Facts About Retiring in Nebraska

Nebraska has a lot to offer in the way of basic employment, recreational activities and climate. While Nebraska is a fun and attractive state to live in, it is a good idea for those who are considering retirement in the state to also weigh financial considerations.

Here are some facts about retirement in Nebraska to keep in mind during this decision process.

1. Basic Employment
The United States Bureau of Labor Statistics reported that Nebraska had an overall unemployment rate of 2.5 percent in April 2015. This gives Nebraska the lowest unemployment rate of all states, which means that retirees who wish to seek employment stand a good chance of finding a job.

2. Recreational Activities
Nebraska is teeming with wildlife which makes it ideally suited for people who enjoy hunting, fishing, and bird watching. Nebraska has a rich culture and plenty of entertainment opportunities, especially in cities like Omaha and Lincoln, where spectators can take in a Broadway play or peruse museums and art galleries.

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3. Taxes
Taxes on retirement pensions and Social Security benefits can be a little hefty depending on where a retiree lives. The Nebraska Department of Revenue said the state sales tax is set permanently at 5.5 percent. Nebraska assesses tax rates for income by using the graduated income tax method. This means the more income a retiree receives, the larger the tax imposed on the income. Depending on the age of the retiree, Social Security and military retirement income can also be taxed. According to MarketWatch, Nebraska is not the most tax-friendly state for retirees.

4. Affordability
On a more positive note, retirement in Nebraska can also be very affordable. Studies by the Nebraska Department of Economic Development show that Omaha, Hastings, and Lincoln are three cities with a cost of living expense that are below that of the national average. Zillow placed the average home value in Nebraska to be $134,900 with a projected rise of 4.1 percent in the next year.

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