If you're seeking an affordable place to spend your golden years, retirement in Oklahoma comes highly recommended by multiple publications and organizations. With its breathtaking natural beauty, friendly atmosphere, and bustling cities, the Sooner State offers retirees the best of both worlds. Not only can you live well in Oklahoma, you can do so inexpensively. If you're considering spending your retirement in Oklahoma, here are a few things you should know.
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- There's a Thriving Senior Community - According to the U.S. Census Bureau, in 2013 people age 65 and older comprised 14.3 of the state's population, slightly higher than the national average of 14.1 percent.
- You May Qualify for Tax Breaks - According to the Oklahoma Bar Association, the state offers several tax deductions, many of which are of special interest to retirees and senior citizens. For example, you can take a $10,000 deduction if you receive retirement benefits from the federal, state, or local government. In addition, the state doesn't tax Social Security benefits. If you're older than age 65 and have a household income of $50,000 or less, you qualify for sales tax relief, which offers a sales tax refund even if you paid no income tax.
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- It Costs Less to Live There - According to Forbes magazine, which named Oklahoma City one of the best places in the nation to retire, the cost of living in Oklahoma is 7 percent less than the national average. And according to PayScale, the state's two largest cities have a low cost of living as well. In Oklahoma it's 10 percent lower than the national average and in Tulsa it's 11 percent lower than in other states.
- The Weather is Unpredictable - For all the good that comes with life in Oklahoma, there are still a few downsides, most notably the chaotic weather. In fact, website FiveThirtyEight named the state No. 2 in the nation for unpredictable weather, and Popular Mechanics named it one of the eight most dangerous places in the world to live thanks to an abundance of tornadoes.
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