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Should I Consider Retiring in Nevada?
The simple answer to this question is yes. When choosing a state to retire in, you can't possibly forget to consider the country's entertainment capital.
Nevada has a lot to offer in terms of weather, attractions, landscapes, food, effective taxes and laws, and of course, entertainment! But is that enough to live out your retirement days?
Probably not. With its inconvenient transport system, high cost of living, and increasing crime rates, there's much to consider before reaching a final verdict. After all, you don't want to uproot your entire life only to regret it later on.
Pros of Retiring in Nevada
This section will discuss all the pros of retiring in Nevada highlighted above in detail. So, without further ado, here are some great benefits you can enjoy when retiring in Nevada.
Plenty of Sunshine
It isn't uncommon for retirees to search for places with warmer climates that witness lots of sunshine. If you're one of those retirees, then you're in luck! Nevada experiences plenty of sunshine throughout the year and ranks in the top 10% of states for days with sunshine.
Major cities, such as Reno, Elko, and Winnemucca, witness almost over 200 days of sunshine a year, while Las Vegas gets an incredible 292 of sunshine. Sounds tempting, doesn't it? Moving to Nevada may be an especially beneficial decision for you if you're moving from a much colder climate.
Retiring to a place with a sorted economy is the wise thing to do. Fortunately, Nevada happens to be one of those places. Although it can be challenging to predict precisely the turn any economy will take, Nevada has a few well-aligned staples to keep it ahead of any economic downturns in the country.
Based on three key industries, mining, tourism, and cattle ranching, Nevada has things pretty sorted out in terms of economic well being. While cities like Las Vegas and Paradise City draw in millions of people annually, the local silver and gold mining activities also keep things stable. Additionally, these industries, paired with agriculture and cattle ranching, allow Nevada to remain financially stable.
Elaborating on the previous pro, Nevada has a thriving economy with tons of stable revenue sources, especially due to its flourishing entertainment industry. Due to these assets, the state has the potential to offer some of the lowest tax rates within the United States.
The biggest benefit for retirees seeking a home in Nevada is perhaps the income-tax-friendly policies. The Silver State doesn't tax pension incomes and any other income because it doesn't have an income tax. Hence, you can expect to save quite a bit of money by paying no tax on your 401(k) or IRA distributions.
Additionally, some Nevadan cities' sales tax rates are as low as 6.8 percent, which is competitive with the national average and outranks states with much higher taxes. Besides sales tax, other forms of taxation are a little more complicated since they vary for people.
However, it is still pretty great to know that the state's government relies more on its economy's contributions rather than taxes.
Home to Las Vegas
One of the most considerable benefits of retiring in Nevada is visiting Las Vegas, the infamous entertainment city of the US, every time you feel low. Although vacationers consider other cities in Nevada to visit, Vegas will forever be their top choice.
With plenty of bars, casinos, restaurants, and other entertainment venues, you can spend your retirement days partying in this lively city. Not to mention, Las Vegas also has beautiful weather throughout the year with little rain and has many spots where you can partake in activities, such as skiing and camping. More interestingly, the city is close to many national parks, including Yosemite.
Las Vegas really is packed with endless entertainment, great for day trips and long weekends away alike. Moreover, given your proximity to the country's entertainment hub, your friends and family will excitedly flock to meet you!
Tons of Natural Beauty
If you're looking to enjoy the beauty of the great outdoors, Nevada is the ideal place for you to do so. Although the first thing your mind goes to when you imagine Nevada are the hustling bustling cities, such as Las Vegas, the truth is that there's plenty of magnificent scenery, beautiful landscapes, and stunning natural beauty to explore.
Nevada houses many large mountains, including Mount Charleston, Mount Rose, Wheeler Peak, and Boundary Peak. These mountains have fantastic hiking trails, breathtaking views, and thrilling ski adventures. The Silver State also has some great desert regions and plenty of lakes and rivers that are worth exploring.
This may or may not be a factor worth considering for seniors, but some people may find the state's laws quite relaxed compared to others. There are many things to do in Nevada that may be illegal in your current state.
For instance, recreational marijuana and gambling are legal in Nevada. So, if these are activities that you're looking forward to in your golden years, the Silver State is the ideal place for you to call home.
People say New York never sleeps, but they probably haven't been to Nevada! Many businesses remain open throughout the night, and almost every neighborhood, town, and city has at least one store that operates 24/7.
What might interest you even more, is that most bars stay open all night as well. So, if you're looking for an all-night party, something to satisfy your late-night cravings, or wish to run errands at night, retiring in Nevada is a great idea.
Abundant Property Opportunities
Most of Nevada has readily available housing options. Since most areas were initially overbuilt, newcomers have plenty of opportunities to purchase properties. In fact, you can easily find starter homes at affordable rates.
Moreover, due to the state's tax laws, you also don't have to worry about property taxes when purchasing a home. Nevada provides ample opportunities for people to find an excellent deal on the house to finance it seamlessly.
Nevada, especially Vegas, has a wide range of high-quality food to offer. If you thought Chicago served great pizza, you'd be surprised to taste the cheesy deliciousness in the form of pizza that Las Vegas offers – all night long.
Las Vegas is also home to some world-famous chefs, including Gordon Ramsey and Wolfgang Puck, so you know you can expect to come across some excellent local and internal delicacies. Also, although there are tons of world-class restaurants tucked through the Silver State, don't miss out on the yummy goodness the little cafes and restaurants have to offer.
Cons of Retiring in Nevada
If the pros have convinced you to move to Nevada, you might want to hold your horses for a bit. Let's dive into the cons of retiring in this state before making any hasty decisions.
Most seniors look to retire to warmer areas since they can't bear the cold and brutal winters. Therefore, Nevada seems like an attractive option in this case. But, the fact is that the Silver State gets more than just warm – it gets mind-numbingly hot.
The temperature of many places in Nevada exceeds 100 degrees during summer, with record-highs of 110 during the late summer months. Not only does this make it difficult for residents to step outside their homes, but it also results in hefty power bills due to constant air conditioner use.
Wintertime isn't too great, either. Although the state mostly experiences raging high temperatures, it also witnesses freezing temperatures in the winter. The extremities of the different seasons can be mighty concerning for retirees looking for a peaceful time.
Lack of Proper Healthcare
One of the main concerns when moving during your retirement age is none other than – proper healthcare. If you choose to move to a more populated city, such as Reno or Las Vegas, you won't have any problems in terms of healthcare. However, the state's larger population resides in more rural settings, where there's a considerable lack of access to proper medical care.
Rural area residents often have to drive an hour or so away just to visit their primary care physician. Therefore, if you rely heavily on medical care, you will have to choose a place in Nevada to move very wisely.
High Cost of Living
Although Nevada offers affordable housing opportunities, the overall cost of living in the state is almost 10% higher than the national average. Gas, groceries, and other household goods will potentially be more costly in Nevada than in the current state you live in.
Given that the cost of living is a huge consideration, especially during retirement, you will need to have an excellent retirement plan or fund when moving to this state. Many people move to the state's rural areas in search of high-paying jobs.
However, since you're retired, you don't have to work. Not to forget, the terrible condition or lack of healthcare facilities in the rural settings.
High Crime Rates
The violent crime rates in Nevada are much higher than you would want them to be. In fact, Nevada ranks ten in the top ten highest crime rates in the United States. Although the state has witnessed a slight drop in violent crimes, it has increased others, such as murder and aggravated assault.
As a senior moving to a new place, you want to live in peace and security for the rest of your days. Therefore, it's important to consider Nevada's high crime rates and maybe look at a city or rural setting with low crime rates.
Inadequate Transportation System
Every metropolitan setting is bound to deal with traffic concerns. However, Nevada particularly stands out in this area, not because it doesn't witness traffic at all, but because it has way too much traffic!
In the main cities, such as Vegas and Reno, you will come across swarms of cars that will stop you dead in your tracks. Moreover, there are stretches on the main highway that are more than 70 miles, which can be a huge concern for drivers.