Best retirement communities in Minnesota

Those looking for information about the "Land of 10,000 Lakes" and the best places to retire here will find everything they need to know about Minnesota within these pages. TopRetirements.com will give you the objective point of view of active adults when it comes to this Midwestern favorite.

Overall

Outdoor recreation is top-notch here, with water, forests, and parks creating an idyllic and adventurous landscape. They are largely untouched, since nearly 60% live in the metropolitan area of Minneapolis-St.Paul. The Twin Cities are host to an active and internationally known art scene and renowned universities. The Minnesota population was 5.34 million in late 2011.

Active adults looking for information about retirement cities like Duluth, Minneapolis, Northfield and Red Wing can find all they need here. You can also search Minnesota's Wikipedia page for more information.

Twin Cities skyline

 

Climate

Minnesota's continental climate makes it prone to temperate extremes; winters are cold and summers are hot. Blizzards, thunderstorms, tornadoes and high winds are not uncommon.

Per capita income and home prices

Median household income in 2010 was $55,459; the mean was $71,345. In July 2013, Zillow placed the median home value of a Minnesota home at $162,800. The National Association of Realtors reported that the median selling price of a home in the Twin Cities metro was $110,000 in the first quarter of 2013.

Taxes

 

Tax Burden: Minnesota's state and local tax burden is higher than the national average at 10.3% of income.

 

Marginal Income Tax Rates.  Minnesota's individual tax income is broken into three incomes; the highest begins at an income of $74,780.

 

Retirement Income Exemptions. Taxpayers 65 and older are able to subtract some income if their adjusted gross is under a certain amount. 

 

Social security exemption. Minnesota applies the state income tax to Social Security benefits that are taxable at the federal level.

 

Sales Tax: State sales tax is 6.875%. 

 

Property Taxes: There is a property tax deferral program for residents 65 and older with household incomes of $60,000 or less. 

 

Estate and/or Inheritance Taxes. Minnesota has an estate tax, but no inheritance tax. 

 

Link to Minnesota Department of Revenue 

 


Certified Retirement Communities

Minnesota does not have any certified retirement community programs.

Best Retirement Communities

Minnesota  is home to at least two active adult communities: Friendship Village of Bloomington and Village on the Cannon.

 

Minnesota Retirement Communities
 
FREE Best Places eNewsletter!
Get the inside scoop with Topretirements' Free "Best Places to Retire" weekly eNewsletter.

Free Bonus Report:
"Boomers Guide to Find a Retirement Community"

We respect your email privacy

 
 

Copyright © 2006-2016 Topretirements.com. All Rights Reserved.