Indiana Retirement Guide
Overall
If you are one of those who are considering the an Indiana retirement, this guide can help you make an informed choice. The reviews on this site give important information about real estate prices; what makes each community special and not so special; along with important facts and considerations about the cultural, economic, medical, and transportation available in Indiana. Updated Nov. 2016.
Indiana, the Hoosier state, had just over 6.6 million people in 2015. The median age is 37.2. Indiana is the heart of the midwest as it runs along the Great Lakes. Its biggest city is Indianapolis, followed by Fort Wayne, Evansville, and South Bend. Columbus, with six buildings designated as National Historic Landmarks, is one of the most interesting cities in the world for modern architecture. It also has many small towns and rural areas. The northern portions of Indiana front on Lake Michigan which offers excellent outdoor recreation.
North Christian Church, one of the Columbus landmarks
The Wikipedia entry for Indiana has more facts.
Indiana Climate
The Indiana climate is humid-continental. There are 4 seasons. Summers are hot and winters are cold. The northern part experiences lake effect snowstorms. The southern part of the state is considerably warmer. All parts of the state have exposure to violent tornadoes.
Economy and Real Estate Prices
Indiana’s median household income in 2010-14 at $48,737 was $6000 below the United States average. On the plus side, its cost of living is the 6th lowest of any state. Median home prices are usually far less expensive than in rest of the U.S. The Zillow Home Value Index in Indiana was $117,000 according to Zillow.com in 2016, compared to $187,000 for the U.S. overall. According to the National Association of Realtors, the median price for a home in Indianapolis was $164,300 in 2016. Manufacturing and agriculture are very important to the state economy.
Indiana Taxes
Tax Burden: At 9.5% the total tax burden in the state was ranked 22nd highest of all the states in 2012 according to the Tax Foundation, putting it solidly in the middle of the pack.
Marginal Income Tax Rates. Indiana has one of the lowes income taxes with a flat rate of 3.3%, which applies to all brackets. Some counties such as Marion (Indianapolis) have an added income tax (1.77% in that case).
Retirement Income Exemptions. Taxpayers 60 and older can exclude $2,000 from military pensions, subtracted from the amount of Social Security and Railroad Benefits received. See more on Senior Exemptions in Indiana.
Social security exemption. Social security income is not taxed in IN, but most other pension and retirement income is (with some minor exemptions).
Sales Tax: State sales tax is 7.0%.
Property Taxes: Homeowners can deduct up to $2500 in property taxes. There are also some programs to help seniors lower their taxes. The per capita property tax is $968 annually.
Homestead Exemption. Homeowners are eligible for a credit against the property taxes that they pay on their homestead. Lower income individuals also have some protections. Click here for more on the Homestead Exemptions.
Estate and/or Inheritance Taxes. Indiana’s inheritance tax was repealed for individuals dying after Dec. 31, 2012. No inheritance tax returns (Form IH-6 for Indiana residents and Form IH-12 for nonresidents) have to be prepared or filed. No tax has to be paid.
Link to Indiana Tax and Finance
Certified Retirement Communities
Indiana does not have a certified retirement community program.
Best retirement communities in Indiana
Active adults looking for the best towns in Indiana to retire to will find vital information to help assess this low key state as a retirement community at Topretirements.com. Indiana has a number of college towns – places like West Lafayette (Purdue), Bloomington (the huge and vital Indiana University), South Bend (Notre Dame), and Muncie (Ball State University). Smaller college towns include Greencastle (DePauw) and Crawfordsville (Wabash). On a per resident basis Columbus IN is arguably the most interesting city in the world for modern architecture. Thanks to a benefactor, the founder of Cummins Engines, this town has dozens of buildings by the 20th century’s most celebrated architects. Gary Indiana has the celebrated Indiana Dunes National Lakeshore.
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