Should you retire in Montana? Well, there are certainly plenty of good reasons to — but some reasons to not do so, as well. It’s one of the biggest states in the union, but one of the least populous. (It has a lot of grizzly bears, though.)
Retirees who enjoy the great outdoors should enjoy Montana, as it offers mountainous terrain along with rolling hills and great plains — and plenty of opportunities to fish, hike, ski, and more. Even those who love the great indoors will appreciate the state’s magnificent natural beauty. In fact, Montana does have a lot of retirement-age folks — perhaps because younger people often venture outside the state for work. With so much expanse, many people live far from towns, stores, and amenities, and retirees might want to favor bigger towns such as Billings, Bozeman, and Missoula in order to access healthcare and go shopping, among other things.
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Speaking of healthcare — a major consideration and cost in retirement — MedicareGuide.com has rated Montana as the 7th-best state in the nation for elderly healthcare. Meanwhile, the cost of living, per the World Population Review, is very close to the national average — just 3.7% above it. Housing costs are only about 11% above average, and the typical home price in Montana was recently $473,023. The average annual cost of car insurance in Montana recently came in at $2,755 — $262 below the national average.
How about taxes? Well, Montana is one of the states that do tax Social Security. Pension income and withdrawals from 401(k) and IRA accounts are also taxable. On the plus side, Montana doesn’t have an estate tax.
Montana is also a low-crime state and features more cultural activities than you might suspect, such as music and Shakespeare festivals. Its winters can be harsh, though, so factor that into your deliberations.
If you’re intrigued, learn more about Montana before inking it into your retirement plan. Perhaps spend a few months there first to really get a feel for it.
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