Missouri Retirement Guide
Missouri, with a population of just under 6.1 million in 2015 and a median age of 38.1, is a midwestern state with much to offer baby boomers or others who would like to retire in Missouri – the Show Me state. The Mississippi and Missouri rivers run through this state which has 2 large cities – St. Louis and Kansas City. Agriculture is very important as well. The Wikipedia entry for Missouri has more interesting facts.
The reviews on this site can help you make a more informed choice about where to retire in Missouri or other states – there is important information about real estate prices; what makes each community special and not so special; along with important facts about the cultural, economic, medical, and transportation infrastructure. Updated Nov. 2016.
the Gateway Arch in St. Louis
The Missouri climate is humid-continental, influenced by the Gulf of Mexico and from the northwest. Summers are hot and humid with frequent thunderstorms and occasional tornados. Winters are a bit milder in the south.
Economy and Real Estate Values
Missouri’s median household income at $47,764 is $6000 below the U.S. median. The MERIC reported cost of living is the 7th lowest of any state. Median home prices are much less expensive than in the rest of the U.S.; the median value in late 2016 according to Zillow was $138,800. The median home in the Kansas City area sold for $188,000 in late 2016 (NAR) vs. the national median of $240,900. In Saint Louis the median home went for $170,000.
Tax Burden: With a tax burden of 9.3%, Missouri ranks 29th highest of all US states.
Marginal Income Tax Rates. Missouri has income tax rates from 1.5% to 6%; the top bracket starts at a modest $9,000.
Social security and other retirement exemptions. There is a state income tax deduction for social security benefits. Public pensions are exempt up to $36,976 per spouse (in 2015). Military pensions are exempt beginning in 2016. For a chart of the deductions possible, click here.
Sales Tax: State sales tax is 4.225%.
Property Taxes: Residential property is assessed at 19% of its fair market value. A property tax credit credits some senior citizens, and all disabled citizens. Per capita property taxes paid were $977 in 2012.
Homestead Exemption. There is a homestead exemption which protects up to $15,000 of a home’s equity.
Estate and/or Inheritance Taxes. There are no estate or inheritance taxes.
Link to Missouri Department of Revenue
Certified Retirement Communities
Missouri does not have a certified retirement community program.
Best retirement communities in Missouri
Missouri has many towns that make great retirement communities; it is also starting to have many planned retirement communities. One of the best places to retire in Missouri is the college town of Columbia, home of the University of Missouri and 2 other colleges. Columibia is also a cultural center for the area. Other great retirement communities are Branson, Lake Ozark, Springfield, Kansas City, Saint Louis, Lee’s Summit, Independence, and Saint Joseph.
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