Rhode Island offers many cultural and recreational opportunities.
Here are some tips when considering whether to move to Rhode Island after retirement. Rhode Island’s nickname is the “Ocean State.” Located in New England, it is one of the original 13 colonies and is home to the historic towns of Providence and Newport.
Depending on how you look at it, Rhode Island is less than ideal, ranking #30 among the best states for retirees by Bankrate. For example, it is not among the 41 states that do not tax Social Security benefits. Pension income, along with withdrawals from 401(k) and IRA accounts, may be partially or fully taxable. (Pensions and pension income each have an exemption of up to $20,000, which significantly reduces the burden.) The state also has an estate tax.
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What about medical care? Rhode Island scores pretty well, ranking as the 16th best state in the nation for senior care on MedicareGuide.com.
According to the World Population Review, the cost of living is about 11% higher than the national average, which isn’t ideal, but it’s not terrible either. The typical home price in Rhode Island these days is $478,722, about 31% above the national average. Car insurance is also a bit expensive. The annual average is $3,494, which is $477 above the average.
If you’re tempted to pencil in and remove Rhode Island from your list, hold off. Rhode Island is a charming small state with an abundance of beaches, parks, and recreational opportunities. It’s home to the Johnson & Wales Cooking School and lots of great restaurants. Rhode Island has plenty of history and culture to enjoy, including theater and music festivals, and Rhode Islanders are just 1 to 3 hours from Boston, Vermont, New York City, and Maine.
On the other hand, the climate is mild. However, hurricanes sometimes hit the state.
If you’re interested, read about Rhode Island. Spend at least a few months in the location you’re considering to see if it’s a good fit for you and your overall retirement plans.
