Missouri – Retirement Guide

Missouri   Retirement Guide

While many retirees bypass the Midwest for retirement havens like Florida or Arizona, a number of savvy seniors have discovered that state’s like Missouri can be a fabulous and affordable alternative with relatively mild weather.

The state offers a diverse mix of communities, from lively cities like St. Louis, to smaller but no less interesting communities, like Branson. In recent years, the state’s low cost of living — 9 percent lower than the national average — has been attracting retirees to Missouri, where the median home price is below $125,000. Taxes in Missouri are generally reasonable; the top state income tax rate is 6%, and Social Security benefits are not taxed for most retirees.

Additionally, some seniors may qualify for a property tax credit, as well as exemptions on some public and private pensions (with income limits).

Missouri’s main towns of Kansas City, St. Louis and the college town of Columbia have been attracting seniors who aim to enjoy the various towns’ cultural and historic offerings, such as plays, concerts and the Gateway Arch.

Pros: Low cost of living, diverse mix of communities
Con: Frequent thunderstorms and possible tornadoes in summer

At a Glance:
Best For: Retirees on a budget
Population: 6,010,688
Cost of Living: 9% lower than national average
Median Home Cost: $122,500
Unemployment: 6.7%
Top State Income Tax: 6%

Meanwhile, outdoors lovers can take advantage of attractions in the Ozark Mountains, including Lake of the Ozarks, as well as a number of caves and natural springs.

Retirees considering a move to Missouri should be aware that while the weather is generally mild, summers can be hot and humid, and the state does experience frequent thunderstorms and occasionally, even tornadoes.

Photo by camphellview13 via Flickr. All statistics were up to date as of publication. See these sources for the most current data.