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5 Drawbacks of Retiring in Delaware

Thursday, 03 March 2016 06:13 PM

Delaware has its drawbacks for retirement despite a recent top ranking by Kiplinger. The Washington, D.C.-based financial publication praised the state for its low tax rates in its Best States for Retirement 2015 list.

However, a doctor shortage and rising housing costs are among the concerns of retirees in Delaware.

Let’s take a look at the top four drawbacks of retiring in the state.

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1. Shortage of Doctors

Despite its tax-friendly environment, the First State has a shortage of primary care physicians.

“As soon as a new doctor comes down, his practice is full in six months,” Richard Cooper, a retired New Jersey teacher who is now a real estate agent in Lewes, Delaware, told MarketWatch. Cooper said some of his neighbors travel to New Jersey or Maryland to see doctors.

Delaware does have some good local hospitals in Newark and other communities, but retirees must travel out of state to access major regional hospitals such as Johns Hopkins Hospital in Maryland or the National Institutes of Health in Washington, D.C.

2. Cost of Living

Sperling’s Best Places reported that the cost of living in Delaware was more than 10 percent higher than the U.S. average.

There is no sales tax and property taxes are low, so many consider Delaware a bargain for retirement. But, the state does have a maximum state income tax of 5.95 percent. Exemptions include Social Security benefits and up to $12,500 of investment and pension income for residents 60 and older.

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3. Rising Housing Costs

Retirees and workers migrating to Delaware from Pennsylvania, Maryland and New Jersey are creating a need for more housing, according to a report by PNC Financial Services.

Delaware's housing prices are expected to climb over the next several years as the projected population increase boosts demand, The News-Journal reported.

4. No International Flights

Retirees can fly out of New Castle Airport to a handful of U.S. destinations, but there are no direct international flights. They must drive to Baltimore or Philadelphia to access international service.

5. Public Transportation

Mobility in Delaware is very car-centric. For seniors unable to drive, they may have difficulty getting around as the inaccessibility of public transportation is a common complaint.

And, taxis are an uncommon sight throughout most of the state.

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Delaware has its drawbacks for retirement despite a recent top ranking by Kiplinger. Let’s take a look at the top four drawbacks of retiring in Delaware.
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Thursday, 03 March 2016 06:13 PM
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