Here's all that in context for those living in Utah. A family of four living in Salt Lake County would need more than $81,000 per year, which breaks down to nearly $6,800 per month. In Utah County, that number drops to $76,553 annually, or $6,379 per month.
The 5 Most Affordable Places to Live In Utah
- American Fork. American Fork has the honor of being wedged between two great cities in Utah, Salt Lake City and Provo.
- 2. Logan. Being a college town in Utah is a great way to have access to lots of amenities, culture, and plenty of quiet places to relax.
- Provo.
- Orem.
- Salt Lake City.
If youre not Mormon, you might be happiest living in Salt Lake County. Avoid Utah County if you are not Mormon. Nice places to live in Salt Lake County are Sandy, South Jordan, some parts of Murray, and the Salt Lake County side of Draper.
Overview of Utah TaxesUtah's average effective property tax rate is just 0.58%, good for 11th-lowest in the country. Here, the typical homeowner can expect to pay about $1,900 annually in property tax payments.
Utah taxes Social Security retirement benefits. Other types of retirement income, such as pension income and income from retirement accounts, are also subject to the state's 4.95% flat income tax. However, seniors can claim a small credit against those taxes.
Uniform Fee-in-lieu of Property TaxAll other vehicles not listed under the age-based fee above, are subject to the uniform fee in lieu of property tax, which is 1.5 or 1.0 percent of the fair market value of vehicles as established by the Tax Commission. Subject to the 1.0 percent fee-in-lieu are motor homes.
Utah is a red state.Utahns are famously friendly, though, so political differences don't have to be a source of conflict.
Age 65 or over with a minimum of 4 years of service • Age 62 with 10 years of service (9% reduction in benefit*) • Age 60 with 20 years of service (15% reduction in benefit*) • Any age with 25 years of service (with a full actuarial age deduction*) • Any age with 30 years of service *Early Age Reduction: If you have
Utah counties ranked by per capita income
| Rank | County | Per capita income |
|---|
| 1 | Summit | $40,270 |
| United States | $27,334 |
| 2 | Wasatch | $26,873 |
| 3 | Rich | $25,376 |
Main Findings
| Overall Rank | State | Total Score |
|---|
| 1 | Florida | 61.09 |
| 2 | Colorado | 60.94 |
| 3 | Delaware | 58.69 |
| 4 | Virginia | 58.61 |
In the Best Place to Retire ranking on Forbes.com, Salt Lake City is ranked as one of the top 25 places in the nation for retirement. Among the factors that determined the ranking were cost of living, access to quality health care and a plethora of options for outdoor recreation.
The cost of senior living in Utah comes in at an average of $3,000 per month for assisted living care, slightly higher than the national average.
Washington City has a total of over 16,000 amenities, putting it in first place for this criterion. But that's not the only place where it beat the rest; this Dixie also had the very best weather in our study, with a warm average summer temperature of 85 and an air quality score of just 44.
Alaska, Nevada, Washington, and Wyoming don't have state income taxes at all, and Arizona, California, Hawaii, Idaho, and Oregon have special provisions exempting Social Security benefits from state taxation.
In Utah, sales of prepared food for immediate consumption are subject to the full sales tax rate in the jurisdiction where the sale occurs. Restaurants must also collect a 1 percent restaurant tax on all food and beverage sales. The restaurant tax applies to all food sales, both prepared food and grocery food.
A credit of up to $1,043 but not more than 50% of any remaining tax due after deduction of other relief. Eligibility: Must own and occupy the residence as of January 1, 2020. Must be age 65 prior to January 1, 2021 or receiving Social Security Disability.
West Virginia has the highest percentage of its residents collecting Social Security benefits -- one of the largest pension systems in the world -- out of any state in the country.
The Worst States for Retirement in 2020
- Colorado. Earth Trotter Photos / Shutterstock.
- Pennsylvania. Sean Pavone / Shutterstock.
- (tie) Maine. Warren Price Photography / Shutterstock.
- (tie) South Carolina. StacieStauffSmith Photos / Shutterstock.
- (tie) Kentucky.
- (tie) North Dakota.
- (tie) West Virginia.
- Massachusetts.
The 10 Best Places to Retire in 2021:
- Sarasota, Florida.
- Fort Myers, Florida.
- Port St. Lucie, Florida.
- Naples, Florida.
- Lancaster, Pennsylvania.
- Ocala, Florida.
- Ann Arbor, Michigan.
- Asheville, North Carolina.
Top 10 best states for retirement
- 1 - Florida. The Sunshine State, where more than a quarter of the state's population are those 65 and older, scored the top spot on this year's Blacktower list.
- 2 - Minnesota.
- 3 - Iowa.
- 4 - Ohio.
- 5 - Texas.
- 6 - Wisconsin.
- 7 - Nebraska.
- 8 - Pennsylvania.
Main Findings
| Overall Rank (1 = Best) | State | Total Score |
|---|
| 1 | Massachusetts | 63.47 |
| 2 | Minnesota | 63.11 |
| 3 | Rhode Island | 62.22 |
| 4 | District of Columbia | 60.72 |
The 13 Best States To Retire
- Florida. There are a lot of advantages to living in Florida.
- Arkansas. If you're looking for an affordable and safe community to retire in, Arkansas is an excellent option.
- Nebraska.
- Colorado.
- New Hampshire.
- West Virginia.
- South Carolina.
- Delaware.
The Most Expensive States to Retire In
- New York.
- Connecticut.
- California.
- New Jersey.
- Rhode Island.
- Vermont.
- The Bottom Line.
Like last year, Florida and Arizona remain the top two states where retirees are moving. In 2019, there was a net migration of roughly 95,000 people ages 60 and older to both states. Over the course of the year, approximately 145,600 retirees moved to Florida, while roughly 78,500 moved out.
At 65 to 67, depending on the year of your birth, you are at full retirement age and can get full Social Security retirement benefits tax-free. However, if you're still working, part of your benefits might be subject to taxation.
