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4 Benefits of Retiring in Tennessee

By    |   Tuesday, 01 Mar 2016 02:37 PM

Retirement in Tennessee is a popular option for seniors who love music and history, but there are some financial perks, too, for retirees who want to settle in the Volunteer State.

Here are four benefits to retiring in Tennessee:

1. Activities

The Tennessee cities of Nashville and Memphis are renowned for their music. Longtime stars and up-and-coming musicians flock here, making Tennessee a great place to hear live music and rub shoulders with singers, guitar players, and more. In addition to music activities, Tennessee boasts 54 state parks with beautiful scenery and accessible walking paths, and a large number of Civil War battle sites retirees where re-enactments occur throughout the year. The state also is home to three major league sports franchises, giving retirees here plenty to cheer about.

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2. Low cost of living

Retirees making ends meet on a fixed income plan will enjoy the low cost of living in Tennessee. Across the board — from utilities to food to transport and housing — the Volunteer State consistently outscores most other states for the lowest prices. In 2014, the state came second in a nationwide index indicating the value to retirees, according to Retire Tennessee, which said the state's cost of living is 10.7 percent lower than the national average. Sales tax and other tax rates are fairly low, and prescription costs here don't carry an additional tax.

3. Climate

The temperate climate of Tennessee makes for very comfortable living for retirees. This can also keep utility costs down, since household heating and cooling may not be used quite as often. The state doesn't get much snow, and while summers can get warm, it's not extreme, or at least not for long. Nashville's highest temperatures in the summer average in the 80s, while the coldest months average in the 30s. Memphis averages slightly warmer than Nashville, according to U.S. Climate Data.

4. Low taxes

In Tennessee, there is no income tax, except on bonds and dividends. The Hall Tax adds a levy of 6 percent on income from these sources, but the state has generous limits to reach before the tax is applied. Sales tax is kept at 7 percent by the state, and most cities add very little to the total. Important taxes to retirees such as inheritance and estate taxes have high threshold limits of up to $5 million and a graduated rate for amounts over that mark.

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Retirement in Tennessee is a popular option for seniors who love music and history, but there are some financial perks, too, for retirees who want to settle in the Volunteer State.
retirement, tennessee, benefits
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2016-37-01
Tuesday, 01 Mar 2016 02:37 PM
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