Delaware: A Hidden Gem for Retirees
Forget Florida and Belize. The best place to spend your carefree retirement years just might be in Delaware. Long known as a “hidden gem” for retirees, Delaware offers incredible tax breaks for seniors, along with the best in leisurely living.
If you’re looking for a place to call home, Montchanin Builders welcomes you to our masterfully designed communities in the Wilmington, DE area. Need a little more convincing? Take a look at the following financial incentives.
Financial freedom in retirement
You worked hard all of your life to save money for retirement. Now that retirement is imminent, it’s more important than ever to get the most bang for your buck. Financial experts have called Delaware one of the most tax-friendly states for retirees. If you’re over the age of 60 and are entitled to a pension, you can exclude $12,500 from your state income taxes. Under the age of 60? No problem; you can still exclude $2,000 from your pension. Perhaps even more impressive is the state’s policy on Social Security income. When you move to Delaware, all of your Social Security income will be excluded from state income taxes. This is particularly attractive for the many retirees who rely heavily on Social Security income to pay their living expenses.
But the financial incentives don’t end there. If you’re 65 or older, Delaware will let you claim a tax credit for half of your school property taxes. The maximum is $500. Many retirees enjoy holding down a part-time job to get out of the house now and then and allow for socialization. If this describes you, you can look forward to a moderate income tax rate with a low of 2.2 percent. Plus, you’ll get an additional tax break just for being over the age of 60.
Enjoy shopping? You can do so without paying any state sales tax anywhere within Delaware. Concerned about the legacy you’ll leave behind? Living out your golden years in Delaware will likely save your beneficiaries big bucks on estate taxes. Executors do not even have to file an estate tax return in Delaware if the estate is less than $5.25 million.
Move-in ready homes by Montchanin
Another major benefit of choosing Delaware for your retirement is the affordability of real property. Montchanin Builders has long been known for building high-quality, luxurious homes at competitive price points. Our beautiful homes in Darley Green, The Cedars, Shipley Road, and the Town of Whitehall are move-in ready — with the option of custom upgrades.
Enjoy the true spirit of community with your new neighbors. Tree-lined streets and immaculate landscaping go hand-in-hand with community gathering areas and nature trails. Plus, Montchanin communities are convenient to shops and businesses, cultural enrichment opportunities, and so much more. To learn more about our new homes in Delaware, call us today at 302.655.2600.