How is Wyoming for retirement?

Retirees looking to move to a new place are generally interested in places with good weather, low taxes, good healthcare, and lots of outdoor activities. Wyoming fits most of these characteristics, and it has become a haven for retirees looking for a quiet life away from the big cities.

Wyoming is a good place to retire based on the weather, cost of living, and taxes. It does not impose state income taxes on retirement income such as 401(k) withdrawals and social security.  The state has four distinct seasons, good weather in the summer, low crime rate, and good transport network. Also, there is a growing senior community in Wyoming. 

Is Wyoming a tax-friendly state for retirees?

Wyoming has one of the most favorable tax-structures in the US. Since the state does not impose income taxes, you won’t pay state income taxes on pension payouts, social security, and distributions from IRAs, 401(k)s, or other retirement accounts.

Wyoming has one of the lowest property tax rates among all states, with an average effective tax rate of 0.57%. On average, homeowners in Wyoming can expect to pay about $570 for every $100,000 in property value. Similarly, sales taxes in Wyoming are among the lowest in the US, with the state and local taxes totaling 5.39%.

Additionally, Wyoming does not have other taxes like estate and inheritance taxes that may significantly reduce retirement income. Also, the state exempts certain goods such as groceries, prescription drugs, and medical equipment from sales tax. However, you will pay excise taxes on non-basic items such as cigarettes and alcohol.

Pros of retiring in Wyoming

Good transport

There are lots of trains passing through the state, and you can hop onto the next train to one of the cities in Wyoming or even connect to the neighboring states. Also, there is less traffic in most cities, and the highways are well maintained.

Low crime

The violent crime rate in Wyoming is 60% lower than the national average. It has the 7th lowest violent crime rate in a ranking of all the 50 states. Some of the cities with the lowest crime rate in Wyoming include Green River, Laramie, Douglas, and Worland.

Outdoor paradise

If you are interested in retiring in Wyoming, you will have plenty of places to visit and enjoy. There are lots of beautiful outdoor scenery to explore like the Grand Teton National Park, the Devils Tower National Monument, the Grand Prismatic Spring, and the Yellowstone National Park. If you like hunting, there are opportunities to hunt game in Wyoming.

Cons of retiring in Wyoming

Strong winds

One of the downsides of living in Wyoming is the strong wind, which can be brutal and more frequent in some cities like Casper, Cheyenne, and Laramie. If you are looking for a quiet place where you can spend time outdoors, the strong winds may be a turnoff and you may want to reconsider moving to Wyoming.

Severe storms

Wyoming experiences four distinct seasons, and tornadoes may occur in late spring and early summer. These storms can be severe in some cities in the state, but there are drills all year long to prepare citizens on what to do when the storm comes. However, most homes in tornado-prone areas have bunkers and safe zones where people can hide to stay out of harm’s way.

Smaller cities

There are no large cities in Wyoming, and you shouldn’t expect a big city lifestyle in the state. Most states are small with a population of about 20,000 people; Cheyenne has the highest population of about 64,000. There are fewer specialty stores and restaurant varieties. Though you get access to big chain stores, you may be forced to go out of state to find specific niche items or order them online.

Best places to retire in Wyoming

Casper

Casper has the highest concentration of retirement communities, and it has a senior population of about 12.7%. Retirees can go camping and hiking on the Casper Mountain or go skiing at Hogadon Basin Ski Area. There are lots of opportunities for retirees to have fun outdoors.

Sheridan

If you retire in Sheridan, you will get an opportunity to enjoy Yellowstone Park and Mount Rushmore. You can also enjoy the scenery at Kendrick Park or Bighorn National Forest. The city hosts retirement communities, and seniors represent about 18% of the city’s population.

Riverton

Riverton is popularly known as the Rendezvous City, and it is home to about 10,000 people. It is surrounded by mountain ranges and lakes, where seniors can go mountain biking, hiking, and camping. Other outdoor opportunities include fishing, swimming, and boating.

Evanston

Though a relatively small city, Evanston is a vibrant city with plenty of things for seniors to do. This town is surrounded by mountains, making it a good place for retirees to go camping, mountain biking, and hunting. Also, the Bear River flows through the town center, allowing residents to enjoy fishing and boating. Other top attractions include Kings Peak and High Uintas.