Jun 1, 2023

Why Delaware is a great place for seniors to retire

Manny Cominsky

As seniors look forward to retirement and start thinking about where to live out their retirement years, many people think about popular retirement destinations in the south like Florida and Arizona. But while these retirement destinations might get a lot of headlines, there’s plenty of amazing, less-known retirement destinations around the country that merit serious consideration. And one of these hidden retirement gems that is providing its retirees with an ideal lifestyle is Delaware. With its sunny beaches, safe communities, low cost of living, long list of recreational activities and robust healthcare system, Delaware has become a top destination for Americans looking to spend their golden years. To learn more about why Delaware is such an amazing place for seniors to retire, read our helpful guide below or reach out to the Sunbound team to learn more

Delaware’s low retirement taxes

One of the best reasons for seniors to call Delaware home is that it has some of the most favorable retirement taxes in the country. First, Delaware exempts all Social Security income from state taxes which can yield big benefits for seniors who rely on Social Security payments to fund their retirement lives. Along with not taxing Social Security income, Delaware also has generous tax deductions for other forms of retirement income as well, including retirement income from sources like pensions or 401(k) or IRA retirement accounts. For taxpayers who are 60 or older, this deduction is $12,500 meaning that you will not pay any taxes on the the first $12,500 of income from these sources. This means that many Delaware seniors will pay either very little, or no taxes at all, on their retirement income.

Next, property taxes in Delaware are incredibly low with an average effective property tax rate of just 0.56%. This means that on average a senior Delaware homeowner can expect to pay just $560 of taxes per $100,000 of home value. In addition, Delaware doesn’t have an estate tax or an inheritance tax. Finally, in an additional boon to Delaware seniors, Delaware has a school property tax credit for seniors which provides a tax credit of 50% of school property taxes (up to $400 per year) to people aged 65 and above who have a primary residence in Delaware.

Affordable retirement lifestyle

Affordable living costs are a common concern for many retirees looking to stretch their retirement savings. Luckily, Delaware is a state that offers a low cost of living, making it a great option for those looking to retire without breaking the bank. With no sales tax and property taxes that are among the lowest in the country, retirees can enjoy a high quality of life without sacrificing their retirement savings. No sales tax can be particularly valuable to seniors, saving them hundreds of dollars each year on things like entertainment, medicine, and food. Additionally, Delaware boasts a favorable climate, abundant natural beauty, and a thriving cultural scene, giving retirees plenty of low cost activities to enjoy year-round. 

Delaware’s entertainment and activities

Speaking of amazing activities for retirees, Delaware is home to a wide range of entertainment and activities for seniors looking to stay active and engaged. Seniors can enjoy a day out at the Delaware Art Museum, where they can explore a collection of over 12,000 works of art. The Delaware Theatre Company is another popular destination that offers engaging performances year-round. 

For nature lovers, the Delaware Botanic Gardens is the perfect spot to witness stunning gardens and outdoor exhibits. For those who enjoy history, the New Castle Historical Society offers guided tours of the town's historical buildings and landmarks. Additionally, there are plenty of golf courses, shopping centers, and fine-dining experiences to keep seniors engaged and entertained. With so much to enjoy, seniors in Delaware are sure to find something that sparks their interests and passions.

Great weather and climate

When people think about Delaware, retirement might not be the first thing to come to mind. But the weather in this state can actually make it a great choice for those looking to slow down and enjoy their golden years. With warm summers and mild winters, Delaware offers the perfect climate for year-round outdoor activities. You can spend your days golfing on one of the state's many scenic courses, fishing in the numerous bays and rivers, or strolling along the miles of picturesque beaches. And when the weather does turn chilly, you can cozy up in one of Delaware's charming towns or cities. So if you're looking for a retirement spot that combines beautiful surroundings with a comfortable climate, Delaware might just be the place for you.

A growing network of senior services

As our population ages, it's more important than ever to ensure that our seniors have the support they need. Delaware has stepped up to the plate in a big way, with a growing network of senior services that covers everything from health care to housing. Thanks to state and local initiatives, seniors across Delaware can access a wide array of services, from Meals on Wheels programs to transportation services that make it easier to get around. With a focus on meeting the unique needs of each individual, Delaware's senior services are helping to ensure that our aging population can age with dignity and independence.

A variety of living options

Delaware boasts a plethora of living options for those seeking a new home. Whether it's a bustling city lifestyle or a quiet suburban retreat, you're sure to find something that suits your taste. Urban apartments offer a unique experience, with easy access to restaurants, entertainment, and culture. On the other hand, suburban homes provide a peaceful ambiance, perfect for families, retirees, or those looking to escape the hustle and bustle of city life. Whether you prefer a modern high-rise with panoramic views or a traditional single-family home with a yard, Delaware has it all.

All in all, Delaware offers retirees a great balance of tax benefits, senior services, and affordable living costs. From the vast selection of entertainment and activities to the pleasant weather, there is no shortage of things to do and enjoy. Furthermore, Delaware has a variety of living options so that you can choose the lifestyle that best suits your needs. While considering where to retire is a big decision that will heavily impact your future quality of life, we are confident that Delaware could offer something special for you.

To learn more about how Sunbound can help make senior living more affordable for you or your loved one, send us an email at info@sunboundhomes.com or request more information on Sunbound. Sunbound is the best way to pay for senior living and is on a mission to make senior living affordable for everyone.

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