How does New Mexico rank for retirement?

Is New Mexico a great place to retire?

New Mexico is not only home to some gorgeous scenery and incredible restaurants, but it is also a terrific place to retire. … While there are many cities throughout the Land of Enchantment to consider, here are seven that all individuals approaching retirement should consider.

Is New Mexico a bad state to retire?

(The Center Square) – New Mexico ranked as the worst state to live in out of all 50 states in an analysis by the consumer finance website Wallethub. … New Mexico came out at the very bottom, just below Alaska, while New Jersey took the top place.

Is Arizona or New Mexico better for retirees?

New Mexico has the least expensive real estate. From a tax standpoint for retirees Nevada is the best choice, since it has no income tax. Arizona is next, with no tax on Social Security and the lowest income tax (although the highest property tax rate).

Is New Mexico a retirement friendly state?

New Mexico is moderately tax-friendly toward retirees. Social Security income is partially taxed. Withdrawals from retirement accounts are partially taxed. Wages are taxed at normal rates, and your marginal state tax rate is 5.90%.

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Is moving to New Mexico a good idea?

People love living there for the low unemployment rate, reasonable cost of living, and stunning views. You can find an entire list of the best towns in NM to live in here. What are the most unique things to do in New Mexico?

Is Social Security taxed in New Mexico?

New Mexico taxes only about one-third of Social Security income: No taxes are paid on any Social Security income by low-income seniors.

Does New Mexico charge tax on Social Security?

New Mexico is one of only 13 states that tax Social Security income, and it is a form of double taxation since New Mexicans pay income taxes on the money they put into Social Security and then they are taxed again on the benefits they receive.

Is it cheaper to live in Arizona or New Mexico?

What many retirees are finding is better deals, say experts: The median home in New Mexico costs just $151,900 and the cost of living is 3.1% lower than the national average. That makes much of the state far less expensive than Arizona’s most famous retirement havens.

Is it cheaper to live in AZ or NM?

The cost of living in Albuquerque, NM is -12.0% lower than in Phoenix, AZ. You would have to earn a salary of $52,772 to maintain your current standard of living. Employers in Albuquerque, NM typically pay -5.2% less than employers in Phoenix, AZ.