Pennsylvania – Retirement Guide

Pennsylvania   Retirement Guide

Top Retirement Cities in Pennyslvania: 

Pittsburgh

Pennsylvania has gained acclaim among retirees thanks to having a flat 3.07 percent state income tax, not taxing Social Security benefits, public and private pensions, or distributions from IRAs and 401(k)s.

In fact, Pennsylvania is only one of 2 states that exempt all retirement income. That said, the state does have an inheritance tax. The state’s cost of living is right on par with the national average, and the median home price is $143,000.

Retirees considering Pennsylvania as a retirement destination can choose from a variety of locations, from big cities like Pittsburgh and Philadelphia, to mid-sized towns like Erie and Lancaster, or smaller, more rural communities, like those found in parts of lovely Bucks County.

For individuals with a passion for history, culture-rich historic Philadelphia fits the bill, while outdoors lovers can ski in the Pocono Mountains, or boat and fish along the Delaware River, which runs along much of the state’s Eastern border. Additionally, miles of Lake Erie coastline are at Pennsylvania’s northwest corner, perfect for hiking or enjoying water sports.

Pros: Tax-friendly for retirees; a variety of places to live, from urban to rural
Con: Hot, humid summers in parts of the state

AT A GLANCE
Best For: Retirees seeking tax benefits
Population: 12,742,886
Cost of Living: 1% higher than national average
Median Home Cost: $143,200
Unemployment: 7.9%
Top State Income Tax: Flat 3.07% state income tax rate

Pittsburgh has recently been ranked as one of the country’s most secure cities for living, as well as one of the most romantic for baby boomers. The town offers much in the way of culture, sporting events, festivals and arts, and is home to a number of well-regarded universities, like Carnegie Mellon.

The weather in Pennsylvania varies, with 4 distinct seasons. Winters in some parts of the state can be very cold and snowy, while summers can be hot and humid.

Top Retirement Cities in Pennyslvania:  Pittsburgh

Photo by DMZ111 via Flickr. All statistics were up to date as of publication. See these sources for the most current data.