When planning on retirement, there are a lot of choices of where to go to spend your golden years. One of the top destinations for retirement is Arkansas. There are a lot of reasons, including the great weather, beautiful scenery, numerous retirement communities, and great cost of living expenses. However, there are some things that everyone needs to know before they make the big decision on getting a home in Arkansas. Here are some important facts about retirement in Arkansas that people should take into account before making the move.
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- The Weather is Nice, But Dangerous -The weather in Arkansas can be beautiful for most of the year. There are not harsh winters, with most cold months barely getting below 30 degrees Fahrenheit. With so many tantalizing outdoor activities for retirees to take part it, the weather is nice enough year round to make it an ideal getaway. However, there is one major danger in Arkansas when it comes to the weather. Tornadoes are rampant in parts of the state and have resulted in millions of dollars in property damage and severe loss of life. Forest fires are also a danger in parts of the state.
- Income Taxes - Arkansas is one of the states that charges income tax and it isn't friendly. The state ranks 40th in the nation when it comes to the worst states for taxpayers, and the average for state and local taxes paid each year comes to about $6,451. Another problem here is for military veterans. The state allows exemptions of only up to $6,000. This has caused many veterans to protest because it would make more sense to leave the state for another that allows complete tax exemptions for military veterans.
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- Cost of Living - However, while there are bad points about retirement in Arkansas, there are some great advantages as well. The biggest is the housing market and the cost of living in the state. Houses, on average, value at an average of $114,200, which is well below the national average of $178,400. The cost of living itself is also impressive, sitting 14.4 percent below the national average. This makes it affordable to move to Arkansas as a senior and purchase and maintain a home.
- Retirement Communities - In the 1960s, people realized that Arkansas was an ideal spot for retired individuals, so people took resort communities and developed them into retirement communities. This means that, in Arkansas, there are a number of communities set up specifically for the purpose to retirement in Arkansas that have been around for long enough to know what they are doing. This state was almost made for the retired seniors.
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