Retiring in Oklahoma: a complete guide

Is Oklahoma a good place to retire?

According to data from the U.S. Census Bureau, in 2024, Oklahoma had a population of approximately 4 million people, with nearly 17% of the population being over the age of 65, making it one of the top states with a large retirement population. 

Accordingly, many people do seem to think of it as a retirement destination, particularly for those looking for a peaceful and affordable environment with access to outdoor activities, cultural events, and friendly communities.

With its scenic landscapes and low cost of living, Oklahoma is retirement-friendly, offering a unique retirement experience that may be attractive to many.

At what age can you retire in Oklahoma?

Any age you’d like! Or, any age that you can afford to, Oklahoma has no specific retirement age, like all other states.

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 Oklahoma: 

• 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 important you 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.

Does Oklahoma tax retirement income?

Taxes in Oklahoma are generally lower than elsewhere in the US. 

For retirees aged 65 and older, Oklahoma offers an income tax exemption of up to $10,000. 

Additionally, Oklahoma does not tax Social Security, so you can keep more of your income than you would if you retired in another state.  

Oklahoma has a lower cost of living than many other states in the US, with lower housing, healthcare, and transportation costs. This is a huge advantage for retirees, especially those on a fixed income, looking to make their money go further.  

What are the pros and cons of retiring in Oklahoma?

Like any state, there are advantages and disadvantages to retiring in Oklahoma. It’s important to consider all of these before you pack up and move.

The pros of retiring in Oklahoma

As noted, there are some advantages to retiring in Oklahoma.

• Lower cost of living: Oklahoma has a lower cost of living than many other states, which can be a significant advantage for retirees on a fixed income. Housing, healthcare, and transportation costs are generally lower than the national average; in fact, it’s almost 15% below the national average.

• Friendly communities: Oklahoma is known for its friendly and welcoming communities, with a strong sense of community spirit. Retirees can enjoy living in a supportive environment that offers plenty of opportunities to make new friends and socialize. 
• Scenic landscapes: Oklahoma is home to numerous state parks, lakes, and rivers, providing ample opportunities for outdoor activities such as hiking, fishing, and boating. The state also has a rich Native American history and culture, with many sites and attractions dedicated to preserving and celebrating this heritage. 
• Cultural scene: Oklahoma has a vibrant cultural scene, with numerous museums, theaters, and festivals throughout the year. The state hosts several events and celebrations, including the Oklahoma State Fair, the Red Earth Native American Cultural Festival, and the Tulsa International Mayfest. 

The cons of retiring in Oklahoma

On the other hand, there could be some downsides, too.

• Weather extremes: Oklahoma has a continental climate, with hot summers and cold winters. The state is also prone to severe weather, including tornadoes and thunderstorms, which could be a concern for retirees living in certain areas. 
• Limited public transportation: Oklahoma has limited public transportation options, particularly in rural areas. This could be a concern for retirees who do not drive or prefer not to rely on personal vehicles. 
• Limited healthcare options: Oklahoma has a shortage of healthcare providers, particularly in rural areas. This could be a concern for retirees who require specialized medical care or services. 

Where are the best places to retire in Oklahoma?

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

• Tulsa: Tulsa offers a low cost of living, beautiful parks, excellent healthcare facilities, and a variety of cultural and recreational activities. 
• Oklahoma City: Oklahoma City has a low cost of living, a friendly community, and a thriving economy. It also offers a wide range of cultural attractions, including museums, galleries, and theaters. 
• Edmond: Edmond is a small suburban town located just north of Oklahoma City. It offers a low cost of living, excellent healthcare facilities, and a variety of recreational opportunities, including golf courses and parks. 
• Broken Arrow: Broken Arrow is a small town located in northeastern Oklahoma. The town has a low cost of living, a friendly community, and a variety of outdoor recreational activities, including fishing and boating. 
• Stillwater: Stillwater is a college town located in north-central Oklahoma. The town offers a low cost of living, excellent healthcare facilities, and a variety of cultural and recreational activities. 
• Ardmore: Ardmore is a small town in southern Oklahoma. It offers a low cost of living, a friendly community, and a variety of outdoor recreational activities, including hiking, fishing, and camping. 
• Bartlesville: Bartlesville is a small town in northeastern Oklahoma. Its cost of living is low, the healthcare facilities are excellent, and there are a variety of cultural and recreational activities, including museums, galleries, and theaters. 
• Yukon: Yukon is a small town located just west of Oklahoma City. The town offers a low cost of living, a friendly community, and a variety of outdoor recreational activities, including fishing and hiking. 

The bottom line

Oklahoma offers a wealth of benefits for potential retirees and has a lower cost of living than many other states, but limited healthcare options are a concern. There may be cultural considerations to think about as well.

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