Why flee to Florida when you can retire to Rehoboth Beach, Delaware? Pair the benefits of living by the ocean with the endless activities and reasonable cost of living; it’s no wonder Rehoboth Beach is a desirable place to retire.
At Integrated Wealth Management, we work with a mix of Delaware transplants, retirees leaving Wilmington to live by the beach, and those that have called the area home for decades. Whatever brings you to Rehoboth Beach, we’re guessing you already agree with how great the area is; but in case you need further convincing…
Rehoboth Beach Offers a Great Beach Community to Retirees
You can find 55+ communities filled with activities and amenities, or maybe you prefer to retreat to a quiet neighborhood. Wherever retirees choose to live, they seem to agree on what makes the Rehoboth Beach area desirable — it’s very walkable, it’s an easy place to stay active, and nothing beats the coastal vibes.
And with its proximity to Washington, DC, Baltimore, and Philadelphia, many trade the hustle and bustle of the city for a slower-paced life along the coast. When you want to visit the museum, take in a professional sporting event, access world-class healthcare, or hop on an airplane — remaining close to major metropolitan areas certainly has its perks.
Achieve the Perfect Balance Between Leisure & Activity
The combination of sun, sand, and the salty ocean breeze reel in retirees. The boardwalk lining the town is perfect for a stroll as you grab your morning coffee and meet up with friends. Wander off the beach and you’ll find an array of casual and fine dining options, breweries, wineries, theatrical productions, and live music entertaining locals and visitors. Living a life of leisure and staying entertained is easy in Sussex County.
Those interested in weaving more activity into their day find the options endless. Head to the water for fishing, kayaking, boating, and sailing. Recreational sports like tennis, pickleball, and golf continue to grow in popularity, with courts, clubs, and courses scattered throughout the area.
What about when the grandkids come to visit? You can visit state parks, rent bikes, go on a dolphin-watching cruise, or hop on the Cape May-Lewes Ferry. If you’re bored in Rehoboth Beach, it’s time to get out and explore.
Taxes and Cost of Living for Retirees in Delaware
Many retirees fear they won’t be able to afford all the fun we just mentioned once they’re on a fixed income. We find there’s often a feeling of uncertainty when it comes to how much money they'll have each month once they no longer have a steady paycheck.
While we can’t answer these specific questions in this article, we can highlight the affordability of living in Delaware thanks to unique tax breaks for retirees and reasonable cost of living.
Social Security is not taxable income in Delaware — leaving more of your monthly benefit in your pocket.
There’s no sales tax in Delaware — allowing your total at the cash register to be a bit lower than if you were to cross over into neighboring states.
Delaware residents 60 and older receive up to a $12,500 tax exclusion from pension income.
According to SmartAsset, “Delaware boasts the seventh lowest property tax rate of any state in the U.S. The average effective property tax rate is just 0.53%. That means that, on average, a home in the state of Delaware with a market value of $200,000 would have taxes of about $1,600 annually.”
Financial stress is just that, stressful. Choosing to retire to an economical location like Rehoboth Beach can enhance the amount of enjoyment you get out of your retirement life.
Are You Ready to Retire to Rehoboth Beach?
So many of us are ready to retire to a community like Rehoboth Beach, but having a sense of security and a plan for retirement success is often necessary to retire with confidence.
While we think most retirees would love the benefits of living in our great state of Delaware, we’re here to help you get the most out of your retirement years by creating in-depth retirement financial plans. As fee-only financial advisors, you’ll always get our unbiased opinion when it comes to financial advice. If you have your eye on retreating to the beach (or anywhere for that matter), give us a call to learn more about how our services can help make your dream retirement a reality.
About Integrated Wealth Management
Integrated Wealth Management is owned by Burt Hutchinson, CPA, CFP®. We’re a CPA-led organization, meaning we’re here to handle your complex tax scenarios and provide cost-saving insight related to your financial plan.
We’re here to guide you through the 3 stages of retirement:
Uncertainty Stage: When you are within 10 years of retirement and have questions about how to make it work
Stability Stage: When you have reached the financial milestone to retire comfortably and confidently
Reflection Stage: When you are looking to leave a legacy
We are also here to provide experienced, empathetic support during times of loss, such as the death of a life partner. You need confidence and a sense of security to enjoy retirement. As fiduciaries with a fee-only structure, we never receive commissions. Free of ulterior motives, you can be sure we’re focused on your goals.
Continued Readings:
Sources:
“Delaware Property Tax Calculator.” SmartAsset. 27, April, 2023. https://smartasset.com/taxes/delaware-property-tax-calculator#:~:text=Delaware%20boasts%20the%20seventh%20lowest,Not%20in%20Delaware%3F
Disclosure Statement:
This presentation is not an offer or a solicitation to buy or sell securities. The information contained in this presentation has been compiled from third-party sources and is believed to be reliable; however, its accuracy is not guaranteed and should not be relied upon in any way whatsoever. This presentation may not be construed as investment, tax, or legal advice and does not give investment recommendations. Any opinion included in this report constitutes our judgment as of the date of this report and is subject to change without notice.
Additional information, including management fees and expenses, is provided on our Form ADV Part 2 available upon request or at the SEC’s Investment Adviser Public Disclosure website, Past performance is not a guarantee of future results.