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Facts About Retiring in South Dakota

By    |   Friday, 11 Mar 2016 05:04 PM

South Dakota has many benefits for active adults, and more people each year are choosing the Mount Rushmore State to live out their retirement years. South Dakota offers many attractions and surprises many when they see what the state has to offer the elderly and their families.

Here are four facts about retiring in South Dakota.

1. Low Taxes
The state offers a zero tax regime on retirement incomes and on all earned income. This allows the retiree to enjoy a higher disposable income than they would in other states. The Department of Revenue offer tax relief, refunds and waivers on property of less than one acre making budgeting with a fixed annual income easier. The state abolished inheritance taxes in 2001 allowing a simple transfer of property and assets to those left behind.

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2. Quality of Life
All indexes that point to a good quality of life for the retiree are in the higher levels for South Dakota, MarketWatch noted. The crime rate is low, cost of living is low and access to health care is rated highly.

3. Employment
For those considering taking a job to supplement their retirement income, the low unemployment rate of 4.3 percent points to many opportunities, MarketWatch noted. Large corporations and local businesses enjoy a low tax regime, giving rise to a thriving economy in the state. With this thriving economy is the added bonus of zero income tax making the few hours a week at work much more beneficial. Retirees find plenty of work in the larger cities such as Sioux Falls and Rapid City.

4. Climate
The winters in the northern part of the state can be very harsh with plenty of snow and ice from October to late March. The southern hills area, known as the "Banana Belt," has temperatures in the 40s even in January and low precipitation throughout the year. For retirees this gives many areas that allow year-round hiking, cycling and other outdoor activities. Other active adults become "snowbirds" – migrating south during the harsh winter from the beauty spots of the northern hills.

VOTE NOW: Is South Dakota Sen. Mike Rounds Doing a Good Job?

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South Dakota has many benefits for active adults, and more people each year are choosing the Mount Rushmore State to live out their retirement years.
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2016-04-11
Friday, 11 Mar 2016 05:04 PM
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