Retiring in Delaware
Delaware, located on the East Coast of the United States, is an increasingly popular retirement destination for many Americans seeking a peaceful and relaxed environment with access to outdoor activities, cultural events, and a moderate climate. With its charming coastal towns, scenic parks, and rich history, Delaware offers a unique retirement experience that attracts many retirees every year. According to data from the U.S. Census Bureau in 2020, Delaware had a population of approximately 1 million people, with over 18% of the population being over the age of 65, making it one of the top states with a large retirement population.
What age can you retire in Delaware?
Like many states, Delaware has no specific retirement age that is mandated by law. This means that individuals are free to retire whenever they choose, as long as they are able to financially support themselves. However, there are some age-related benefits and considerations for retirees in Delaware:
Why do people retire in Delaware?
Peaceful environment: Delaware is known for its peaceful and relaxed environment, making it an ideal destination for retirees looking for a slower pace of life. The state is also known for its friendly and welcoming communities.
Moderate climate: Delaware's climate is generally mild with moderate temperatures throughout the year. This makes it an attractive destination for retirees who want to avoid extreme weather conditions.
Outdoor activities: Delaware is home to several state parks, forests, and beaches, providing ample opportunities for outdoor activities such as hiking, fishing, and boating. The state is also known for its golf courses, making it an ideal destination for golf enthusiasts.
Low taxes: Delaware has no sales tax and low property taxes, making it an attractive destination for retirees on a fixed income.
What puts people off retiring to Delaware?
Limited healthcare options: While Delaware has several healthcare facilities, the state is known for having limited healthcare options in some areas, which could be a concern for retirees with health issues.
Small size: Delaware is one of the smallest states in the country, which could be a concern for retirees who are looking for a more metropolitan lifestyle.
Natural disasters: While Delaware is not as prone to natural disasters as some other states, it is still susceptible to hurricanes and flooding, which could be a concern for retirees living in certain areas.
Best places to retire in Delaware
If Delaware is your chosen retirement state, here are some of the best places to retire in:
Lewes: Located on the Delaware Bay, Lewes is a charming and historic town with a low cost of living, great healthcare facilities, and plenty of outdoor recreational opportunities. It's home to several beaches, a state park, and a variety of cultural events throughout the year.
Rehoboth Beach: This coastal town is a popular retirement destination for its beautiful beaches, diverse restaurant scene, and vibrant arts community. It offers a mix of historic and modern homes, and has a lively boardwalk with shops, restaurants, and amusements.
Bethany Beach: This family-friendly beach town is a quieter alternative to Rehoboth Beach. It has a small-town feel with a tight-knit community, and offers plenty of opportunities for fishing, kayaking, and other outdoor activities.
Wilmington: For those looking for a more urban retirement experience, Wilmington offers a variety of cultural attractions, including museums, theaters, and galleries. It also has a diverse restaurant scene and several parks and gardens.
Milford: Located in southern Delaware, Milford is a small town with a low cost of living and a friendly community. It has a historic downtown area with shops and restaurants, and is close to several beaches and state parks.
In conclusion, Delaware’s mild climate, low taxes and variety of recreational activities offers a lot of retirement benefits, but potential retirees should also be prepared for limited healthcare options in some areas of the state. It's important to seek expert financial advice to weigh up all of the costs associated with retiring in Delaware, including property taxes, insurance, and living expenses, in order to make an informed decision about whether the state is the right choice for your retirement.
Kate has written for leading publications and blue chip companies over the last 20 years.