Benefits of Retiring In Wyoming (Pros & Cons)

David Bolton

/

June 3, 2022

General Retirement
Benefits of Retiring In Wyoming (Pros & Cons) | Retire Fearless

If you're looking to move within the United States following your retirement, you might be interested in knowing the benefits of retiring in Wyoming.

After a lifetime of hard work, as you finally move towards the golden years of life, the decision to move to a new state can be a life-changing one which is why it is critical to know exactly what you are getting yourself into. And that’s precisely why we look at the benefits of retiring in Wyoming.

Wyoming has it all, from affordable housing to gorgeous parks, a low crime rate, no income tax, and a secluded lifestyle. But all of this comes with a few cons, including hazardous weather, high cost of living, lack of diversity, and a high healthcare cost.

Also known as the cowboy state, Wyoming joined the union in 1890, becoming the 44th state to join the United States. While it makes the 10th largest state by area, it is one of the least populated states with less than six hundred thousand people. Wyoming is home to most of Yellowstone National Park, which makes one of the most popular national parks in the country and attracts millions of tourists and retirees every year and is home to a wide variety of wildlife.

Based on comprehensive research, we share a guide that gives you insight into the benefits of retiring in Wyoming by highlighting all the pros and cons of retiring in this state.

Table of Contents

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Benefits of Retiring In Wyoming (Pros & Cons)

Pros of Retiring in Wyoming

Wyoming makes a great place to live and an even better state to retire. If you are looking forward to a slower pace of life and a quiet retired life with a lot of opportunities to explore Mother Nature, Wyoming is the best place for you.

Here are some of the pros of retiring in Wyoming and why it makes a great place for you to spend the golden years of your life.

Slower Pace of Life

Are you tired of the hustle-bustle of the megacities? Do you want to spend the golden years of your life relaxing in a place with a slower pace of life?

Then Wyoming makes a great choice for you. While it is the 10th largest state by area, it is the least populated, and people inhabiting the state like to take things at a slower pace.

Moreover, the younger population is leaving the state, which can be a great thing for the retirees who look forward to spending a life of solitude. Along with the slower pace of life, Wyoming gives you an opportunity to retire in peace with a few close friends and loved ones.

While it may make you feel isolated, if you find it exceptionally attractive, Wyoming is the perfect state.

Plenty of Sunshine

What makes Wyoming an attraction for retirees is the state's weather. Wyoming experiences all four seasons, and you will be able to notice the difference between each season.

Spring is the season full of thunderstorms and rain. While rain is scanty in the region, spring is the time that you can sit out in your yard and enjoy the weather.

Summers are hot and humid, followed by fall that stays warm for most of the season, but you can notice the changing colors. On average, the state experiences 222 days of sunshine which means the retirees can enjoy a lot of time outdoors and get a good amount of the essential Vitamin D.

And while there is plenty of sunshine, as winter approaches, the weather can get harsh with strong winds and striking snowfalls.

Affordable Housing

One of the biggest attractions for retirees that Wyoming offers is its affordable housing. The average cost of getting a house in Wyoming is a few thousand dollars less than the national average, making it one of the most budget-friendly states for investing in housing.

Moreover, if you are planning to rent a property in Wyoming following your retirement, you can also enjoy easy access to affordable rental houses, which are quite lower than the average rent you find in other states in the country.

Fewer Taxes

Another attraction for many individuals planning on retiring in Wyoming is the lesser taxes in the state. Wyoming has no personal income tax, which means that you can keep 100% of your retirement income by yourself, leaving you with more money to spend on essentials and luxuries.

On top of no income taxes, the state also has lower property taxes, making it more affordable for retirees to own property in Wyoming. The current property tax rate in Wyoming is 0.61% making it the ninth-lowest property tax rate in the United States.

And if the low property tax, plenty of affordable housing, and no income tax doesn't inspire you to retire in Wyoming, there are a few more pros that surely will.

Effective Transportation System

If you are moving to Wyoming, you’ll probably first notice the state’s well-established transportation system. You will find many trains that run throughout the state with maintained trains and train tracks.

And given that the train network is effectively in place, you will find far less traffic on the road. Moreover, the roads and highways are also well maintained, and you may be able to drive faster on smooth roads as the speed limits in this state tend to be higher than in other areas due to little or no road traffic.

Access to Healthcare

As you age, you are more likely to need good healthcare, and when in Wyoming, access to quality healthcare is something that you don’t have to worry about.

The state is home to a large number of physicians and healthcare practitioners offering quality healthcare to retirees. So as you retire in Wyoming, you can rest assured that you will be well taken care of when in need.

Delicious Food

Wyoming offers you some delicious country cooking that you will surely love to indulge in during your retirement years. So if you are someone who loves to eat bison burgers, chicken fried steak, and some good white chicken chili, then Wyoming is the perfect place for you.

While there isn't much variety and there is a limited choice of restaurants to eat, it is still a place for some satisfying delicacies.

Outdoor Paradise

While it can be a possible con for someone who doesn't like to spend time outdoors, Wyoming can be a paradise with unlimited places to explore for those looking forward to an outdoor kind of life.

From Yellowstone National Park to Devils Tower National Monument, Gibbon Falls, and the Morning Glory Pool, there are plenty of outdoor opportunities in Wyoming that you can explore following your retirement.

Moreover, if you are an avid hunter, Wyoming makes an exceptional destination for you.

Low Crime Rate

As people age and retire, they look forward to settling in a place where they can feel safe and secure. Wyoming definitely makes one such place.

Compared to the national averages, Wyoming has a surprisingly low crime rate, with violent crimes around 60% lower than the country's average.

Hence, Wyoming certainly makes one of the safest states for retirees in the United States, where people of all ages can live peacefully without worrying about their safety and security.

Friendly and Increasing Senior Community

Over the last decade, the population of older residents in Wyoming (aged 65 and above) has significantly increased, which means that the population of senior citizens in Wyoming is rising.

It can turn out to your advantage as it means you will be able to meet new people and make new friends as you move to this state following your retirement.

And since the state makes an extra effort to make the retired residents feel welcome and taken care of, Wyoming is certainly a place you will love.

Cons of Retiring in Wyoming

While retiring in Wyoming brings several advantages, like with everything else, there are a few cons that you should consider before moving to the state. It’s best to learn about these cons so you can make a more informed decision whether Wyoming is the right place for you to retire or not.

High Cost of Living

Wyoming offers affordable housing and no income tax, which means higher disposable income that you can spend; however, Wyoming's cost of living is higher than many other states. Wyoming ranks 98.1 on the cost of living index, which is higher than the neighboring states, including Idaho or Montana.

However, the cost of living varies significantly among different cities in Wyoming, so it depends on which city you plan to settle in following your retirement.

High Healthcare Cost

The high cost of living in Wyoming can be attributed to the higher food cost; however, the state's healthcare facilities are also quite expensive, contributing to the higher cost of living in Wyoming.

As you plan to retire in Wyoming, it is best to assess your finances and ensure that you are covered for healthcare in case of an emergency.

And even if you can find affordable housing in Wyoming, you should still not overlook its higher cost of healthcare.

Hazardous Weather

Perhaps the most significant drawback of retiring in Wyoming is the state's hazardous weather. Though Wyoming has all four seasons, and the weather can be absolutely gorgeous on most days of the year, the state experiences frequent and strong wind, tornadoes, and even snow during summers.

Yes, that’s true!

If you choose to settle near the mountains, you can experience snowfall during the summer months of July and August. But apart from this pleasantly surprising experience, Wyoming has one of the windiest and driest climates in the entire country.

Given the dry and windy summers, Wyoming experiences a few tornado days every year. Moreover, the state receives only 33 cm of rainfall each year, which is why most land is arid, and growing crops can be challenging.

However, there is a lot of snowfall during the winter season, so if you are planning to settle in Wyoming after your retirement, make sure you are ready for the climate that the state has to offer.

Lack of Diversity

While the state is known for treating everyone equally and fairly, Wyoming lacks diversity. Around 25% of the state’s population has German ancestry. However, you will not find many other ethnicities there.

So, if you are planning to retire in a state that's a melting pot of different cultures and ethnicities, then Wyoming doesn’t make the best fit for you.

Limited Opportunities for Indoor Entertainment

As mentioned in the list of pros of retiring in Wyoming, the state provides an outdoor lifestyle with plenty of things to do out in the open.

It offers you some of the most striking national parks and many other opportunities for sightseeing; however, if you are not someone who enjoys spending time outdoors, it can be a major drawback of retiring in Wyoming, and the state can be a little too outdoorsy for you.

No Megacity Lifestyle

Talking about not having enough opportunities for indoor entertainment, Wyoming also fails to provide you with a megacity lifestyle. The state may cover a large area but is inhabited by very few people, with some cities having a population of as low as 20,000 people.

Due to its smaller population, you won't find any big malls for window shopping (or shopping) as you retire. Moreover, while you can get everything you need in the state and its cities, if you are into hypermarkets and specialty stores, you won't find them in Wyoming.

Again, the population is too low to attract the customers required to sustain hypermarkets and specialty stores.

And it might come as a surprise to many of you, but Wyoming doesn't host mega-sized events such as huge concerts, conventions, or theater shows. After all, very few people reside here.

Fewer Food Choices

There are fewer restaurants and not many farm-to-table restaurants, so you won’t find many options to choose from. Moreover, since Wyoming lacks diversity, there are not many food choices that you will find on the menu, so you might be spending a lot of time in the kitchen cooking at home instead of dining out.

Limited In-State Schooling Opportunities for Retirees

If you are retiring in Wyoming and are planning to go back to school, Wyoming may not offer you many opportunities. There are a few in-state schooling options for the residents, so you may have difficulty finding the right school for yourself.

Wyoming is Quieter than Most Other States

Wyoming offers a slow-paced life that can be something that retirees may look forward to, but if you are not the quiet type, you will notice that the state is quieter than most other states in the country.

A potential reason could be that the younger generation leaves the state searching for better educational and employment opportunities, which makes the state a quiet place to reside. If a secluded lifestyle is not something you prefer, then Wyoming may not be the perfect state.

About THE AUTHOR

David Bolton

With multiple family members currently in senior living facilities, David is in the trenches every week, learning the ins and outs of nursing homes, assisted living, memory care, and general senior living.

Read more about David Bolton

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