5 Reasons You Don’t Want To Retire in Nevada
Written by
Vance Cariaga
Edited by
Cory Dudak
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
When it comes to retirement destinations, Nevada has several things in its favor. The Silver State has no state income tax and relatively low property taxes, along with plenty of fun and recreation in Las Vegas, Reno, Lake Tahoe and elsewhere. But there are also a few reasons Nevada is not an ideal place to retire.
One of those reasons has to do with Nevada’s size. It’s the seventh-largest state by area but only the 32nd most populous, which means it’s home to a whole lot of empty space. Nearly three-quarters of the state’s 3.1 million residents live in Las Vegas and surrounding Clark County. If you don’t live there or one of the other larger cities, you might find it difficult to find essential amenities and services retirees need, including access to healthcare.
If you are considering retiring in Nevada, here are five reasons you might want to reconsider.
It’s Not as Cheap as You Might Think
Although Nevada doesn’t have the staggeringly high costs of places like Hawaii and neighboring California, it still ranks in the lower half of the states in affordability. According to a GOBankingRates analysis of how far $1 million will take retirees in each state, Nevada came in as the 19th most expensive.
For seniors 65 and older, a $1 million nest egg will last 18 years, nine months and 26 days in Nevada. That’s a lot longer than pricey Hawaii (10 years, 3 months, 22 days) but considerably shorter than affordable Mississippi (22 years, 8 months, 12 days).
Extreme Weather
Nevada is home to the Mojave desert, where the summers can be brutally hot (and where Las Vegas is located). The state also has mountain ranges where sub-freezing winter temperatures are the norm. These two extremes are not ideal for retirees who fare best in moderate weather conditions.
Natural Disasters
In addition to extreme weather, Nevada is also vulnerable to natural disasters such as wildfires, floods and droughts that make life difficult for seniors.
High Grocery Costs
Research from Help Advisor found that Nevada ranks second behind only California for the nation’s highest average weekly grocery bills. Nevadans spend an average of $294.76 a week on groceries — much higher than the national average of $270.21 per week. Expensive groceries put a particular financial strain on retirees with fixed incomes.
You’ll Pay for Tourism
Nevada is a major tourist destination because of gambling/entertainment meccas like Las Vegas and Reno and the natural wonders of Lake Tahoe and parts of the Grand Canyon. State lawmakers know a money-making opportunity when they see one — and one of those opportunities is higher-than-average sales taxes, according to a blog from Del Webb, a leading developer of active adult communities.
Steering clear of tourist areas can help you avoid some of the higher taxes (and massive crowds), but you’re unlikely to steer clear of them altogether.
More From GOBankingRates
