Retiring in Washington State: a complete guide

1 min readLast updated April 16, 2024by Kate Morgan

This article will take you through the main things you need to consider if you want to spend your retirement in Washington State.

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Summary

  • Washington State had a population of approximately 7.7 million people, with more than 1 million residents over the age of 65.

  • Washington State is a beautiful place to retire, with a diverse range of landscapes and outdoor activities to keep retirees entertained.

  • Washington State has a high cost of living, especially in cities like Seattle, which may be a drawback for some retirees.

  • There is no specific retirement age mandated by law in Washington State.

  • Spokane is a great retirement destination for those who enjoy outdoor activities. It also has a low cost of living and good healthcare options.

What are the pros and cons of retiring in Washington State?

Like any location, there are both pros and cons to retiring in Washington State. If you're thinking about retiring in Washington State, here is what you should consider.

The pros:

  • No state income tax: Washington does not have a state income tax, which can be a huge advantage for retirees living on a fixed income, as it means they won't have to pay state taxes on their retirement income. 

  • Low property taxes: Compared to other states, property taxes in Washington are relatively low. This can be a significant financial benefit for retirees who own their own homes.  

  • Natural beauty: Washington is known for its stunning natural beauty, from the rugged coastline to the majestic mountains. The state is home to several national parks, including Olympic National Park and Mount Rainier National Park, as well as numerous lakes and rivers. 

  • Outdoor activities: Washington offers a wealth of outdoor activities, including hiking, camping, fishing, and skiing. The state is also home to several world-class golf courses. 

  • Healthcare: Washington is home to some of the best hospitals and medical centers in the country, making it an attractive destination for retirees who may require regular medical care. 

  • Culture and entertainment: Washington is home to several vibrant cities, including Seattle and Tacoma, which offer a range of cultural and entertainment options, including museums, theaters, and music venues. :

The cons:

  • Rain: Washington is known for its rainy weather, particularly in the western part of the state. This can be a downside for retirees who prefer sunny, warm weather. 

  • High cost of living: Compared to other states, the cost of living in Washington can be relatively high. Housing, food, and healthcare costs are all generally higher in Washington than in other states. 

  • Traffic: With a growing population, traffic can be a major issue in some areas of Washington, particularly in the Seattle metropolitan area. 

  • Natural disasters: While Washington is not as prone to hurricanes as some other states, it is still at risk for natural disasters such as earthquakes and wildfires, which can be a concern for some retirees. 

If you’re still unsure about where to retire, it’s wise to seek expert advice. Explore our article on the top financial advisors for more insight.

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What age can you retire in Washington State?

There is no specific retirement age mandated by law in Washington, which means individuals can 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 Washington: 

  • 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: While there is no mandatory retirement age in Washington, it is still 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. 

However, like any location, there are both pros and cons to retiring in the state. 

Where are the best places to retire in Washington State?

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

  1. Spokane: Located in eastern Washington, Spokane is a great retirement destination for those who enjoy outdoor activities. With a low cost of living, good healthcare options, and a thriving cultural scene, Spokane has a lot to offer retirees. 

  2. Sequim: Known as the "Lavender Capital of North America," Sequim is a picturesque town on the Olympic Peninsula. Retirees can enjoy the mild climate, beautiful beaches, and numerous hiking trails in the area. 

  3. Port Townsend: This historic Victorian seaport is a charming retirement destination with a thriving arts and culture scene. Retirees can enjoy waterfront dining, boutique shopping, and the numerous festivals and events held throughout the year. 

  4. Bainbridge Island: Located just a short ferry ride from Seattle, Bainbridge Island offers a peaceful and scenic retirement destination. Retirees can enjoy the island's numerous parks and beaches, as well as the vibrant arts and cultural scene. 

  5. Walla Walla: This small town in southeastern Washington is known for its award-winning wineries and vineyards, making it a great retirement destination for wine enthusiasts. With a low cost of living and excellent healthcare options, Walla Walla is an attractive option for retirees. 

Is Washington State a good place to retire?

While there is no official count of how many people retire to Washington each year, data from the U.S. Census Bureau indicates that, in 2020, Washington had a population of approximately 7.7 million people, with more than 1 million residents over the age of 65.

Washington state is a beautiful place to retire, with a diverse range of landscapes and outdoor activities to keep retirees entertained. While the state does offer a mild climate, stunning natural scenery, and a diverse range of cultural activities, the high cost of living, especially in cities like Seattle, may be a drawback for some retirees. Additionally, the state experiences occasional earthquakes and wildfires, which may pose a risk.

If you’re thinking about retirement in Washington State, it's essential to consult with a financial advisor to evaluate all of the expenses associated with retiring in Washington, such as property taxes, healthcare, and living costs, to make an informed decision about whether the state is a suitable retirement destination for you. 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.

Want to retire in Washington State?

A financial advisor can help you plan and realize your dream retirement.