Retiring in New Hampshire: a complete guide

1 min read by Kate Morgan Last updated November 27, 2024

This article will take you through the main things you need to consider if you plan to spend your retirement in New Hampshire.

Summary

  • New Hampshire is a popular retirement destination for many Americans seeking a peaceful and scenic environment, with over 200,000 retirees calling New Hampshire home.

  • Portsmouth is a historic coastal town known for its charming downtown area and cultural attractions, and it often comes out on top of the best places to retire in New Hampshire.

  • Its scenic environment and cultural scene make New Hampshire a popular retirement destination. However, its higher cost of living and cold winters are some of the state's drawbacks.

  • A financial advisor can help you determine the best location for your retirement and develop a personalized financial plan to ensure you achieve your goals.

Is New Hampshire a good place to retire?

According to data from the U.S. Census Bureau in 2020, New Hampshire had a population of approximately 1.4 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.

New Hampshire is a popular retirement destination for many Americans seeking a peaceful and scenic environment with access to outdoor activities, cultural events, and a moderate climate.

With its beautiful mountains, lakes, and historic towns, New Hampshire offers a unique retirement experience that attracts many retirees every year.

Match with a financial expert and get personalized retirement advice

Choosing where you retire is a big decision and one you should not make lightly. It’s always wise to get expert advice.

A financial advisor can help you understand your money, save more for retirement, and retire in the right state to meet your needs.

Unbiased can connect you with a fiduciary financial advisor. Get started below.

Retiring in New Hampshire - the pros and cons

When choosing where you'll spend your retirement, it's important to weigh up the advantages and disadvantages of your chosen location.

Here is a breakdown of the pros and cons of choosing New Hampshire for retirement:

The pros of retiring in New Hampshire:

  • Scenic environment: New Hampshire is known for its scenic beauty, from its majestic mountains to its charming small towns. Retirees can enjoy living in a peaceful and picturesque environment that offers plenty of opportunities for outdoor activities such as hiking, skiing, and fishing. 

  • Moderate climate: New Hampshire's climate varies greatly depending on the region, but many areas have a moderate climate with mild summers and cold winters. This makes it an attractive destination for retirees who want to experience all four seasons. 

  • Low crime rate: New Hampshire has one of the lowest crime rates in the country, making it a safe place for retirees to live. 

  • Cultural scene: New Hampshire has a rich history and cultural scene, with numerous museums, galleries, and performing arts venues. The state hosts several festivals and events throughout the year, including the Laconia Motorcycle Week, the Keene Pumpkin Festival, and the Portsmouth Maritime Folk Festival. 

The cons of retiring in New Hampshire:

  • Cost of livingNew Hampshire's cost of living is generally higher than the national average, which could be a concern for retirees on a fixed income. Housing and healthcare costs, in particular, are higher than in many other states. 

  • Limited public transportation: New Hampshire has limited public transportation options, which could make it difficult for retirees who do not drive or prefer not to drive. 

  • Winter weather: New Hampshire's winters can be cold and snowy, which could be a concern for retirees who do not enjoy winter sports or activities. 

Where are the best places to retire in New Hampshire?

If New Hampshire is your chosen retirement state, here are some of the best places to retire: 

  1. Portsmouth: Located in southeastern New Hampshire, Portsmouth is a historic coastal town known for its charming downtown area, cultural attractions, and scenic views of the Piscataqua River. It offers a range of housing options, including apartments, condos, and single-family homes, and is home to many retirees. 

  2. Hanover: Hanover is located in the Upper Connecticut River Valley in western New Hampshire and is home to Dartmouth College. The town has a small-town feel and a thriving arts and culture scene, with numerous galleries, theaters, and museums. It also offers excellent healthcare facilities and outdoor recreation opportunities. 

  3. Concord: Concord is the state capital and one of the largest cities in New Hampshire. It has a thriving downtown area with numerous shops, restaurants, and cultural attractions, including the Capitol Center for the Arts and the McAuliffe-Shepard Discovery Center. It also offers easy access to nearby lakes and mountains, making it an attractive destination for outdoor enthusiasts. 

  4. Manchester: Located in southern New Hampshire, Manchester is the largest city in the state and offers a range of housing options for retirees, including condos and single-family homes. It has a vibrant downtown area with numerous restaurants and shops, as well as cultural attractions such as the Currier Museum of Art and the Palace Theatre. 

  5. Wolfeboro: Wolfeboro is a charming town located in the Lakes Region of New Hampshire, known for its natural beauty and recreational opportunities. It has a quaint downtown area with numerous shops and restaurants and is home to several museums and galleries. It also offers easy access to Lake Winnipesaukee, one of the largest lakes in New Hampshire, which is a popular destination for boating and fishing. 

In conclusion, New Hampshire offers a range of retirement options, from small towns to larger cities and from coastal communities to mountain villages. Retirees can enjoy a mild climate, low crime rate and picturesque scenery, though they should prepare for a higher cost of living.

How much tax will I pay if I retire in New Hampshire?

New Hampshire is an attractive destination for retirees who can save big on their retirement funds by lowering their tax burden.

New Hampshire does not impose state income tax, meaning you do not pay tax on your retirement income. This includes income from your 401(k), IRA, pension, and Social Security.

You will, however, have to pay federal income taxes if you are eligible.

It's important to seek expert financial advice to weigh up all of the costs associated with retiring in New Hampshire, 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. 

What age can you retire in New Hampshire?

Like many states, New Hampshire 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 support themselves financially.

However, there are some age-related benefits and considerations for retirees in New Hampshire: 

  • 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. 

  • Age discrimination: It is illegal for employers to discriminate against employees or job applicants based on age. 

  • Retirement savings: Regardless of retirement age, it’s wise to start saving for retirement as early as possible. Many financial experts recommend saving at least 15% of your income for retirement. 

If you’re thinking about moving to New Hampshire for your retirement, it’s best to get expert advice before you make a move. From how much you should save to how much you’ll likely spend, a financial advisor will review your finances and help you put a solid retirement plan in place. 

Find your SEC-regulated financial advisor here.

Content writer

Kate Morgan

Kate has written for leading publications and blue chip companies over the last 20 years.