Retiring in Ohio: a guide

Retiring in Ohio: A primer

Ohio is a populous Midwestern state, with three large cities, large swaths of rural countryside, and a long coastline along one of the Great Lakes. 

It’s home to nearly 12 million people, too, and almost 19% of them are age 65 or older. That equates to around 2.5 million people of retirement age. 

Ohio can also be an attractive retirement destination, as it’s relatively quiet and affordable, yet rife with scenery and activities. 

What is the retirement age in Ohio?

There’s no specific retirement age in Ohio. But there are some things to be aware of:

• 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 is important for individuals to start saving for retirement as early as possible. Many financial experts recommend saving at least 15% of your income for retirement. 

Why retire in Ohio?

There are some compelling potential reasons to retire in Ohio:

• Affordability: Ohio is known for its low cost of living, making it an attractive destination for retirees on a fixed income. Housing and healthcare costs, in particular, are lower than in many other states. 

• Natural beauty: Ohio is home to numerous state parks, lakes, and forests, providing ample opportunities for outdoor activities such as hiking, camping, fishing, and boating. 

• Midwest culture: Ohio is awash in Midwest culture, with numerous museums, galleries, and performing arts venues. The state hosts several festivals and events throughout the year, including the Cleveland International Film Festival, the Ohio Renaissance Festival, and the Columbus Arts Festival. 

• College football: If you’re a sports fan, Ohio is the place to be for college football. With Ohio State the headlining act in the state, you’re also a short trip from some of the Buckeyes’ chief rivals in Michigan, Notre Dame, and Penn State.

What puts people off retiring to Ohio?

Yes, there are some downsides to retiring in Ohio:

• Weather: Ohio experiences all four seasons, including cold winters and hot summers, which could be a concern for retirees who prefer a more moderate climate. 

• Geography: For those who enjoy ocean coastlines and mountains, Ohio lacks both, though there is beach access on Lake Erie.

• Limited public transportation: Ohio's public transportation system is limited compared to other states, which could be a concern for retirees who do not want to drive.

Top retirement destinations in Ohio

If you’re sold on Ohio as a retirement destination, here are some places to consider moving to:

• Dublin: Located in the Columbus metropolitan area, Dublin is a charming city with a low crime rate, excellent schools, and plenty of recreational opportunities. It has a thriving downtown area with shops, restaurants, and parks. 

• Westlake: Westlake is a suburb of Cleveland that offers a mix of urban and suburban living. It has a low cost of living, good schools, and access to Lake Erie. The city is also home to Crocker Park, an outdoor shopping and dining destination. 

• Beavercreek: Beavercreek is a suburb of Dayton that is known for its low crime rate and excellent schools. It has a strong sense of community and plenty of parks and outdoor spaces. The city is also home to The Mall at Fairfield Commons, a popular shopping destination. 

• Mason: Located in the Cincinnati metropolitan area, Mason is a family-friendly city with good schools and a low crime rate. It has a variety of shopping and dining options, as well as Kings Island amusement park. 

• Granville: Granville is a small town located east of Columbus. It has a charming downtown area with shops and restaurants, as well as a strong sense of community. The town is also home to Denison University. 

Ready to retire in Ohio?

You may have decided on Ohio as a retirement destination due to its lower cost of living and welcoming retirement community, but don’t forget other considerations, such as limited public transportation and seasonal extremes of weather. 

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

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