Ultimate Guide to Retiring in Massachusetts

A diverse range of scenery and an abundance of culture make Massachusetts an attractive place to live. Retirees deciding where to spend their time may consider moving to Massachusetts for its wonderful location and high quality of life. Your financial situation will be just one deciding factor in where the best place to retire is for you. Seeking expert guidance gives you an objective look at your finances to make the right decisions with your money. This ultimate guide to retiring in Massachusetts provides information to help you understand how this will affect your income and lifestyle.

Why retire in Massachusetts?

A centrally located New England state, Massachusetts has plenty to offer. It's one of the earliest states to join the Union, so you'll find rich history on just about every corner. Access to numerous higher education institutions means you can take classes to advance your knowledge and help you grow. Year-round outdoor activities ensure you can get outdoors in any season, keeping you physically and mentally fit.

With a growing population of retirees, an increasing number of amenities and attractions that appeal to those in their retirement years are popping up around Massachusetts. These will continue to attract more retirees who want to enjoy the beauty and culture the state offers.

What benefits does Massachusetts offer retirees?

Retiring to Massachusetts comes with many benefits that make it an appealing option if you want to live in the northeastern part of the country. The following benefits of living in Massachusetts are especially appealing to retirees.

Tax advantages

Social Security income isn't taxed in Massachusetts, so you won't have to pay anything on that portion of your retirement income. If you receive a public pension, your income from this is also not taxed in most cases. You'll have to pay taxes on private pensions and other retirement income you earn at the state income tax rate of 5%.

The sales tax rate in Massachusetts is relatively low, at 6.25%, making it more affordable to purchase essential items. Other items, such as groceries, prescription drugs, and low-cost clothing, are exempt from state sales tax.

Diverse landscape

From mountains to seashores, you'll find a wide range of landscapes across Massachusetts. This makes it easy to choose a location that suits your tastes, whether it's watching the sunset over the mountains or taking long walks on the beach. It only takes a few hours to cross the state by car, so you can change your scenery with an easy day's drive.

Sweeping forest views make for incredible fall colors. In the spring, you can watch the forest come alive. Between the seashore towns and mountain communities, you'll discover quaint farmland that further alters the landscape. This makes driving around the state an adventure all its own.

Exceptional healthcare

Massachusetts is known for having some of the most exceptional healthcare in not just the country but also the world. You'll find top-notch hospitals and medical facilities throughout the state, along with doctors and nurses with unmatched skills. This makes Massachusetts an appealing option for an aging population in need of high-quality healthcare and medical services.

Rich culture

In addition to museums and historic sites, Massachusetts residents can enjoy rich cultural experiences throughout the year thanks to events and festivals all over the state. Film festivals, food festivals, and art fairs are just a taste of what's in store. Enjoy outdoor concerts during the warmer months and holiday-themed events with the grandkids in winter.

Sports culture is also alive and well among Massachusetts residents. The Boston Red Sox and New England Patriots are popular professional teams to root for, but you can also choose a local hockey or basketball team or support a university team playing your preferred sport.

Seasons

If you want to live in a climate that offers all four seasons, then Massachusetts is the ideal setting. You'll experience amazing fall weather with changing foliage. Spring temperatures are perfect for hiking in the mountains or walking on the beach. Summers are never too hot but provide just the right temperature for a day at the beach. If it gets too warm, you can always escape to a higher elevation without leaving the state.

Winters are cold and snowy, giving you the perfect excuse to stay home by the fire with a good book. If you enjoy snow, you can also hit the slopes at a nearby ski resort or take a snowshoe excursion with friends. Having all four seasons allows you to take advantage of everything nature has to offer.

Public transportation

Using public transportation is a fantastic way to save money and avoid the stress of sitting in traffic. Boston has a robust transportation network that gives you access to many places throughout the city and surrounding areas. As a retiree, you may have access to discounted fares and passes for public transportation that make getting around inexpensive.

What are the downsides of retiring in Massachusetts?

Massachusetts offers many good reasons for retiring in the state, but there are downsides to retiring in Massachusetts that you should consider.

High cost of living

The cost of living in Massachusetts is 46% higher than the national average, putting it at the number two spot in the nation, just behind Hawaii. A retiree living on a fixed income may not get the most out of their dollars in Massachusetts, where you'll need a higher income to live comfortably. Purchasing an annuity can provide you with a monthly payment in retirement, allowing you the freedom to afford the high cost of living in Massachusetts. A financial advisor can help you better understand your retirement savings options.

Cold winters

Being a northern state, you can expect cold winters in Massachusetts. The average low temperature in the winter can hover around freezing or below, while highs in winter may get just above freezing. Cold weather can last through May and begin as early as September. Snow is typical from November through April, with the highest monthly average snowfall in January, at almost 13.5 inches. For some, the cold winters can detract from the benefits of living in Massachusetts.

Reserved residents

You might find that although the residents of Massachusetts are friendly, they're also reserved. They may say hello in the store, but you won't get a dinner invitation, at least not right away. This is because it takes the residents of Massachusetts time to get to know you, which can make it feel less welcoming at first. Making friends in Massachusetts can be a challenge, especially for retirees who aren't working.

Where to retire in Massachusetts?

These are some of the most popular spots if you're thinking of retiring in Massachusetts.

Boston

Boston, the capital and largest city in Massachusetts, is popular with retirees for several reasons. It's a big city offering everything you need for a comfortable retirement. Healthcare options are abundant in Boston, with renowned hospitals and some of the best medical care you can get anywhere within your reach. Boston Common, one of the nation's oldest parks, provides ample space to get outside, and you can find plenty to do near the water along Boston's huge shoreline.

Northampton

A smaller, inland town, Northampton offers a quaint setting in Massachusetts for retirees. Its smattering of shopping centers and dining options mean you don't have to leave town for essentials, but you're also close to Springfield if you want more options or need access to a wider range of activities and events than what you can find in Northampton. However, there are plenty of festivals and entertainment venues in Northampton to keep you busy.

Springfield

Reasonable housing costs and excellent healthcare make Springfield very appealing to retirees. A moderate population ensures there's lots to do without the hassle of living in a larger metropolitan area. Beautiful parks and outdoor spaces give you a place to enjoy the outdoors. You'll also find museums and other cultural experiences that connect you to the area.

Pittsfield

Pittsfield offers retirees a lower cost of living than other communities in Massachusetts. One big draw to the area is its affordable healthcare costs and easy access to medical facilities. Pittsfield has a higher population of retirees compared to the rest of the state, so it may be easier to make connections with other like-minded people in this city.

Cape Cod

If you'd prefer to live in a coastal area, Cape Cod is a beautiful spot on the Atlantic coast of Massachusetts. It draws tourists from around the world because of its rich history, so you can expect a vibrant community and exposure to a variety of cultures. The laid-back beach lifestyle can provide the slow pace you need to make your retirement years enjoyable.

Get retirement advice from the annuity consultants at Blueprint Income

You want your retirement savings to go as far as possible when you retire, and where you live can play a huge part in how long your money will last. Consulting a financial advisor can help guide you when it comes to choosing the best place to live in retirement. Massachusetts has a lot to offer retirees.

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