Vermont does not do well in literature and on websites that promote retirement.
TopRetirements.com says this of Vermont: “The Green Mountain State has very high median property and income taxes, with a top 10 cost of living. Winters here are better for skiing than golf.” It was rated fourth worst state for retirement by the website.
In an article in Smart Money from August, Vermont’s disadvantages for retirement were listed as “its cold weather (summers are short, winters are snowy and long) and cost. It costs 10.9 percent more than the national average to live here. Income taxes climb up to 8.95 percent, Social Security income is often also taxed, and nursing home and assisted-living costs are significantly higher than average. And retirees who want to spend their golden years in some popular ski towns will have to shell out a boatload of cash. The cost of living in Stowe, for example, is more than 42 percent higher than average, and the median home there costs $377,800.”
The article said nothing about retirement possibilities in the Barre-Montpelier area, instead concentrating on Brattleboro, Burlington and Rutland.
Kiplinger.com had this analysis of Vermont for retirement: “Vermont doesn’t pander to retirees. There are no exemptions for retirement income in the Green Mountain State, except for Railroad Retirement benefits, which are exempt in every state. Social Security benefits and out-of-state pensions are fully taxed. Vermont exempts prescription and nonprescription drugs from its 6 percent state sales tax, but it imposes a 9 percent tax on prepared foods and restaurant meals and a 10 percent tax on alcoholic beverages served in restaurants. The Tax Foundation lists Vermont’s property taxes among the 10 highest in the nation.”
Some states have retirement community programs as state policy, and TopRetirements.com writes that the “purpose of these retirement community programs and lists is to encourage economic development. The prospect of 76 million baby boomers nearing retirement has caught the attention of many states and communities because the economic benefits to the places where they end up retiring are enormous. States not only want to encourage new residents to retire in their communities because of the ‘mail box’ economy (pension checks arriving by mail), but they also want to keep existing residents.”MORE IN Central VermontAnother legislative session, another budget, same painful story: more taxes. Full Story
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