Retirement in Wyoming
If you are a retiree and you are a resident of Wyoming, then you are in the right place. If reports of a survey are to be believed, retirement in Wyoming has fast caught up and the state has become the best place in the United States of America to spend life after retirement. Being the least populated American state and also one of the most beautiful in terms of natural beauty and landscape, Wyoming becomes the best place to spend a calm and quite retired life. Indeed, demography reports which trace the retirement trend that is followed in the US make clear the fact that a greater percentage of American citizens travel westward after retirement. Clearly, Wyoming has replaced the earlier retirement havens of Florida and Arizona. In fact, people are also ready to sell their houses in other states and move westward to the state of Wyoming after the age of 65. With a large number of national parks and wonderful summer temperatures, Wyoming is perfect for a summer vacation, but how does the state also figure as one of the best for retirees? Here we give you an account of the large number of factors that have worked in making Wyoming a retiree’s chosen destination.
The Wyoming Retirement System
To understand the reason behind why Wyoming has become so popular among retired personnel it is important to understand the retirement system that the state government in Wyoming follows to give their retired employees as well as those from other states the full benefit from retirement schemes and policies.
The most important component in any retirement scheme is money and it is this financial security that Wyoming retirees are promised through the Wyoming retirement system. Some of the benefits in this system are:
- Pension – Under the pension scheme of retirement in Wyoming the retirees are entitled to a regular income that is credited to their accounts every month for life. The state’s retirement system has the provision of different pension plans for people of different income groups. A person has to be a member of the Public Employees Pension System in order to be eligible to draw a regular pension after retirement.
- 457 Deferred Compensation Plan – The retirement checklist under this plan assures a saving along with a lowering of tax payments. However the Wyoming retirement pattern has made the deferred compensation plan a voluntary plan, which means that you can or cannot choose to save in this plan for your retired life.
Wyoming Retirement Communities
There are a number of retirement communities in Wyoming which provide you with a variety of services at different prices. These communities are spread all over the state in different cities and towns. Here we give you an objective account of facts of Wyoming retirement communities to help you to choose between them to spend life after retirement.
- Jackson Hole – This is the largest resort town of Wyoming. The natural beauty of the Jackson Hole landscapes and its beautiful valleys has made it popular as a retiring place for people in the US and the world. Moreover, this resort town also boasts of several adventure and recreational activities. Skiing is one of the most popular sports practiced in this area and therefore Jackson Hole attracts many tourists during the winters. Hiking and trekking are activities that adults who have chosen Jackson Hole as their retirement home engage in throughout the year.
- Wyoming Retirement Center – This place is a certified medicare center that is run by a group of veterans in Wyoming to provide convalescent and a rest home facility to the retirees in the American state. Apart from the calm and picturesque Big Horn Mountains where the respite home is located, Wyoming Retirement Center also boasts of the best medical facilities and treatments that should be a must for communities that house old retired people. Old adults living here and their families have no reason to worry after they have chosen Wyoming Retirement Center as a retirement home because this center promises a 24 hour visit by some of the best physicians in Wyoming and also nursing facilities inside the compound if necessary.
- Cheyenne – The capital city of Wyoming is also its busiest city and the largest economic and trade center of the state. Apart from the fact that it is very conducive to daily life, Cheyenne provides you with the perfect atmosphere to spend a retired life. For instance, Cheyenne has the lowest cost of living when compared to many other cities in Wyoming. You do not have to pay an income tax if you are a resident of Cheyenne, thus helping you to live in a tax-friendly atmosphere and saving costs which is very important in a retiree’s life. The railroad connection running east to west with Cheyenne as the center is also one of the reasons why the city is a retiree’s haven.
There are a large number of small and large towns all around Wyoming like Rock Springs, Green River, Casper, Sheridan and Gillette which have attracted retirees from all over the American heartland into Wyoming. The town of Laramie where we have the famous University of Wyoming is the chosen destination of not only the older section of people but also youngsters who flock here for education.
Climate and Economy Conducive to Retirement:
The Wyoming weather and its economic structure also help in making the state popular as a retiree’s home. While the winters in this west American state may be severe and dry, there is a lot of sunshine to compensate for the low temperatures. Summers on the other hand are so pleasant that tourists often visit the state for a short vacation.
The tax structure of the state of Wyoming makes it a tax payer’s delight. There is no state income tax and the sales tax in Wyoming is also as low as 4%. While the citizens of the state will never have to pay a state tax on inheritance or estate, the older generation is exempted from paying property tax.
So the next time you want to relocate after retirement, choose retirement in Wyoming!
Wyoming – at a Glance
|Population||Climate||State Income Tax||State Sales Tax||Median Home Price|
|493,782 (2006 est.)||Semi-arid Continental climates||N/A||5%||$194,579|
Pros:The spirit of the Wild West is still very much alive in the state.
Cons:Hail storms cause a lot of damage.
This graph shows the percentage fluctuations in expenditures incurred in Wyoming, as compared to the nation’s average, which is taken as 100%.