Overall
Tennessee is a state in America's Southeast that attracts many active adults over 55 for its low cost of living and easy lifestyle. Tennessee offers a variety of retirement communities and great towns, from livable cities like Nashville to lake towns like Paris. The Great Smoky and Cumberland Mountains and many rivers including the Mississippi offer exceptional scenery and recreation opportunities. It is somewhat remote with long distances to big cities in the east. Fishing, hiking, and golf are very good in Tennessee. This site will acquaint you with some basic facts about what it's like to retire in Tennessee.
Countryside near Crossville TN
Climate
The Tennessee climate is characterized as humid subtropical, influenced by the Gulf of Mexico. Summers are hot and humid while winters tend to be mild, except at higher altitudes.
Per Capita Income and Economy
In Tennessee per capita income was just over $30,000 in 2004, just below average for all states. Real estate and the general cost of living is well below average compared to the total U.S. The median home price in Knoxville at $152,900, for example, is well below the national average of $220,000. Tourism and agriculture (cotton and beef) are important in Tennessee, along with textiles. Cost of living is below U.S. average.
Taxes
Tennessee has no income tax, although interest and dividends are taxed at 6%. Persons over 65 whose total income is less than $16,2000 (single) or $27,000 (married) are exempt from that tax. TN has a property tax relief program that the elderly, disabled and veterans can take advantage of. Property taxes are set at 25% of assessed value. Sales tax is 7%, and some localities also have a sales tax. Total tax burden is well below average.
Certified Retirement Communities
Tennessee does not have a certified retirement community program.
Best retirement communities
Tennessee has several large cities like Memphis and Nashville, along with many small towns. Several cities and towns in Tennessee are popular as retirement communities, particularly lake towns like Paris or the golf capital of Tennessee of Crossville. Nashville is the country music capital of the world. Maryville is a small town near Knoxville that has two great colleges in it. Active adult communities are being built in and around towns throughout the state and there are many to choose from. Find more helpful information on more than 30 different state retirement guides. Or, go here for helpful resources on what it is like to retire in Alabama, retire in North Carolina, South Carolina or Georgia
Get started with these reviews of the best retirement communities.
Click on the Tennessee Retirement Community profiles on the right. |
