Benefits of Retiring in California

When looking at retirement in California, the elderly may have a lot of concerns. There is the high crime rate, which is caused by such a diverse population. There is the incredibly high cost of living, which is pushed to almost unbearable limits thanks to the housing market. There is a very bad tax burden on all the citizens of the state. However, those drawbacks can easily be offset with the benefits that come with heading out west. Here is a look at the benefits of retirement in California.

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Per Capita Income - The biggest complaint about living in California is the high cost of living. Everything from groceries to gasoline to entertainment to dining-out costs more than it does almost anywhere in the United States. House payments are ridiculous, with the median home value at $440,700, and rent is not much better, averaging $1,995. However, this can actually be offset with higher pay, as the median household income is $61,094 a year, which is actually more than $8,000 higher a year than the national average.
The Weather - The biggest draw when it comes to retirement in California is the weather. While the Midwest has tornadoes, the North has its freezing temperatures, and the East and Gulf coasts have hurricanes, the West Coast has beautiful weather year-round. California has its earthquakes, but when it comes down to it, there are more tornadoes that destroy homes in the Midwest than there are earthquakes that rock California. Plus, the temperatures can stay in the 70s almost year-round, with no chance for snow in most of the state.

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Income Tax - One of the biggest drawbacks to retirement in California is the tax burden, which is one of the highest in the nation. The state of California has the biggest sales tax and one of the largest income tax rates. However, the one area where the state does benefit retirees is the fact that all Social Security benefit payments to retired individuals are exempt from personal income taxes. Most military disability payments are also exempt, but not in every case.
Culture - Honestly, the big reason that it costs so much more to live in California is because of how great it is to live in California. Outside of the beautiful weather year round, there is a lot to do when choosing retirement in California. Seniors have a lot of activities to choose from, including golfing, boating, laying out at the beach, shopping in the best districts in the country, seeing some amazing cultural events, and much more. There might not be a bigger, better cultural experience than retirement in California.

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Benefits of Retiring in California