sailing communities and is also historic and quaint.

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"It’s lined with historic homes and buildings — including Linden Place, the former home of famed actress Ethel Barrymore, and the array of historic buildings dating back to the 1680s at Mount Hope Farm — and with mom-and-pop shops," MarketWatch.com reported.

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With its charming small towns, Ivy League university, and 400 miles of coastline, the smallest state in the U.S., Rhode Island, is a popular place to retire in the Northeast. Here are four things you need to know about retirement in Rhode Island.
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2016-20-18
Monday, 18 Jan 2016 05:20 PM
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