Should you retire in Nevada?

Many retirees are considering moving for retirement — often to places with warmer climates like Florida and Arizona. Nevada is another state with a warm climate and you may prefer it to many other states. Let’s look at some of its advantages and disadvantages.

In addition, the cost of living is very close to the national average, according to the World Population Review. Housing and transportation costs are 11% and 17% above average, respectively, while healthcare costs are about 5% less expensive. Health care in Nevada could be better, though: The folks at MedicareGuide.com rated it the 37th best state in the US for health care for seniors, taking into account cost, quality and access.

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The average home price in Nevada was recently $457,395, about 26% higher than the national average. On a more positive note, the average annual cost of car insurance in Nevada was recently $3,250 — only about 8 percent above the national average. Other negatives include some extreme heat during the summer and the chance of floods, droughts and wildfires.

Retirees care a lot about taxes because their incomes are more limited, and Nevada is great for that. There is no income tax at all, so neither are Social Security benefits taxed, nor are 401(k) and IRA withdrawals or pension income.

Nevada is home to a lot of people age 62 and older and offers a lot of natural beauty and outdoor recreation opportunities – such as golf, hiking, skiing, camping and so on. Indoor entertainment includes plenty of museums, theaters, restaurants and…casinos.

Spending time in a casino can be fun, and some attract major artists. Gambling can also be fun, but if you are prone to gambling or have a gambling addiction, Nevada may be best avoided.

If some of these Nevada features sound good, take a closer look at the state and maybe spend a few summer months there to make sure it’s a good fit.