Tags: Retirement | retirement | Oklahoma | cost of living

Retirement Cost of Living in Oklahoma

By    |   Wednesday, 10 Jun 2015 12:37 AM

Oklahoma frequently makes the list of the best places for retirement in the nation, in part because of its low cost of living. Not only will your retirement benefits stretch farther in the Sooner State, but you'll also qualify for tax breaks that can help you hang on to more of your money. Your cost of living for retirement in Oklahoma will vary depending on which city you live in, what type of housing you prefer, and if you opt to take advantage of the multiple shopping, entertainment, and outdoor activities available to residents. However, a few basic living expenses can give you a better idea of how to make the most of your retirement in Oklahoma no matter what your income.

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The overall cost of living is low across the entire state, which is one reason why Oklahoma made it onto Forbes magazine's list of best places. In fact, most cities in the state have a lower cost of living than elsewhere in the United States. According to PayScale, the cost of living in Norman, home of the University of Oklahoma, is 16 percent lower than average. In Oklahoma City and Tulsa, the cost of living is 10 percent and 11 percent lower than in other states.

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Most types of retirement benefits aren't taxed in Oklahoma, including Social Security and retirement income for civil service employees. You'll also save money on both income and property taxes, thanks to breaks offered only to senior citizens, people with disabilities, or military veterans. If you're at least 65 and have a household income of $50,000 or less, you're eligible for a tax refund through the sales tax relief program. If you're 65 or older and have an income of $20,000 or less, you can take an additional personal exemption on your personal income tax.

In addition, if you're 65 or older and have an income of $12,000 you qualify for a refund on your property taxes. If you're a disabled veteran, you're exempt from paying property taxes. Homeowners who are the head of household qualify for an additional homestead exemption that subtracts a total of $2,000 from the assessed value of their property. If they're over 65, they don't have to renew this exemption annually.

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Oklahoma frequently makes the list of the best places for retirement in the nation, in part because of its low cost of living.
retirement, Oklahoma, cost of living
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2015-37-10
Wednesday, 10 Jun 2015 12:37 AM
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