Tags: Retirement | US State Facts | retiring | Colorado | veterans

Veterans Guide to Retiring in Colorado

By    |   Saturday, 07 Nov 2015 06:45 PM

If you have served your country and are looking at retiring soon, Colorado is a good place to take up residence.

Before deciding upon a place to live, military veterans can access the United Services Automobile Association's free retirement planning tool on their online portal. It will help them figure out how and where they can live out their golden years.

At the State Veterans Center in Homelake, Colorado, housing benefits are covered for veterans and their spouses, widows, and mothers, according to Military.com. Other veteran state nursing homes are situated in Florence, Walsenburg, and Denver.

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Additional assistance benefits include a property tax advantage. According to Veterans United, a disabled veteran in the state “may receive a property tax exemption of 50 percent of the first $200,000 of the actual value of his/her primary residence if the veteran is 100 percent disabled.” In terms of housing benefits, military retirees aged 55 to 64 may exclude up to $20,000 a year from taxes.

When determining which town to live in, retired veterans should take many factors into consideration including cost of living, weather, and lifestyle. The best guidance for prospective Colorado retirees comes from others who have decided to retire in the state.

Colorado Springs resident and Retired Master Sgt. Paul Chester served the U.S. Air Force for 24 years. He told Livability that Colorado Springs offers retirees access to the benefits of living near a military installation. Colorado Springs is attracting an increasing number of military retirees who are able to secure post-military defense contracting employment. Other benefits include medical care and shopping at the commissary.

Military retirees are also eligible for free legal advice on military bases. And don’t discount the camaraderie that comes from living within proximity to others with whom you have so much in common. Having a support group of friends can have a positive effect on health. Colorado Springs ranks as a close second in the nation on “The Top 10 Cities for Veterans,” according to Livability. Home to the U.S. Air Force Academy, Colorado Springs offers retirees a military-friendly city.

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Benefits for disabled Colorado veterans are also attractive: any VA disability dependency and indemnity compensation is not subject to federal and state taxes.

Finally, Colorado provides a burial allowance to veterans. Up to $50 for burial is provided and an additional $50 is allowed for setting markers for pauper veterans.

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If you have served your country and are looking at retiring soon, Colorado is a good place to take up residence.
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Saturday, 07 Nov 2015 06:45 PM
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