Wisconsin Retirement Guide
If you have been considering the best places to retire in Wisconsin this guide will give you the basic facts to make a more informed decision. The reviews on this site give important information about real estate prices; what makes each Wisconsin community special and not so special; along with important facts and considerations about the cultural, economic, medical, and transportation available in Wisconsin.
Wisconsin, the Badger state, had just under 5.8 million people in 2015 with a median age of 39. It has a high concentration of German-Americans and is well known for its cheese (hence cheeseheads) and beer. Wisconsin has several geographical areas with frontage on the Great Lakes (Lake Superior and Lake Michigan). Its biggest city is the old industrial and beer brewing city of Milwaukee on Lake Michigan, followed by the dynamic college town of Madison; and then by Green Bay and Kenosha. It also has many small towns and rural areas. Wisconsin has one of the highest concentration of lakes of any state and offers excellent outdoor recreation. Updated Dec. 2016
The Wikipedia entry for Wisconsin has more facts.
The Wisconsin climate is humid-continental (warm summer). There are 4 seasons. Summers are warm and winters tend to experience below freezing temperatures most of the time.
Economy and Home Prices
Wisconsin's 2011-15 household income at $53,357 was just about the United States median. It has the 24th highest cost of living. Median home prices in its larger cities are usually about equivalent to the rest of the U.S. The statewide Zillow Home Value Index in mid 2016 was $158,800. The median home in the Milwaukee area sold in late 2016 for $238,000 vs. the national median of $240,900 (NAR). In the Madison area the median home goes for $254,700. Wealthy suburbs around Milwaukee are more expensive. Manufacturing, health care, and agriculture are very important to the economy.
Tax Burden: Total tax burden in Milwaukee is 11%, the 4th highest for total tax burden of all the states.
Marginal Income Tax Rates. The Wisconsin income tax rate is 7.65% on its highest bracket, but 6.27% on a relatively low joint income of $29,640.
Retirement Income Exemptions. Some lower income retirees can deduct a portion of their qualified retirement income. Some state and local pensions might be exempt. Military retirement pay is exempt.
Social security exemption. Social security income is exempt.
Sales Tax: State sales tax is 5.0% and most localities add 0.5% to that.
Property Taxes: Wisconsin has the 12th highest per capita property taxes in the nation at $1843.
Homestead Exemption. There is a homestead exemption of up to $75,000 of the value.
Estate and/or Inheritance Taxes. Wisconsin no longer has an estate or an inheritance tax.
Link to http://www.revenue.wi.gov/
Wisconsin was named as the 10th worst state for retirement on the Topretirements 2014 list.
Certified Retirement Communities
Wisconsin does not have a certified retirement community program.
Best retirement communities in Wisconsin
Active adults looking for the best towns in Wisconsin to retire to will find vital information to help assess this low key state as a retirement community at Topretirements.com. Wisconsin has a number of college towns - places like Milwaukee (Marquette U), Madison, home to the top-rated University of Wisconsin, and Beloit (Beloit College). Waukesha, a satellite of Milwaukee has a college presence and is a good family town. Another top-rated town is Sheboygan. You can find reviews of these and more places to retire in our Wisconsin Directory.
At Topretirements.com our job is to provide the objective facts and peer-reviewed profiles to help you choose the right retirement community. Here is more inside information on retirement living communities in the neighboring states to help you retire in Michigan, Indiana, Ohio, Kentucky, and Illinois. These links provide insight and data into economic conditions, climate, top communities, and taxes.
Free eBook - Baby Boomers Guide to Selecting a Retirement Community - 16 Factors
Download this free eBook and use its fun exercises to help you find your perfect active adult retirement community.