Rhode Island – Retirement Guide

Rhode Island   Retirement Guide

Rhode Island may be the nation’s tiniest state, but it packs a lot into its 1,045 square miles. The state boasts a number scenic beaches along its 400 miles of coastline, as well as charming seaside towns, a fascinating maritime history, the cultural hub of Providence — home to the renowned Rhode Island School of Design, and miles of heritage trails.

Get up close and personal with the lives of the rich and famous in Newport, while touring the mansions of the Vanderbilts and the Rockefellers which rise proudly above the shore.

Or if a more rugged pastime sounds tempting, explore the 100-mile network of biking trails, or the states many forests. Water lovers can get their fix boating, fishing or visiting the many marinas along the many bays and harbors of its coastline.

Of course all these attractions and amenities — as well as the state’s proximity to the urban meccas of Boston and New York City — don’t come cheap. The state’s cost of living is 26 percent above the national average, though the median home price is fair at $199,400.

Pros: 400 miles of scenic coastline, beautiful beaches, interesting history and attractions
Con: Social Security and most retirement income is taxed, high cost of living

At a Glance
Best For: Water lovers
Population: 1,050,000
Cost of Living: 26% higher than national average
Median Home Cost: $199,400
Unemployment: 8.8%
Top State Income Tax: 5.99%

The top state income tax rate is 5.99 percent, but retirees should be aware that Rhode Island taxes Social Security, as well as most other forms of retirement income, and low-income seniors may be eligible for property tax breaks.

Rhode Island enjoys 4 distinct seasons, and is particularly pretty during the autumn, when temperatures are cool and leaves are turning a brilliant palette of Fall colors. Winters can be harsh, with frequent snow storms and occasional nor’easters.

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