Many people dream of moving to a new location in retirement. Selecting a place to retire requires a great deal of thought and planning. Considerations include location, cost of living, health insurance, life insurance and of course, the tax burden of where you plan to retire. These factors are just a few of the reason many retirees choose Delaware.
There are a number of reasons why Delaware has been one of the top places to live in after retirement, despite a relatively small land area (just about 96 miles long from north to south and 32 miles across from east to west). The state is accessible to about 25 percent of the U.S. population in a single day, and it has cities such as Philadelphia, Washington D.C., Baltimore, and Manhattan nearby. The real estate market prices in Delaware makes this little state a great retirement choice as well; homes here average about $260,000.
Delaware has four distinct seasons, and generally a humid temperature, thanks to the Gulf of Mexico and the Atlantic Ocean. During winter, the weather is mild with some snowfall, while it is hot and humid in the summertime.
More Liberal Tax Exclusions
You can use the liberal exclusion, on up to $250,000 profit for a single homeseller and up to $500,000 gain for those filing joint returns, on any house you've owned and occupied as your main residence for at least two of the five years before the sale. And you can do it over again with other houses, as often as once every two years. That's where the vacation home possibility comes in. Delaware has been named one of the best places to retire; it is a place where one can settle down without the stress of hustle and bustle of the city, yet is situated close to many urban centres. Delaware is only 4 hours from Manhattan, and less than 3 from Philadelphia, Baltimore and the Nations Capital. Located along the Atlantic coast, Delaware is filled with beaches, farms, and country roads. For generations it has been a great summer destination for people from all over the country.