Still, retirees may also be drawn to Tennessee for financial reasons; the state’s only income tax is 6% on dividends and interest income, and there is a property tax relief program aimed at the elderly, disabled and veterans. State residents over the age of 65 whose total income is less than $16,2000 (single) or $27,000 (married) are also exempt from certain taxes. Additionally, the cost of living in Tennessee is 10 percent lower than the national average and the median home price is affordable, at $115,300.
Retirees will find much to do in Tennessee, whether their interests lie with cultural pursuits or in outdoor activities.
Con: High crime rates in some areas
Best For: Music and history lovers
Cost of Living: 10% lower than national average
Median Home Cost: $115,300
Top State Income Tax: State income tax of 6% on dividends and interest income only
whether they choose to explore the outdoors in Great Smoky Mountains National Park, visit one of the many Civil War battlefield sites, hike along the famed Appalachian Trail, or discover the history of Native Americans at the Trail of Tears National Historic Trail.
The state is also home to some of America’s most vibrant musical history which can be found at the great bastion of country music, the Grand Ole Opry in Nashville, at the music clubs in Memphis or even at Graceland, Elvis Presley’s former Memphis home.
Many quaint towns dot the state, and offer retirees an affordable retirement destination, in the midst of beautiful scenery and activities. Weather in Tennessee is generally mild, year-round. There are some downsides to retiring in Tennessee; crime rates can be high in many areas, though residents say there are also many safe towns in which to live. Additionally, air quality is low throughout parts of the state.