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Is Pennsylvania the Best State for Retirement in the US?

Pennsylvania may be one of the best states for retirement in the US in 2024, but it certainly doesn’t come out at the top. Discover our detailed rankings to uncover the Best State for Retirement in the US in 2024.

Meanwhile, here are our statistics on the Keystone State:

Insider Monkey Score: 21    

IM Healthcare Rank: 16       

Cost of Living Index: 95.6   

Tax Friendliness: Tax Friendly

So how does the state of Pennsylvania rate for retirement? Based on our Insider Monkey rankings, Pennsylvania is number six on our list of best states to retire in the US in 2024. Five more states beat this Keystone State to the top due to their combined rankings in healthcare, cost of living, and tax-friendliness.

Nevertheless, Pennsylvania is a good state to retire for seniors and our findings verify it. The cost of living in the state is 4.4% lower than the national average. As of April 2024, home prices in the state were up 7.9% year-over-year. Yet, the median sale price of a home in this state is an affordable $285,700. This is considerably lower than the national median of $426,056, as per Redfin. While the average effective property tax rate is higher than the national average of 0.99%, eligible seniors aged 65 and over can avail expanded property tax or rent rebate of up to a $1,000.

For those looking to rent, Zillow notes that median rent of a two-bedroom apartment in the state is $1,550, lower than the national median of $1,906. That’s not all, Pennsylvania has also made it to our list of states that don’t tax retirement income.  This state wont tax your Social Security income, neither will it tax the income coming from your retirement accounts such as 401(k)s and IRAs. Moreover, pension income is also exempt from taxes that comes from an eligible employer-sponsored retirement plan.

This state isn’t just best to retire tax-wise, but it’s also good for seniors in terms of health. Our rankings show that of all the states, Pennsylvania ranks at number 16 when it comes to healthcare. Some of the best hospitals in the state are Lancaster General Hospital, Temple University Hospital, and Hospital of the University of Pennsylvania. Faring well on all major grounds, it is safe to say that Pennsylvania is a retirement-friendly state.  Nevertheless, just like there are many pros of retiring to Pennsylvania, there are some cons too. The one thing that may put off retirees choosing this state as their home in their golden years is that it has a humid continental climate. Hot summers and cold winters aren’t exactly ideal for people who prefer milder year-round weather.

Nevertheless, Pennsylvania is one of the best states to retire, especially for those on a fixed-income. If you’re looking for some of the best places to retire in Pennsylvania on Social Security, your best bet are places like Harrisburg, Elizabethtown, Erie, and New Castle. Read our detailed article to see more places to retire on in this wonderful state.

Pennsylvania ranks 6th in our list of Best States to Retire in the US.

Click to see the 5 Best States to Retire in the US Better Than Pennsylvania.

AI Fire Sale: Insider Monkey’s #1 AI Stock Pick Is On A Steep Discount

Artificial intelligence is the greatest investment opportunity of our lifetime. The time to invest in groundbreaking AI is now, and this stock is a steal!

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Here’s why this is the prime moment to jump on the AI bandwagon:

Exponential Growth on the Horizon: Forget linear growth – AI is poised for a hockey stick trajectory.

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Early investors will be the ones positioned to ride the wave of this technological tsunami.

Ground Floor Opportunity: Remember the early days of the internet?

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AI is at a similar inflection point.

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Disruption is the New Name of the Game: Let’s face it, complacency breeds stagnation.

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The companies that embrace AI will thrive, while the dinosaurs clinging to outdated methods will be left in the dust.

As an investor, you want to be on the side of the winners, and AI is the winning ticket.

The Talent Pool is Overflowing: The world’s brightest minds are flocking to AI.

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A New Dawn is Coming to U.S. Stocks

I work for one of the largest independent financial publishers in the world – representing over 1 million people in 148 countries.

We’re independently funding today’s broadcast to address something on the mind of every investor in America right now…

Should I put my money in Artificial Intelligence?

Here to answer that for us… and give away his No. 1 free AI recommendation… is 50-year Wall Street titan, Marc Chaikin.

Marc’s been a trader, stockbroker, and analyst. He was the head of the options department at a major brokerage firm and is a sought-after expert for CNBC, Fox Business, Barron’s, and Yahoo! Finance…

But what Marc’s most known for is his award-winning stock-rating system. Which determines whether a stock could shoot sky-high in the next three to six months… or come crashing down.

That’s why Marc’s work appears in every Bloomberg and Reuters terminal on the planet…

And is still used by hundreds of banks, hedge funds, and brokerages to track the billions of dollars flowing in and out of stocks each day.

He’s used this system to survive nine bear markets… create three new indices for the Nasdaq… and even predict the brutal bear market of 2022, 90 days in advance.

Click to continue reading…