Tags: Retirement | retirement | Idaho | myth

Myths About Retiring in Idaho

By    |   Thursday, 04 Jun 2015 01:34 AM

The increasing popularity of Idaho as a retirement destination is primarily due to its consistently high ranking in "best states to retire" surveys year after year. In 2012, Forbes ranked Idaho as the 2nd-best state for retirement. And in 2015, a Bankrate.com report ranked the state as the 4th-best state for retirees. While Idaho's popularity may be enough reason for some retirees to make a beeline for the state, it may have also given rise to some myths that may give transplanted retirees trouble in the future.

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Surveys for the best states for retirement use the same basic criteria to come up with their rankings. These criteria include the cost of living, average home price, crime rate, health care quality, recreation and climate. While Idaho may put up high and decent marks in these and other criteria, it may not provide retirees with a complete picture.
Here are some myths that may have been inspired by Idaho's popularity as a retirement destination and the reality behind it.
  • It is cheap to live in Idaho.  Idaho has a cost of living index that is below the U.S. average. This means that it is cheaper to live in Idaho compared to many other states. While this may be true for most of Idaho’s cities and towns, there are cities that actually have high cost of living indices. These cities include Coeur d’Alene and Sun Valley, with Sun Valley having a cost of living index of more than 100% above the national average.
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  • Crime rates are low in all of Idaho.  In its 2015 report, Bankrate.com ranks Idaho as 2nd when it comes to the lowest crime rate among the 50 states. This rating, however, does not apply to all of Idaho. For instance, one of the more popular destinations in Idaho, Coeur d’Alene, has a crime rate index of 101 to 110, which is above the national average. When choosing the place to spend retirement in Idaho, doing research on crime rates will be important.
  • Taxes must be low in Idaho. Where local taxes are concerned, Idaho ranks average at number 27, according to the 2015 Bankrate report. To get a better deal with taxes, some retirees may be able to qualify for tax deductions on certain benefits such as civil service retirement benefits and retirement benefits due to retired U.S. servicemen.
  • Outdoor activities are fun in Idaho. This is true to a certain extent since Idaho offers a myriad of outdoor activities for active retirees. On the flipside, winters in Idaho can be bitingly cold with an average snowfall of 43 inches per year, so cold temperatures may rule out certain outdoor fun for a portions of the year.
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The increasing popularity of Idaho as a retirement destination is primarily due to its consistently high ranking in best states to retire surveys year after year. In 2012, Forbes ranked Idaho as the 2nd-best state for retirement.
retirement, Idaho, myth
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2015-34-04
Thursday, 04 Jun 2015 01:34 AM
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