Are you thinking about retiring in Las Vegas? Let me tell you that this is a fantastic place to retire and live out your golden years. In this amazing, often under-estimated and overly stereotyped city, there is something for everyone all year long.
Whether you seek sporting events, concerts, or the peace and quiet of the outdoors, Las Vegas is definitely worth taking a serious look at for your retirement. In fact, the state of Nevada often appears in Top 10 lists for the best places to retire.
The Las Vegas Strip and the party scene are great, but the greater Las Vegas-Henderson area is so much more than just the Strip and cocktails. And the culture of the Strip doesn’t permeate the entire city. There are plenty of relaxing and quiet neighborhoods for you to live and a huge range of activities – from golfing to hiking – to keep you busy.
Before you retire, you want to do your homework and look at very important factors such as climate and cost of living of all of the potential cities or towns that you are considering retiring in.
Ask yourself these important questions:
- Are there activities that interest you?
- Will you enjoy the year-round climate?
- How much does a house cost?
- How does the cost of living compare to other cities?
- How much will I be taxed?
- Do I see myself living my best life there?
Las Vegas weather
The weather in Las Vegas is often exaggerated, similar to how most people think Seattle is the rainiest city in the nation (in fact it’s not even in the top 10!) Similarly, Las Vegas enjoys amazing weather for the majority of the year and yes, while the summer is hot, it’s a dry heat, with single or low double-digit humidity.
In fact, many people from humid regions of the world, love the Las Vegas heat for its dryness. And people from the bitter cold states of the midwest and northeast love our extremely mild and sun-soaked winters.
Let’s start with summer. Beginning in June, average highs hover around 102° F and July sees average highs of 107° – it takes a little getting used to but once accustomed, people just go about with their daily routine: golf, a walk in the park, or a trip to their favorite restaurant. You aren’t going to sweat like you would in the southern or eastern U.S.
The winter months are simply hard to beat, especially if you are not a fan of bone-chilling cold and snow-covered highways. Retiring in Las Vegas will help you avoid the snow. At a maximum, you may see some snowfall of a few inches within the city every few years.
Snow can be seen on the mountain peaks of the surrounding Red Rock mountains. And if you want to spend some time in the snow, you can take the quick 1-hour drive to Mt. Charleston.
Average highs in November, December, January, and February are 70°, 60°, 59°, and 66° F respectively. It can get very cold at night, however.
Winter in Las Vegas truly is a great way to spend retirement!
Las Vegas has WORLD-CLASS entertainment
Las Vegas music and sports
Las Vegas is very well known for its entertainment – an element of the city that every year gets even better.
Then there are the concerts. If you have a favorite artist, group, or musical genre, chances are that your favorite will visit Las Vegas. Names big and small, domestic and international, perform in Vegas. Plus, we get to enjoy several music festivals throughout the year.
Las Vegas has always been a sports city as well, only until recently, the sports had been on television. Finally, the city has the Golden Knights of the NHL and there is a constant buzz surrounding the new kids on the block – The Las Vegas Raiders.
Boxing and the UFC are common headliners and host what are now the biggest and most important fights in the world.
Does your Las Vegas retirement include the outdoors?
If you want something other than sports or crowded concerts, you can get away from all the people and enjoy the often forgotten but beautiful Nevada outdoors.
The famous outdoor spots in the Las Vegas Valley include:
- Red Rock Canyon
- Colorado River
- Hoover Dam
- Lake Mead
- The Arizona Hotsprings, Lake Mead Recreational Area
- Lake Las Vegas
- Valley of Fire
- Mount Charleston (Hike/bike in the summer, snow in the winter!)
Being retired in Las Vegas will also put you in close proximity to the Grand Canyon, Zion National Park, and all that Southern California has to offer.
Other activities include teeing up to play a round of golf, battling it out in a tennis match, or hopping on your bike for some exercise and beautiful sites.
Are you a “Foodie?”
Las Vegas locals have a huge menu to select from. There are famous as well as the normal run of the mill restaurants – both of which are excellent.
If you like buffets, Las Vegas has plenty of them for breakfast, lunch, and dinner.
And if you are a true foodie, you won’t want to miss the Las Vegas Food Expo, held in October of every year at The Mandalay Bay.
The financials of retiring in Las Vegas
Las Vegas Taxes
Nevada is considered a ‘tax friendly’ state. This is a major reason people move to the state to live, work, and especially to retire in Las Vegas.
Let’s look at how taxes are treated in the state of Nevada:
- No personal income tax
- Social Security income is not taxed
- Pension income is not taxed
- Withdrawals made from retirement accounts aren’t taxed
- Sales tax is roughly 6-8% (Clark County has the highest rate)
- No inheritance or estate tax
Property tax in Clark County actually has one of the higher median property tax rates in the country. It currently runs around 3.3% of the assessed property value. However, the county offers certain tax abatements so the effective rate is closer to 0.72% – 0.92% of assessed property value.
Las Vegas cost of living
A Las Vegas retirement would allow you to live in a state and a city with an attractive cost of living. Although the city has been through some tough economic times after 2008, in more recent years, we have seen a rise in median home prices as the city continues to grow.
Let’s look at some numbers.
According to Zillow.com, the median home price in Las Vegas hovers around $270,000 – although the median price was $300,000 in January of 2019. This above the national median home price.
Utility prices, according to payscale.com are 10% lower than the national average.
The average internet cost is approximately $68.28 per month.
You can enjoy bang for your buck when it comes to food prices – either at the grocery store or at a famous Las Vegas buffet.
Transportation is, unfortunately, not the best here in Las Vegas. Of course, it all depends on how far you need to travel.
If you have to get from one side of the city to the other, it’s going to take a long time. There is no light rail train (not counting the inter-casino Monorail) like in other cities to help you with a commute. A monthly bus pass costs $65, or $32 for seniors.
Car insurance in Las Vegas can be a little pricey, with the city average being approximately $1,600 -$2,000 a year whereas the national average is just shy of $900 per year.
Are you ready to retire in Las Vegas?
Whether you continue to make Las Vegas your home or decide to move here, I am confident that you are going to have a good time and make some amazing memories.
Retiring in Las Vegas has many perks. The city and surrounding areas are truly special and that’s why we love living here!
If you have questions about your retirement planning, don’t hesitate to contact me!
Yes! the state of Nevada has no state income tax. This means they don’t impose taxes on pension income, Social Security, or any other earned income. The Nevada sales tax is also reasonable at 6-8% making retiring in Las Vegas a great tax move.
The cost of living is actually very reasonable making retirement in Las Vegas quite affordable. Home prices are relatively inexpensive, food and utilities are inexpensive, and there’s no shortage of economical retirement activities in Las Vegas.