Pros and Cons of Retiring in Connecticut

Retirement: the time of life that promises relaxation, adventure, and free time for hobbies. However, that time also comes with some big decisions–like where you will live. As with any other state, retiring in Connecticut has pros and cons. The Constitution State may seem like the ideal place to settle down after years of hard work with its quaint towns and beautiful views. However, does the cost of living make sense for its charming communities? Will you still have access to all you need as you age in place? 

Review the advantages and disadvantages of retiring in Connecticut. Make an informed decision about whether this New England gem is right for your golden years.

Pros of Retiring in Connecticut

Connecticut’s Natural Beauty

Do you love the great outdoors? Do you picture spending your free time on the things you love–bicycling, sailing, fishing, or golfing? Connecticut is a perfect place for all these outdoor activities. For a smaller state, it packs in a lot of ways for nature lovers to spend more time outside. 

The charming coastal towns and their lighthouses pop up all over the state’s tourism marketing. And why not? The beautiful scenery is second to none! Gently rolling forested hills, sand dunes against miles of coastline, lighthouses and Cape Cod homes…the scenic countryside begs for days outdoors. 

Connecticut is a boater’s dream, with sailboats catching the wind from the Atlantic, the abundant seafood, and multiple inlets. Beautiful beaches like Hammonasset Beach State Park and Calf Pasture Beach are popular getaways for the summer months. 

But its scenic views extend from coastline to forest. In the northeast, the Appalachian Trail passes through rolling hills and protected lands. A Sleeping Giant State Park visit will take your breath away–especially in the fall. The Connecticut River winds through these hills, creating more stunning vistas and quiet fishing spots.

Cultural Richness

Stay entertained thanks to the state’s many museums, theaters, art galleries, and other cultural attractions. New Haven‘s Peabody Museum is well known for its extensive collection of dinosaur fossils, minerals, and Native American artifacts. The Mystic Seaport Museum is another favorite Connecticut attraction. It has re-created coastal villages with a harbor full of tall-masted ships. It’s like you’ve stepped back centuries.

The rich history of Connecticut extends beyond its museums. The whimsical Gillette Castle, a testament to the creativity of 20th-century actor William Gillette, is a must-visit. The Mark Twain House, a cherished landmark, is a staple on many Connecticut bucket lists. The Victorian mansion offers a glimpse into the life of the renowned author.

Live music enhances Connecticut’s cultural recreational opportunities. Venues like the New Haven College Street Music Hall, XL Center, and Fairfield Theater Company are destinations for theater and concerts. The annual Connecticut Folk Festival brings thousands of music lovers to the tunes. Over in the hills, chamber music resonates in Falls Village for its Music Mountain Festival. 

Add to these a wine festival, wine trail, numerous outdoor street fairs, and art festivals…Connecticut will keep retirees busy all year!

Healthcare Quality

Connecticut people live long, fulfilling lives, which is great to hear as you age. Residents have the fifth-highest life expectancy. Part of that is owed to its access to quality healthcare centers. 

US News and World Report ranked the state fifth nationally for health care. Notably, its access to health care ranked second, affordability fourth, and public health program was sixth. All that is good news as your medical needs change during your retirement in Connecticut.

Connecticut has some of the nation’s top-ranked hospitals and healthcare facilities. The Yale New Haven Medical system is the most prominent. This medical provider is nationally ranked in eight adult specialties. Several other hospitals, like Hartford Hospital and St. Frances Hospital and Medical Center, earned high-performance accolades. 

These teaching hospitals ensure retirees don’t have to travel as far for quality medical care. Cutting-edge research programs across specialties mean you have the latest breakthroughs. For American retirees, this access to quality care, with proven outcomes in a high average life expectancy, brings peace of mind.

Lifelong Learning

Do you love to learn? You’re never too old to head back to school! And Connecticut encourages it with tuition-free degree programs for residential seniors. That’s right–you can take college classes and earn an undergraduate degree from the public university system. Academic minds can pursue the classes they’ve always dreamed of.

Proximity to Major Cities

The Northeast Corridor is very well-connected, so retirees can easily access even more perks. New York City and Boston are an easy train ride away. Depending on where you decide to buy a home in Connecticut, you could be an hour’s train ride from the MET Museum or more healthcare facilities. The accessible public transportation also links you into Connecticut’s major cities, like Hartford and Bridgeport.

Rock Bottom Low Crime Rate

Compared to other states, Connecticut’s crime rates make it one of the safest places to live in the nation. The property crime rate was 14.94 reports per 1,000 people, while violent crime was 1.5 per 1,000. Nationally, the US averaged 20 for property crimes and 4 for violent crimes. Retirees gain a sense of safety and security by living in Connecticut.

Cons of Retiring in Connecticut

High Cost of Living

Living on a fixed income means watching where every dollar goes, and anticipating inflation will push up the costs of goods and services. That’s tough when living in Connecticut. MERIC says everything costs more here compared to the national average–13% more in 2023. That includes essential living expenses such as housing, taxes, and healthcare. Retirees on fixed incomes need to weigh their budgets and revenue streams carefully. Social Security income likely will not be enough to cover all living costs.

Here’s where the money goes when you retire in Connecticut:

Keep in mind that’s a state average. Every state has cities above or below these averages, so finding an affordable way to retire in Connecticut is possible. Much of it will have to do with managing your housing costs and retirement savings. Generally, housing prices are higher in Connecticut. However, there are places to live that fall under the national and state median home price. 

High Taxes

Connecticut has one of the highest tax burdens in the United States, including income and property taxes. That can significantly impact retirees’ finances and quality of life.

The good news is Social Security benefits are exempt as long as your federal adjusted gross income is less than $75,000 for single filers and $100,000 for joint filers. Certain types of retirement income may be exempt. For instance, railroad and military retirement pay are fully exempt regardless of your gross income. Former educators in the state’s Teachers’ Retirement System also get a 50% exemption regardless of their income. 

There are more income tax breaks for other retirement income sources, such as pensions, annuities, and IRAs. Some of these tax breaks roll into effect in 2025 and 2026.

As for property taxes, some of the state’s cities have tax relief programs you may qualify for. That can help with the property tax burden, the nation’s fifth highest in 2023. The effective property tax rate in 2023 was 1.78% of home value. 

Connecticut does have an estate tax, which may matter for your estate planning. Statewide sales taxes are at 6.35%, but there are no local sales taxes added to that. 

Harsh Winters

While some retirees may appreciate the changing seasons, Connecticut’s winters can be harsh. Norfolk sees an average of 80 inches of snow a year! The cold temperatures, snowfall, and icy conditions may pose challenges for older individuals. Shoveling snow drifts becomes less appealing as you age. Not to mention, severe winter storms impede emergency responders. But if you love snow, cross-country skiing, and ice fishing, you’ll get the conditions to enjoy them. 

Traffic Congestion

Certain areas of Connecticut, especially along the I-95 corridor, experience significant traffic congestion. This can be frustrating for retirees looking to travel or commute. It’s at its worst in Hartford, Bridgeport, and New Haven.

Public transportation is an option, especially in and around these busy cities. They are linked through the Northeast Corridor, which offers convenient rail travel. Why drive when you can take the bus or train?

Property Insurance Costs

Due to its coastal location, some parts of Connecticut are prone to hurricanes and other natural disasters. Yes, living this far north doesn’t exempt you from the occasional storm zipping through. Retirees living in those waterfront areas and beach communities will have higher property insurance costs. On the bright side, it also means easier access to the water activities you love!

Additionally, as a whole, Connecticut’s property insurance costs came right in the middle nationally. The average homeowner paid $1,623 in insurance for 2023. Finding the right home for retirement is part of mitigating living costs in your golden years. 

Retiring to Connecticut

Before deciding where to live, retirees must carefully weigh these pros and cons of Connecticut. Consider your individual preferences, financial situation, and lifestyle goals. Connecticut clearly has many compelling advantages, like its access to quality health care and multiple outdoor activities. As long as you love the snowfall and have the right financial plan in place, you’ll have plenty of opportunities to enjoy your retirement