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Benefits of Retiring in Mississippi

By    |   Friday, 05 Jun 2015 06:35 PM

Although the Southeast is still popular among retirees, MarketWatch calls Mississippi an "overlooked" state when it comes to retirement. The site quotes Tim Medley, a retirement planner in Jackson about the benefits of retiring there.

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  1. No Retirement Income Tax - 
The state does not tax income from 401(k) plans, individual retirement accounts, or other "certified retirement income." Likewise, according to Topretirements.com, the overall state tax burden is low: Total tax burden is slightly less than 9 percent, the 14th highest in the United States. If you plan to be a working retiree, Mississippi has one of the lowest income tax rates – 3 to 5 percent. There's also no inheritance tax, and estate tax kicks in only for estates valued at $1 million or more.
  2. Low Cost of Living
 - One of the lowest-cost places to live in the U.S., according to TopRetirements.com. MarketWatch's survey of top places to live in Mississippi puts their costs of living at between 5 and 10 percent below national average.
  3. Affordable Housing
 - The median home price in Jackson was $136,400 in 2011 and $147,500 in early 2012, according to TopRetirements.com. There is a homestead exemption and a bonus property tax exemption for people age 65 and older.
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  5. State Attractions
 - Mild winters and beaches on the Gulf Coast are another draw, Medley told MarketWatch. For example, Gulfport, still rebounding from Hurricane Katrina a decade ago, offers not only six miles of Gulf beaches, but a casino, restaurants, and shopping, all while maintaining a lower-than-national-average cost of living.
  6. Certified Retirement Community Program Access - Mississippi is one of six states that take part in the Certified Retirement Community Program, designed to encourage economic development by attracting retirees to move there. These communities are evaluated by the state based on cost of living, taxes, low crime rate, quality of medical care, recreation, education and culture, and "a warm, welcoming community," according to TopRetirements.com. Mississippi has 21 "Certified Retirement Cities."
Although Mississippi's state program does not have an active web site, a list with links to individual retirement communities, including several in Mississippi, can be found at TopRetirements.com.

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Although the Southeast is still popular among retirees, MarketWatch calls Mississippi an overlooked state when it comes to retirement. The site quotes Tim Medley, a retirement planner in Jackson about the benefits of retiring there.
retirement, Mississippi, benefits
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2015-35-05
Friday, 05 Jun 2015 06:35 PM
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