Retiring in Nevada: a complete guide
Discover more about what Nevada offers potential retirees. You can also match with a financial advisor for free by answering a few simple questions below.
Summary
Reno is one of the best places for retirees to live in Nevada, with Carson City, Henderson, and Mesquite also in the mix.
According to data from the U.S. Census Bureau, over 16% of Nevada's population was over the age of 65.
Nevada has pros such as tax-friendly policies and affordable cost of living.
A financial advisor can help you plan and realize your dream retirement.
Where are the best places to retire in Nevada?
Some cities and towns are particularly attractive to people retiring in Nevada.
Here are the best places for retirees to live in the Silver State:
Where can you retire in Nevada?
In addition to staying in your home in Nevada or buying a new property, the state is home to over 100 retirement communities or senior living communities.
These communities are spread throughout the states, meaning there is something for every retiree’s needs.
The cost of these communities varies depending on several factors, including location, amenities offered, size of the living unit, and additional services provided.
Generally, the monthly cost can range from $1,500 to $5,000 or more.
According to a Place for Mom, a senior care referral service, the median monthly cost of independent living in Nevada is $3,598. This places the state at the 10th most expensive in the country. Washington, D.C., Hawaii, and Vermont hold the top three spots.
Is Nevada a good place to retire?
With its stunning natural landscapes, thriving cities, and tax-friendly policies, Nevada offers a unique retirement experience that attracts many retirees every year.
According to data from the U.S. Census Bureau, in 2022, Nevada had a population of approximately 3.1 million people, with over 16% of the population being over the age of 65, making it one of the top states with a large retirement population.
Retiring in Nevada offers a unique and diverse environment for retirees looking to enjoy outdoor activities, cultural experiences, and a tax-friendly lifestyle.
However, extreme temperatures, natural disasters, and limited healthcare options could be potential concerns for retirees considering the state as a retirement destination.
What are the pros and cons of retiring in Nevada?
It’s important to consider the pros and cons of retiring in Nevada before making a final decision.
Here are some of the benefits of retiring in Nevada and some of the reasons why some retirees choose to live in other states.
The pros of a Nevada retirement:
Tax-friendly policies: Nevada has no state income tax and among the lowest property taxes in the country. This could be a significant advantage for retirees who rely on fixed income.
Affordable cost of living: Nevada's cost of living, including housing and healthcare, is lower than that of other popular retirement destinations, such as California.
Unique environment: Nevada is known for its stunning natural landscapes, from the Mojave Desert to the Sierra Nevada Mountains.
Cultural scene: Nevada offers a vibrant cultural scene with many museums, galleries, and several state-hosted events throughout the year, including the Las Vegas Film Festival, the Reno Rodeo, and the Great Reno Balloon Race.
The cons of retiring in Nevada:
Extreme temperatures: Nevada's climate varies greatly depending on the region, but many areas experience extremely hot summers and cold winters.
Natural disasters: Nevada is also prone to natural disasters such as wildfires, floods, and droughts.
Limited public transportation: Nevada is largely a rural state, and public transportation options are limited.
Limited healthcare options: While healthcare is more affordable in Nevada compared to other states, the availability of healthcare options, particularly in rural areas, could be a concern for retirees who require specialized medical attention.
How much are Nevada retirement taxes?
Nevada has a reputation as tax-friendly, and this certainly is one of the big advantages of a Nevada retirement.
Nevada does not impose state income tax. This means an income from your retirement accounts, your 401(k), 403(b), or IRA will not be taxed.
You also won’t be taxed on Social Security.
Sales tax is where the state makes most of its money, with the rate standing at 6.85%.
While there is no state income tax, Nevadans still must pay federal income tax.
What age can you retire in Nevada?
People living or considering moving to Nevada can choose to retire whenever they like if they can support themselves financially.
However, there are some age-related benefits and considerations for retirees in Nevada:
Social Security benefits: The earliest age at which you can begin receiving Social Security benefits is 62, but if you delay taking benefits, your monthly payments will increase. Full retirement age (FRA) is between 66 and 67, depending on your birth year. Delaying benefits until after FRA can result in even higher monthly payments.
Medicare eligibility: Medicare eligibility begins at age 65, regardless of retirement status. However, if you choose to retire before age 65, you will need to find alternative healthcare coverage until you become eligible for Medicare.
Retirement savings: Regardless of retirement age, individuals need to start saving for retirement as early as possible. Many financial experts recommend saving at least 15% of your income for retirement. You could check out the average retirement savings in the US.
Get expert retirement advice
If you’re still unsure about where to retire, it’s wise to seek expert advice.
Unbiased can match you with a fiduciary financial advisor who can help you realize your dream retirement.
Simply answer a few questions, and we will find an advisor best suited to meet your needs. Get started here.
Content writer
Kate has written for leading publications and blue chip companies over the last 20 years.