Congratulations, you have successful unlocked our "Home Sellers Masterclass". Montana is an incredible state with a lot to offer, especially for those that value a slower pace of life and the great outdoors. One of the largest sources of employment in Montana is the Blackfeet Indian Reservation headquarters in Browning. Above these secondary limits, only 15% is deductible. The influx of visitors gives the town a vibrant and fresh feel, with plenty of attractions to entertain the family and a great nightlife and culinary scene to boot. Harsh winters: While the snowy winters may be appealing to some retirees, they can also be a challenge for others who may not be accustomed to the cold weather. 41847 Moen Grove, Are You Eligible For $10,000 The debate over the best places to retire typically centers around whether you would prefer an urban or rural atmosphere. In addition, Yellowstone National Park offers incredible photo opportunities of wild animals roaming their native lands. For a sweet and charming town, make your way to Anaconda for a classic downtown right out of a storybook. Many places come to mind like Florida, Tennessee, Arizona, and North Carolina all rank among the most popular places to retire, but not all of those places are for everyone. SmartAsset Advisors, LLC ("SmartAsset"), a wholly owned subsidiary of Financial Insight Technology, is registered with the U.S. Securities and Exchange Commission as an investment adviser. Read more about. Its close proximity to nearby mountains makes Helena ideal for those who love outdoor activities like mountain biking or camping. While there is a lot to love about senior living in Montana, its important to consider both sides of the argument before making a final decision. If you have kids or youre thinking of going back to school yourself, its good to know that the public options in Montana are a solid choice. Whether you're interested in a low-maintenance single-level residence, an active lifestyle or age-qualified community, an intimate enclave, or anything in between, we can help you make your next move the best one yet. Pros Of Retiring In Montana: Cons Of Retiring In Montana: 1. Bozeman is a vibrant college town in southwest Montana that provides a laid-back atmosphere, an abundance of outdoor activities, and a thriving downtown area with an array of cultural attractions. Use Our Moving Box Calculator, Here Is a Weekly Moving Checklist To Follow When Moving Out Of Your House, Sell It Yourself With Our Flat Fee MLS Listings, Sell With Top Local Agents With Negotiated Discounts on Commissions, Labor force growth of 3,640 workers per year through 2027, A projected unemployment rate under 3.4% by 2027, Employment growth in all five of the states regions. Montana tends to be very mountainous. It shot up to double digits in just a few short months (as did most of the United States) but this figure still beats nationwide stats and is quickly on the rebound. The information on this page does not constitute financial advice or an offer to buy. From world-class ski resorts to small towns with a plethora of historical landmarks, there are countless options available for retirees seeking the perfect place to settle down in Big Sky Country. Billings is set on the Yellowstone River, making it easy to access outdoor recreational activities like fishing, hunting, and bird-watching. Population density is low. In 2020, Montana was ranked as the #2 state in the nation according to Bankrate.coms annual retirement study. Prostitution is not only illegal, its considered a crime against the family. While the beauty of Montana may call out to those who may have grown up in other parts of the country or who are looking for a change of pace, there is no denying the importance of having access to loving and supportive family nearby.The good news is that Montana is one of the most sparsely populated states in the region and this can be a blessing if starting fresh with new friends is part of your retirement plan. The wide open valleys, soaring peaks, and vast expanse of untouched land give retirees a wonderland to explore and enjoy. Theres something for everyone in the city of Livingston. It has that classic Western feel that you may have only seen in movies. Is Montana A Good Place To Retire? Its worth remembering that Montana is a huge state with a small population; the Treasure State has the 3rd lowest population density of anywhere in the nation. Another financial bonus to living in the Treasure State is the lack of sales tax on all goods aside from beer, liquor, wine, and cigarettes. Activities like hunting, fishing, camping, skiing, and hiking are a huge part of life. Theres a big urban-rural divide in Montana. When you eat at local restaurants, you'll get to experience the freshest ingredients. Whitefish, Montana is the gateway to Glacier National Park. A financial advisor can help you plan for retirement and other financial goals. 15 Things to Know Before Moving to Montana - SmartAsset In addition, there are ample opportunities for those looking to take classes or participate in engaging hobbies like photography or painting. The most tax-friendly U.S. state for retirees isn't what you'd guess Its good news for utilities; according to the U.S Energy Information Administration (EIA), the average household spends just $94.75 per month on their energy bills, which is well below the national average. 7. According to the Montana Brewers Association (MBA), there are53 licensed breweries in the state. But even those with office jobs jump at the chance to get outside for hiking, camping, fishing, hunting, canoeing and more. Just a 15-minute drive west of Bozeman is the leafy suburban town of Four Corners. Of course, many Montanans work outside, as ranchers, farmers or in the oil industry. In other words, retirees can do all of their Montana shopping tax-free. We hope that you enjoyed this guide and that the information in it makes your decision a little bit easier. Montanadoes not exempt federal, state, or local pensions from state income tax, although there are some minor exemptions for people with lower incomes. When exploring the best places to retire in Montana, it is imperative to consider several key factors. The population was at almost 1.1 million in 2018 with a median age of 39.8 (2.4 years above the national median). The beautiful sweeping circular garden contains rows of white concrete Buddha statues which are arranged to reflect the Noble Eightfold Path. Small towns often provide most of these features along with organized community events and additional social outlets. Property taxes in Montana are fairly low, and there are no sales taxes there. Like many states, Montana has no specific retirement age that is mandated by law. Overall, Montana offers amazing places for retirees to enjoy cultural activities paired with breathtaking natural attractions, no matter where in the state you choose to retire. Summary of Montana Military and Veterans Benefits: Montana offers special benefits for Service members, Veterans and their Families including property tax exemptions, Montana National Guard. Social Security income is partially taxed. Our Montana retirement tax friendliness calculator can help you estimate your tax burden in retirement using your Social Security, 401(k) and IRA income. Theres also the potential for long winters that can make outdoor activities difficult or even dangerous in some areas. The park has over 1 million acres of stunning natural beauty to explore, spanning across two mountain ranges. Not only will a well-made estate plan put your mind at ease, but it will also help make the lives of your family members much easier too. In retirement, we have to plan around our health needs and the eventual decline of our health. First and foremost, retirees should look for locations that offer a warm and inviting atmosphere, access to healthcare and other amenities, and an abundant array of recreational opportunities. Montana does not have a certified retirement community program. Montana taxes most forms of retirement income, while taxing a portion of Social Security benefits for retirees above a certain income level. Who Will Like Retirement in Billings. Missoula: Nestled in the western part of the state, Missoula is known for its natural beauty, outdoor recreation, and arts scene. Also see this video on the tax situation for retirees in Montana: Montanas breathtakingly beautiful landscape is one of its biggest attractions for retirees. As we age, it becomes increasingly important that we eat well and maintain regular exercise. What are the best locations for access to health care and other amenities in Montana? Healthcare costs in the state, including hospital rooms, doctor visits and dental care are right on par with the national average, being just 0.02% more expensive. Montanas tough winters and chewed-up rural roads make a four-wheel drive more of a necessity than a luxury. The content on this website, including any positive reviews of Goldco and other reviews, may not be neutral or independent. This sparsely populated state is home to some of the most breathtaking landscapes in America, and theres no shortage of awesome outdoor activities to try. Each city has several retirement communities that offer independent living or assisted living options. The county is also home to some of the best public schools in all of Montana, so its a particularly great place to raise a family. The key is to look at each potential location carefully and take into account all factors, including climate, cost of living and access to healthcare. The average home value in Bozeman comes in at around $475,000 (although as with anywhere, deals can be found for those patient and willing to put in the work). The question isn't why you should move here, but why you wouldn't move somewhere boasting such a highly-ranked hospital. Billings, MT, USA 2. Local municipalities may impose an older persons tax as well if you meet eligibility qualifications; however, most counties do not apply this extra fee. There is no sales tax in Montana. 3. . Unemployment is lower than the national average. Montana is the western state which many outdoors oriented active adults over 55 plan on retiring. If your AGI comes in below your respective requirement, then up to $4,400 of your retirement account income is exempt from state taxes. Small towns: Montana is home to many small towns that offer a friendly and tight-knit community feel. A Four Corners zip code is even more desirable than those in neighboring Bozeman, and the median home price here sits at a hefty $599,000. Updated June 2019. Buffalo can still be observed in the wild in Montana, at the National Bison Range in Moiese. SmartAsset does not review the ongoing performance of any Adviser, participate in the management of any users account by an Adviser or provide advice regarding specific investments. SmartAssets services are limited to referring users to third party advisers registered or chartered as fiduciaries ("Adviser(s)") with a regulatory body in the United States that have elected to participate in our matching platform based on information gathered from users through our online questionnaire. Theres also a wealth of natural outdoor activities to enjoy for both adults and kids, making it easy to stay active and connected to nature. Retirees can enjoy a slower pace of life while still having access to amenities such as shops, restaurants, and medical care. Climate Best States for Low Taxes: 50 States Ranked for Taxes, 2019 The average effective property tax rate paid by homeowners is 0.74% across the state. When it comes time to plan your will, manage your estate, and determine who will make vital decisions for you in terms of finances and healthcare, should you become unable to do so, you'll want the services of an experienced Montana elder law attorney. In fact, there are just 6.8 people per square mile here, compared with the national average of 87.4. Montana homeowners who are at least 62 years old can apply for a tax credit on their property taxes. Montana is moderately tax-friendly for retirees. Nearby towns such as Big Sky and Whitefish also make great places to retire. It is an offense for a wife to open her husbands mail. One of the best reasons to retire in Montana is that it's one of the most tax-friendly states for retirees in the union. How would you rate your experience using this SmartAsset tool? And if you plan to do a lot of fishing, this is the place for you. What are the best places to enjoy cultural activities and natural attractions when retiring in Montana? 18 Best Hikes In Montana: The Top-Rated Hiking Trails To Visit In 2023, Some People Dont Even Know This Little-Known Destination In Montana Even Exists, The Rugged And Remote Hiking Trail In Montana That Is Well-Worth The Effort, This Iconic Montana Hot Dog Joint Is Part Of Town History And Still Slinging Huge Dogs, The 12 Best Towns In Montana To Put Down Roots, Here Are The 9 Coolest Small Towns In Montana Youve Probably Never Heard Of, 12 Small Towns In Rural Montana That Are Downright Delightful, 13 Photos That Prove Rural Montana Is The Best Place To Live. Missoula is a bit quieter but still offers excellent access to outdoor recreation opportunities. People tend to get to know their neighbors which helps cultivate a sense of community for new arrivals, but for those coming from more bustling cosmopolitan places like NYC, LA, or San Francisco, this can take some getting used to. As well as being a particularly aesthetic city, its also well connected as compared to a lot of places in Montana where living in the wilderness is considered the norm. Additionally, with a cost of living lower than the national average, you can get more bang for your buck in Montana. The city is also home to Montana State University and a growing tech industry. Many financial experts recommend saving at least 15% of your income for retirement. Social security exemption. Working with an adviser may come with potential downsides such as payment of fees (which will reduce returns). Glacier National Park is a popular destination for retirees looking for stunning views, as well as fishing and boating activities on Flathead Lake. The average home price in Bozeman, Montana is $248,000. The credit may also be less than $1,000 if your property taxes paid were below a certain level. Please limit your response to 150 characters or less. Why Retire in Whitefish, Montana? The average home price in Livingston is a relatively reasonable $315,000. Notify me of follow-up comments by email. Now that weve covered the cost of housing in the Treasure State, lets look at the overall cost of living to help you budget for your move to Montana. Read more about ushere. Retirees can enjoy living in a peaceful environment that offers plenty of opportunities for outdoor activities such as hiking, camping, fishing, and skiing. It offers a varied climate, some of the greatest scenery in the world, and unlimited recreation opportunities. State-by-State Guide to Taxes on Retirees | Kiplinger Additionally, Helena and Bozeman have vibrant downtowns with shops, restaurants, and live music venues. With its stunning landscapes, mountains, and small towns, Montana is a popular destination for retirees who enjoy a slower pace of life. What are the most popular retirement communities in Montana? Whitefish. Montana Total score: 54.44 Affordability: 14 Quality of life: 18 Montana, known as Big Sky Country by the locals, is a state packed with natural beauty. Grab a cup of coffee or your favorite beverage, kick back, and lets get to it. From bustling city life to laid back countryside, Montana has it all. If you're looking for a place to live your life in peace and harmony with gorgeous vistas, mountains, lakes, and a great community, Montana has some of the best retirement towns around. It's still fairly small by most standards, but it has some outstanding restaurants and breweries, plenty of local businesses, and lots of options for medical care. How Is The Montana Real Estate Market? Montana, located in the western region of the United States, offers a unique retirement experience for those seeking a peaceful and natural environment with access to outdoor activities, cultural events, and a four-season climate. One of the best reasons to retire in Montana is that it's one of the most tax-friendly states for retirees in the union. The state provides an exemption on all residential property that greatly reduces the property tax burden of residential homeowners. In fact, there's no state income tax whatsoever. According to the Montana Department of Agriculture, there are28,008 farms and ranches across Montana. Thats because it heavily taxes most forms of retirement income, while taxing a portion of Social Security benefits for retirees above a certain income level. Bigger cities such as Bozeman and Missoula are more expensive but renting is still surprisingly affordable compared with the costs of owning a home. From hiking the nearby trails to skiing in the winter months, theres never a shortage of things to do. Additionally, seniors should be aware that their Social Security benefits are not exempt from taxes in Montana. Montana is the state which is known for its natural beauty. Despite the affordable prices, Montanans advise new residents to line up a place to live before making the move to Big Sky Country. Doctors are like attorneys; you need someone you trust to ensure that you are given the best care you can get. There are plenty of outdoor adventures to enjoy when living in Montana. Limited job opportunities: Montana's economy is largely based on natural resources and agriculture, which may limit job opportunities for retirees seeking part-time work or second careers. The Elderly Homeowner Credit is worth a maximum of $1,000. From incredible outdoor experiences to unforeseen weather fluctuations, some will undoubtedly find peace-of-mind while others may struggle to adjust. When retiring in Montana, the best places to enjoy cultural activities and natural attractions are Missoula, Bozeman, Helena, and Whitefish. There is no need to hustle any faster than you want to when you retire in Montana. Homeowners pay $1,928 on the average $230,600 home value. All three cities offer scenic views of mountains, rivers, and other natural beauty. Certified Retirement Communities 10 Most Tax-Friendly States for Retirees | Kiplinger But at face value, the state does benefit from no sales tax and lower property taxes than other states. Copyright 2006-2023 Topretirements.com All Rights Reserved |. The town is also home to Whitefish Mountain Resort, a popular ski destination. Tax Burden:With a tax burden of 8.7%, Montana has the 38th highest tax burden in the U.S. (Tax Foundation). Consider making Bozeman your home. This popular tourist town is the gateway to the Rocky Mountains and the spectacular Glacier National Park. Photo credit: iStock.com/Dean_Fikar,iStock.com/Colton Stiffler,iStock.com/jkauffeld,iStock.com/pschoenfelder,iStock.com/grubsteaks,iStock.com/Mableen. The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest. From Glacier National Park to the headwaters of the Missouri River, Montana is the perfect place for seniors who want to spend their golden years surrounded by natural splendor. The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest. Money that you can use to pay for your big move. For a water feature that will take your breath away, you should absolutely go to Fort Peck. If youre considering getting into hunting and fishing, be sure to obtain the proper licenses and store your firearms safely. Taking a stroll around this Montana landmark is like stepping back in time. On the other side of that debate is Montanas often unpredictable weather and long winter months. According to U.S. News & World Report, the following cities in South Carolina are the best for retirees, based on affordability: Columbia, Charleston, Spartanburg, Greenville and Myrtle Beach. It once served as a trading post for the people in the area, and now it's just a peaceful place to call home. You'll feel truly surrounded by nature here, with no other town visible. Wyoming's average effective state property tax is .61%, lower than Montana's .84% rate and Idaho's .91% tax rate. Montana has the largest grizzly bear population in the lower 48 states. This Valley County city is underrated and has plenty of small town charm. With so much land across the Treasure State, its no surprise that agriculture is also big business here. This is not an offer to buy or sell any security or interest. Capital gains are taxed as income in Montana, though taxpayers are allowed to receive a credit of 2% of net capital gains. Montana has the highest percentage of 65+ population of the 6 states - 16.2%, while Utah is the youngest state in this category with 9.8% of its population being 65+. Montana can be a great place to lay down roots in the later years of life. Is Montana tax-friendly for retirees? Hunting is also popular here, especially in the more isolated and rural parts of the state. For charming architecture and sweet restaurants, there is no place better than Hamilton. We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors. Depending on your specific financial circumstances, you may find it very friendly or very unfriendly. It's one of the best places for retirees in Montana! Helena: The state capital of Montana, Helena is a historic town that offers a charming downtown area with plenty of shops, restaurants, and museums. reviews, may not be neutral or independent. Up to $20,500 . We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors. For starters, the state has no sales tax, which lowers living costs for everyone. If retirees dont wish to venture too far from home, there are other smaller cities like Butte, located in the heart of southwest Montana, or Helena, the state capital and home to many historic landmarks and friendly locals. Flathead Lake sits on a tribal reservation which means visitors must purchase a pass before they arrive. However, like any location, there are both pros and cons to retiring in the state. Here Are The 10 Best Places To Retire In Montana - Only In Your State All investing involves risk, including loss of principal. Annual per-capita property taxes were $1465 in 2018, or 0.83% of the home value, ranked 30th highest in the country. There is an abundant food culture centered around farm-fresh ingredients with many farms and wildlife, including fish and game, like elk and deer. Housing and healthcare costs, in particular, may be higher in certain areas. . One-Time Checkup with a Financial Advisor, Wages are taxed at normal rates, and your marginal state tax rate is.