Wisconsin. Home of the Green Bay Packers and good cheese. While most people think of places like Maui for retirement, you might be surprised by Milwaukee’s many charms. Like many states with shorelines along the Great Lakes, it’s beautiful country with bountiful lakes, forests, and farmlands. Here is how you can retire well in Wisconsin:
How Much to Retire in Wisconsin
With more dairy cows than any other state, Wisconsin produces 15 percent of the country’s milk. While it’s not the sexiest statistic, they are creamery crafters and proudly proclaim their title as “America’s Dairyland” on state license plates everywhere.
Moving on from the bovine, let’s talk taxes in the Badger State. Kiplinger ranks Wisconsin as the least tax-friendly state despite an exemption made for social security benefits. Unfortunately, most other kinds of retirement are taxable and range from 3.54 percent to 7.65 percent. Seniors can subtract up to $5000 of their retirement income under certain circumstances.
Wisconsin’s average combined state and local tax rate is 5.46 percent – reportedly the ninth-lowest rate in the country. It’s a silver lining in an otherwise dark levy cloud for seniors looking to find their perfect mid-east landing spot. But the clouds haven’t parted quite yet; the average property tax rate is the eighth highest in the country at 1.68 percent.
Where to Retire in Wisconsin
Here are three cities you might want to look at more closely:
Marinette
This pretty little city offers lakeshore living at an affordable price. It is located on the coast of Green Bay and provides the active senior with a Shangri la of outdoor options. Twenty percent of the 10,500 residents are 65 years and older – making for a rich mix of people to meet and greet.
The per capita income in Marinette was $27,021, and the cost of living was 7.9 percent lower than the national average. If you’re in the market to buy, Zillow reports the average home value is $119,176. The average rent for a 1-bedroom apartment is $729.
Beloit
In the heart of Southern Wisconsin, Beloit is a lively community with an abundance of culture. There is no shortage of things to keep the discerning retiree engaged between the art museums and the natural scenery. There are over 36,000 people in this corner of the world, and 13.6 percent are seniors. Zillow says the average home value is $133,181, while Zumper reports average rent is $705.
The cost of living is 7.1 percent below the national average, while the per capita income comes at $22,375. Its affordability and amenities make this a good bet for the budget-conscious senior with a taste for finer things.
Two Rivers
This lakefront community provides its 11,041 residents with ample opportunities for hiking, skiing, and boating. Located on Lake Michigan, the town’s approximately 2200 seniors get to enjoy four actual seasons and an active lifestyle.
It’s a reasonably priced city with the cost of living 7.1 percent lower than the national average and the typical home valued at $117,507. With all the money a retiree can save on living expenses, there will be plenty do right in your hometown.
Retire with Theses Apps
| App | Fees and Minimum | Best for: |
|---|---|---|
| Betterment | 0.25% per year no account minimum | Saving for retirement |
| Ellevest | $1-$9 per month no account minimum | Retirement especially for women |
| Personal Capital | Free | Planning retirement |
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Photo by Vladimir Soares on Unsplash
Lindsey is a freelance writer in the personal finance and lifestyle sphere. When she’s not at her laptop, she is likely teaching herself a new hobby with a high potential for injury – such as skiing or cooking. Connect with her on LinkedIn and Twitter.
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