Tags: Retirement | retirement | Oregon | veterans

Veterans' Guide to Retiring in Oregon

By    |   Tuesday, 09 Jun 2015 05:44 PM

In recent years, Oregon has transformed into a bustling destination for retirees, especially in cities like Bend and Portland. If you're a military veteran beginning your retirement in Oregon, you'll find there's plenty to do, a high quality of life, and programs and incentives just for former members of the United States Armed Forces. There are a few drawbacks to retirement in Oregon, however, including a higher cost of living. Overall, though, there's a lot to offer people spending their retirement in Oregon.

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Like many other retirees, former members of the military often live on fixed incomes. In Oregon, it may be more difficult to make your money last than in other states. According to Sperling's Best Places, the overall cost of living is 16 percent above the national average. Housing costs 36 percent more, health care costs 16 percent more, and transportation costs 14 percent more. However, groceries and utilities cost slightly less than in other states. You might also save money on your income taxes, with the Retirement Center for Living noting that the state allows residents who are retired from the military to deduct part of their retirement benefits.

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Retirees looking to buy a home during their retirement in Oregon can turn to the ORVET loan program run by the Oregon Department of Veteran Affairs (ODVA). The program offers low-interest home loans to veterans who were honorably discharged, with no minimum state residency requirements. Approved homeowners can borrow up to $417,000. To qualify, you must have served active duty. The ODVA also offers home improvement loans through the program, which was established in 1946.

If you need the benefits offered by a long-term care facility, the ODVA operates the Oregon Veterans Home. The award-winning facility was named one of the nation's top nursing homes by U.S. News & World Report. The home offers skilled nursing, in addition to care and rehab programs designed for people with Alzheimer's disease and other cognitive impairments. To qualify, you must be an honorably discharged veteran, the spouse of an honorably discharged veteran, or a parent whose child died during military duty.

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In recent years, Oregon has transformed into a bustling destination for retirees, especially in cities like Bend and Portland.
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2015-44-09
Tuesday, 09 Jun 2015 05:44 PM
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