Tags: Retirement | retirement | Oregon | cost of living

Retirement Cost of Living in Oregon

By    |   Tuesday, 09 June 2015 11:16 AM

If you're considering spending your retirement in Oregon, plan to spend well above the national average for most things, according to Sperling's Best Places. You'll save money in some areas, and if you're a senior you'll have access to certain discounts, tax breaks, and assistance programs. However, it can take careful budgeting to get the most out of your money, especially if you're living on a fixed income. If you're about to begin your retirement in Oregon, brush up on how much money you'll need to achieve the highest quality of life you can afford.

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  1. Cost of Basic Necessities - Sperling's Best Places notes that Oregon's overall cost of living is 16 percent higher than the national average, as is the cost of health care. Housing costs a staggering 36 percent more than in other states while transportation costs 14 percent more, and miscellaneous expenses cost 4 percent more. There's some good news; however, groceries cost slightly less than average and utilities cost 3 percent less.
  2. Taxes - Not only is Oregon's cost of living high compared to other states, but you'll likely pay more in taxes. Unlike many other states, Oregon does not grant homeowners a homestead exemption, according to the Retirement Living Center. A homestead exemption allows property owners to deduct a certain amount from the assessed value of their home, provided it is their full-time residence. Some states allow seniors to take a double deduction. Oregon does, however, offer a senior tax-deferral program, which allows low-income senior citizens to delay paying their taxes. The state also taxes most retirement income, except for Social Security and railroad retirement benefits. People receiving federal or military retirement may qualify for an exemption, depending on how long they worked. In addition, some seniors are eligible for an income tax credit based on income.
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  4. Senior Discounts - The higher cost of living for retirement in Oregon might be offset slightly by the numerous discounts and incentives offered by the state and by retailers. If you'd like to return to college to earn a degree or just enhance your knowledge, you qualify for discounted tuition at many of Oregon's colleges and universities, including Portland Community College and Portland State University. Senior citizens older than age 70 qualify for discounted hunting and fishing licenses through the state's Department of Fish and Wildlife, and pay almost half the regular fee.
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If you're considering spending your retirement in Oregon, plan to spend well above the national average for most things, according to Sperling's Best Places.
retirement, Oregon, cost of living
Tuesday, 09 June 2015 11:16 AM
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