Pennsylvania is an excellent place to retire for many reasons. The expansive countryside and quaint suburban towns offer peaceful views and many outdoor activities. The cost of living is relatively low, and there are many historical attractions and things to do. Pennsylvania is also considered a tax-friendly state, especially for retirees.
These tax advantages can help you make the most of your savings, and with so many activities available, you have the freedom to fill your days as you wish. If you are considering retirement in PA, you may wish to explore active retirement communities like Cornwall Manor.
Advantages of Estate Tax in Pennsylvania
Pennsylvania’s estate tax rates include a 0% charge on property inherited from a spouse. Other PA inheritance tax rates include 4.5% for transfers to direct descendants, 12% for transfers to siblings and 15% for transfers to other heirs. Pennsylvania does not charge inheritance tax on estates left to a charity or other exempt institutions. Retiring in Pennsylvania is financially advantageous because it’s considered one of the most lenient taxing authorities in the United States.
The Benefits of PA Property Tax Rebates
Pennsylvania’s senior property tax rebate program was expanded on January 16th, 2024. The maximum rebate, previously $650, has been raised to $1,000, making this the most significant tax reduction for older adults in nearly two decades. If you are eligible, you can apply for the rebate online via the Commonwealth’s myPATH application process.
This tax rebate for seniors in Pennsylvania supports renters and homeowners by providing a rebate ranging from $380 to $1,000 to people over 65, widowers and widows over 50 and adults with disabilities. Many retirees in states with higher taxes decide to downsize their homes to lower their tax burden, so PA’s property tax relief for seniors is a welcome perk to retiring in the Keystone State.
Additional Reasons to Retire in Pennsylvania
In addition to tax benefits allowing retirement income to go further, the many reasons to retire in Pennsylvania include:
Beautiful Natural Surroundings and Cultural Attractions
From green hills and untouched forests to vast lakes, Pennsylvania is the perfect place to spend your retirement surrounded by nature. Spend the day walking around the Hershey Gardens, or consider moving to a retirement community like Cornwall Manor with walking trails so you can spend more time outdoors.
The state also offers culturally rich towns and bustling cities with many parks, museums and historic landmarks to explore. Enjoy enriching your historical knowledge of America and take in the area’s interesting architecture along the way.
Low Cost of Living and Great Weather
Pennsylvania is affordable compared to many other states, which can improve overall quality of life. Warm summers and tolerable winters mean residents are less limited by harsh weather and can enjoy being outdoors most of the year.
Active Retirement Communities
One of the many reasons to retire in Pennsylvania is access to Continuing Care Retirement Communities (CCRCs) like Cornwall Manor.
If you love staying active and want to experience the benefits of living in a community, welcome to the best of both worlds. CCRCs offer independent living, personal care and skilled nursing care all in one location. There are a variety of housing options available as well as a health center when required. Residents can maintain the lifestyle they love with peace of mind, knowing that support is available should they ever need it.
Learn More About Retirement Options in Pennsylvania, and Visit Cornwall Manor
When imagining your retirement, it’s important to prioritize what makes you feel most excited, uplifted, peaceful and supported. If you want care available should you need it and are considering a retirement community, schedule a visit to Cornwall Manor.
Living at Cornwall Manor includes being surrounded by the healing powers of nature among a diverse group of active and social older adults. Our many enriching activities ensure residents have access to all they need to thrive. Everyone deserves to live life to its fullest — that’s why we offer The New Nature of Senior Living.
