Rhode Island Best Places to Retire - A Guide
Because it is such a small state many active adults never consider that there are many best places to retire in Rhode Island. This is fortunate for the many happy baby boomers who have chosen the Ocean State as their retirement community, because Rhode Island remains unspoiled and welcoming. This website will give you useful data and opinions about the best places to retire in Rhode Island, including active adult retirement communities. This New England state had just over 1 million people in 2012. It includes some of America's oldest cities: Providence and Newport. Because of its many bays and harbors it has one of the nation's largest coastlines, even though it is the smallest of the orginal 48 states in terms of area. It has scruffy old mill towns and very expensive waterfront communities. It has some of America's best Atlantic Ocean beache along with unspoiled Block Island just off the coast. There are many rural towns away from the coast. Rhode Island is a great place to retire. The Wikipedia entry for Rhode Island has more facts.
one of the Newport mansions
Rhode Island Climate
The Rhode Island climate is called humid-continental. There are 4 seasons. Summers are hot and winters are cold with frequent snowstorms, some of them heavy nor'easters. Towns nearest the coast are more moderate in winter and summer.
Economy and Real Estate Prices
The state has struggled during the recent recession. Rhode Island's inflation-adjusted household income at $29,685 was slightly higher than the United States average in 2007-11. Median home prices are higher than most of the U.S. but less than Boston, New York, or Connecticut. The Zillow Home Value Index was $201,400 in mid 2013. In the first quarter of 2013 the median home in the Providence/New Bedford/Fall River Metro sold for $210,100 vs. the national median of $176,600 (NAR). Cost of living in the Providence Metro has a 109 index vs U.S. average of 100.
Rhode Island Taxes
Tax Burden: Rhode Island is a high tax state with the 5th highest state and local tax burden in the country (Tax Foundation).
Marginal Income Tax Rates. Its highest tax rate is 9.9%, which kicks in with incomes over $373,650.
Retirement Income Exemptions. There are no pension income exemptions.
Social security exemption. Rhode island is one of the few states that taxes social security income.
Sales Tax: State sales tax is 7.0%, above the national average.
Property Taxes: Median property taxes paid are the 5th highest nationally. There is a tiny exemption or credit for seniors with very low income.
Estate and/or Inheritance Taxes. Rhode Island has an estate tax.
Link to Rhode Island Division of Taxes
Certified Retirement Communities
Rhode Island does not have a certified retirement community program.
Best retirement communities in Rhode Island
Rhode Island is a great state for active adults and people over 50, particularly if you love the water. It has a great tradition of tolerance, in fact it was founded by Roger Williams to give religious freedom to unhappy Pilgrims. You can choose to retire in an exciting city like Providence, enjoy the great beaches and quiet life near the coast, or enjoy the bustle and mansions of beautiful Newport. Topretirements has profiled a number of towns that make great retirement communities; many of these have active adult communities open for business or on the drawing boards. Read the profiles on the lovely college town of Kingston, or beautiful and classic Newport to find useful information to help you assess pros and cons of living in those towns.
Other towns to consider for retirement include Tiverton, Richmond, Providence, Scituate, Westerly, and Smithton.
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