Minnesota – Retirement Guide

Minnesota   Retirement Guide

Coined “The Land of 10,000 Lakes,” Minnesota more than lives up to its nickname. In fact, the state has more than 11,000 lakes within its borders, making for endless opportunities to fish, boat, swim, kayak and canoe.

Lakes aren’t Minnesota’s only watery claim to fame — the state also boasts nearly 70,000 miles of rivers and streams. Retirees can easily find themselves living on a waterfront property at a relatively reasonable cost. The state’s cost of living is slightly higher than the national average, but the median home price is $161,700.

Minnesota’s northern location means that winters can be cold and snowy — not necessarily a bad thing for lovers of winter sports. Retirees will find plenty of trails for skiing and snowmobiling. Golfers will also be satisfied; more than 700 golf courses are located in Minnesota.

Taxes in Minnesota can prove trying for some retirees. The top state income tax rate in Minnesota is 7.85%, and both social security and pensions are taxable.

Pros: More than 11,000 lakes in which to boat, fish, swim
Con: Taxes on Social Security and pensions, cold and blustery winters

At a Glance
Best For: Lake lovers
Population: 5,379,000
Cost of Living: 4% higher than national average
Median Home Cost: $161,700
Unemployment: 5.3%
Top State Income Tax: 7.85%

Popular retirement destinations include the vibrant Minneapolis-St. Paul region, as well as the port city of Duluth and small town Ely.

Some of the nation’s best health care can be found at the renowned Mayo Clinic, located in Rochester, and the state has 150 additional hospitals, including the University of Minnesota Medical Center in Minneapolis.

Photo by  xmith xmith via Flickr. All statistics were up to date as of publication. See these sources for the most current data.