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Retirement

Use This Information to Retire Well in Ohio 

how to retire well in Ohio

Whether retirement is on the horizon or you simply want to be ready when the day arrives, figuring out where you’ll want to live is a must. Usually, your goal is to find a state that gives you access to your perfect lifestyle, all without draining your savings too quickly. If you want to retire well in Ohio, here is what you need to know.

Cost of Living

Before you settle on a state for retirement, it’s a good idea to examine the state’s cost of living. With cost of living scores, you can approximate a state’s affordability in comparison to the rest of the country and the national average, which is always set at 100.

Scores over 100 mean an area costs more than average, while scores under 100 mean they cost less. Plus, you can perform direct comparisons between states, where having the higher score marks the area as more expensive.

In Ohio, the overall cost of living score sits at 92.2, putting it comfortably below the national average. In fact, the only above-average category score the Buckeye State has is transportation, which comes in at 103.1.

Healthcare sits at exactly 100, meaning Ohio is right at the national average in that segment. For groceries and utilities, the Buckeye state has scores of 97.9 and 89.3, respectively.

However, where Ohio really shines is housing. In that category, the Buckeye State comes in at 77.0, a mark of affordability. This is support by the state’s average home value. That sits at $175,878, a full $105,492 under the national average of $281,370.

Tax Considerations

Since taxes can have a major impact on your budget, if you want to retire well in Ohio, it’s wise to take a look at them beforehand. That way, you can see what sort of effect they’ll have, making it easier to plan.

Ohio does have a state income tax, with rates ranging from 0 to 4.797 percent. However, Social Security is fully exempt.

While income from other retirement sources – like pensions, 401(k)s, and IRAs – is potentially taxable, retirees may have access to some credits to reduce the burden slightly, making Ohio even more affordable.

When it comes to property taxes, the Buckeye State is higher than average. However, the lower home values may play in your favor. Additionally, qualifying retirees may be eligible for a Homestead Exemption, reducing the taxable value of their property y up to $25,000.

Ohio also has a sales tax. The state rate is 5.75 percent, though counties and regional transit authorities can impose an additional sales tax in their area, potentially pushing the amount you have to pay when making most purchases higher.

Part-Time Job Opportunities

When you need to determine if part-time job opportunities are available in an area, looking at the unemployment rate can help. While the kind of work you want plays a role, lower unemployment usually means positions are more accessible, while higher unemployment could indicate more competition for part-time jobs.

As of March 2021, the unemployment rate in Ohio was 4.7 percent. That’s notably below the national average for that month, which came in at 6.0 percent.

Generally, you should be able to find part-time positions in many categories in the Buckeye State. However, exactly what’s available will vary by city, so it’s important to keep that in mind.

Best Cities for Retirees in Ohio

When you’re deciding where to spend retirement, you can’t just choose a state; you also need to select a city. There are quite a few options in Ohio that can be great for seniors. You simply need to go with one that offers your preferred lifestyle, fits with your budget, and has reasonable access to critical amenities.

If you want to be close to Cleveland and in a community with a high percentage of seniors, Beachwood could be a good choice. While it’s a bit more expensive, this Cleveland suburb gives you great access to amenities, particularly when it comes to healthcare facilities. Plus, it’s city adjacent, making it easy to enjoy everything Cleveland has to offer.

For retirees who enjoy the outdoors, Chardon could be a great option. Recreational opportunities abound thanks to the nearby Walter C. Best Wildlife Preserve and Bass Lak Reserve. Plus, there is a golf course available, and it’s just 30 miles from Cleveland, making day trips into the city a breeze.

If you prefer a small-town vibe, consider Ada. It has a quaint feel, low crime rates, and offers a slower pace. Plus, it’s still got solid access to amenities and recreation, making it worth considering.

How Much Money You Need to Retire Well in Ohio

Since Ohio is a more affordable state, you only need a moderate amount of income to live comfortably there. If you want to retire well in Ohio, you can do it if you have access to around $58,382 a year in retirement income. With that, you can cover your needs, as well as many wants, ensuring your golden years are enjoyable.

Can you think of any more helpful tips that could make it easier for someone to retire well in Ohio? Share your thoughts in the comments below.

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