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Ohio, however, has in recent years also become a popular choice for retirement. The pros of retiring in Ohio include a low cost of living for retirees, excellent healthcare infrastructure, and many Active Adult Communities and housing options. The cons of retiring in Ohio include no ocean coastline, high property taxes, and limited public ...
Nov 13, 2024 · Taxes: Ohio’s state sales tax rate is 5.75%, and the average combined state and local sales tax rate is 7.24%. Climate: Ohioans consistently experience four distinct seasons and can expect to receive moderate precipitation year-round. As part of the Midwest, Ohio is prone to severe weather, such as thunderstorms, tornadoes, and snowstorms. 1 ...
Mar 30, 2023 · The Pros and Cons of Retiring to Ohio. Ohio is a great state to live and work, offering some of the nation’s lowest living costs and plenty of recreation and entertainment. Active cities like Cleveland, Cincinnati, and Columbus deliver a wealth of cultural attractions, professional sports teams, museums, universities, and medical care.
- Home to a Range of High Quality Health Care. Giving peace of mind to senior residents and their loved ones, Cleveland has a wide array of top-notch hospitals and medical centers available within and just outside of city limits.
- Affordable Cost of Living. In general, Ohio has a lower cost of living than that of the national average. Cleveland itself is also very affordable, especially in relation to other cities in America; in fact, the cost of living is 27.4% lower than the U.S. average.
- Great Public Transportation System. The Greater Cleveland Regional Transit Authority offers an easy method to get around town without worrying about driving, parking, or navigating the city.
- Take Classes at the Local University. Spend your retirement back in college! Cleveland State University’s exclusive program, Project 60, allows seniors the opportunity to audit any class offered at the college on a completely tuition-free basis; one of the best reasons to retire in Cleveland!
If your annual retirement income exceeds $100,000, you can claim a credit of up to $200. If you are age 65 or older and your modified adjusted gross income is below $100,000, you can claim an additional $50 credit. Ohio has a graduated individual income tax rate ranging from 2.765% to 3.99%.
Apr 30, 2024 · 6. Con: Infrastructure concerns. Ohio faces infrastructure concerns, including aging roads, bridges, and public utilities, which can impact residents' quality of life. The state received a C- on its Infrastructure Report Card in 2021, which further highlights its lacking infrastructure. 7.
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Jun 1, 2021 · Limited supply, More costs. According to the Ohio Housing Finance Agency (OHFA), more than 35 percent of mortgage holders ages 65 to 74 spend at least 30 percent of their income on housing-related costs. The same can be said for almost half of those 75 and older. The growing share of Ohioans age 65 and older living alone and responsible for ...