Are you considering retirement? If so, Iowa should be at the top of your list for excellent reasons. In Bankrate's 2023 survey, Iowa claimed the prestigious title of the best state to retire in. But what exactly makes Iowa so appealing for retirees? Let's break down the key factors that make this Midwestern state an outstanding choice for your retirement years.

Affordability of Iowa: A Retirement Game-Changer

Financial security is a top concern for many retirees, and affordability is crucial to ensuring a comfortable retirement. In Bankrate's survey, Iowa ranked third in affordability, which played a significant role in its overall victory. But what makes Iowa so affordable?

Cost of Living: The cost of living in Iowa is a mere $1,512 per month, including rent, according to LivingCost.org. This figure is approximately 73 per cent of the U.S. average, making Iowa an exceptionally affordable state.

Day-to-Day Expenses: Various everyday expenses in Iowa are notably lower than the national averages. Housing costs are 28 per cent less, utilities are 6 per cent lower, and even though food is slightly more expensive (2 per cent), these savings significantly contribute to retirees' financial well-being.

Median Home Prices: Iowa's median home price is just $239,000, as per Redfin data. This starkly contrasts the national median home price of $388,800.

Tax-Friendly: Iowa ranks 23rd in property taxes with a median assessment of $4,012 annually, but it offers retirees advantages. The state does not tax Social Security, and residents aged 55 and older can avoid paying state taxes on retirement income for 2023.

Top-Notch Healthcare of Iowa: A Priority for Retirees

Healthcare is a paramount concern for retirees, and Iowa doesn't disappoint. In Bankrate's survey, Iowa secured the 11th position in quality/cost of healthcare. Here's why Iowa's healthcare system is a significant draw:

Healthcare Costs: Healthcare expenses are a substantial concern for older Americans. Iowa boasts the 19th lowest healthcare cost per capita at $9,789 annually, offering retirees cost-effective healthcare options.

Access to Healthcare Facilities: Iowa ranks 20th in the number of healthcare establishments per capita, with one facility for every 274.4 residents. This ensures easy access to medical services.

Health System Performance: Iowa stands at 16th place in state health system performance, indicating the effectiveness of its healthcare system in delivering quality care.

Safety First in Iowa: Low Crime Rates

Safety is a priority for retirees, and Iowa excels in this department, ranking 12th overall in crime rates. Here's a closer look at Iowa's safety record:

Violent Crime: Iowa had 266.6 violent crimes per 100,000 residents in 2020, ranking 13th best among states.

Property Crime: In the same year, Iowa recorded 1,733.7 property crimes per 100,000 residents, ranking 16th nationally.

Iowa's safe environment offers peace of mind for retirees, allowing them to enjoy their golden years without constant worry.

Room for Improvement: Well-Being and Weather

While Iowa shines in affordability, healthcare, and safety, it's essential to acknowledge a couple of areas where it may not excel:

Well-Being: Iowa ranked 31st in well-being, considering demographic diversity and the availability of arts, entertainment, and recreation establishments. However, it's important to note that the state's low population density can attract those seeking tranquillity.

Weather: Iowa's harsh winters and tornado-prone climate contributed to its lower weather ranking. Iowa may not be your top choice if you're seeking a consistently warm and sunny retirement destination.

Types of Retirement Communities in Iowa

Independent Living Communities

These communities are perfect for active retirees who desire a maintenance-free lifestyle. Residents can enjoy fitness centres, communal dining, and a vibrant social calendar.

Assisted Living Facilities

Assisted living communities in Iowa assist with daily tasks while allowing residents to remain independent. Trained staff ensures that retirees receive the care they need.

Memory Care Facilities

Iowa offers specialized memory care communities for retirees dealing with memory-related conditions that provide tailored support and a safe environment.

Choosing the Right Retirement Community in Iowa

Location and Lifestyle

Consider your preferred location, whether a small town or a larger city. Think about the lifestyle you envision for retirement and choose a community that aligns with your interests.

Budget

Set a clear budget to narrow down your options. Iowa's affordability makes it possible to find a community that suits your financial situation.

Amenities and Services

Explore the amenities and services offered by different retirement communities. Look for features like fitness centres, recreational activities, and dining options.

Activities and Entertainment

Cultural Delights

Iowa's vibrant arts scene offers retirees access to museums, theatres, and galleries. It's a cultural paradise for those who appreciate the finer things in life.

Outdoor Adventures

From hiking trails to fishing spots, Iowa's natural beauty invites retirees to explore the great outdoors. State parks and recreational areas are abundant.

Social Engagement

Retirement communities often host social events, clubs, and group activities to ensure that retirees can socialize and build lasting friendships.

Top Retirement Communities in Iowa

Here's a list of 10 retirement communities in Iowa with details on entrance fees, monthly fees, amenities, and the type of retirement community:

1.    Westminster Village - Cedar Rapids

• • Type: Independent Living Community
  • Entrance Fee: Starting from $150,000.
  • Monthly Fees: Starts from $3820.
  • Amenities: Includes a fitness centre, indoor pool, restaurant-style dining, and a vibrant social calendar.

2.    Sunrise Retirement Community - Sioux City

• • Type: Skilled Nursing and Care Community
  • Entrance Fee: Varies based on unit selection.
  • Monthly Fees: Range from $4,262 to $5,969 
  • Amenities: Offers wellness center, on-site therapy, dining options, and planned activities.

3.    Bickford of Sioux City Memory Care - Sioux City

• • Type: Memory Care Facility
  • Entrance Fee: Typically, there is no separate entrance fee.
  • Monthly Fees: Range from $4,500 to $6,500 per month.
  • Amenities: Provides a secure environment with trained staff, engaging activities, and personalized care plans for residents with memory issues.

4.    Edgewater - West Des Moines

• • Type: Independent Living Community
  • Entrance Fee: Some units may have an entrance fee.
  • Monthly Fees: Start at $3,000 for independent living.
  • Amenities: Features a fitness centre, indoor pool, library, and dining options. Also offers assisted living and memory care services.

5.    Windsor Manor Assisted Living - Grinnell

• • Type: Assisted Living Facility
  • Entrance Fee: Varies based on unit selection.
  • Monthly Fees: Assisted living fees range from $3138 to $6448.
  • Amenities: Offers personal care assistance, dining services, transportation, and various social activities.

6.    Vintage Hills at Prairie Trail - Ankeny

• • Type: Independent Living Community
  • Entrance Fee: Some units may have an entrance fee.
  • Monthly Fees: Start at $3,000 for independent living.
  • Amenities: Focuses on wellness with a fitness centre, library, dining options, and planned activities.

7.    Silvercrest Garner - Davenport

• • Type: Independent Living Community
  • Entrance Fee: Varies based on unit selection.
  • Monthly Fees range from $3,450 to $5,760 for independent living.
  • Amenities: Offers a fitness centre, salon, dining services, and a vibrant community atmosphere.

8.    The Waterford at Ames - Ames

• • Type: Assisted Living Facility
  • Entrance Fee: Typically, there is no separate entrance fee.
  • Monthly Fees: Assisted living fees range from $3,138 to $6,448.
  • Amenities: Provides 24-hour care, dining services, transportation, and various social activities.

9.    Brooklyn Community Estate - Brooklyn

• • Type: Independent Living Community
  • Entrance Fee: Varies based on unit selection.
  • Monthly Fees: Start at $2,500 for independent living.
  • Amenities: Offers fitness classes, dining options, and a warm, friendly community.

10. Accura Healthcare of Newton - Newton

• • Type: Skilled Nursing and Rehabilitation Facility
  • Entrance Fee: Typically, there is no separate entrance fee.
  • Fees: Costs depend on the level of skilled nursing care and rehabilitation needed and range from $3,138 to $6,448 per month

Please note that entrance and monthly fees vary depending on the accommodation type chosen within these retirement communities. It's advisable to contact these communities directly for the most up-to-date pricing and to discuss individual needs and preferences.

Making the Right Choice for Your Retirement

In conclusion, Iowa offers retirees a unique blend of affordability, quality healthcare, and safety. When choosing your retirement destination, it's crucial to weigh these factors against your personal preferences. Iowa's low cost of living, tax advantages, and safety record make it a compelling option for retirees looking to make the most of their retirement income. However, consider your needs and priorities, whether they involve well-being, climate, or cultural amenities. Iowa may be the perfect place to embark on your retirement journey.

Planning for retirement involves numerous financial considerations. Consider using a reliable financial calculator to help you determine your financial readiness for retirement and your potential housing costs. Whether you decide on Iowa or another destination, thorough planning will ensure a secure and enjoyable retirement.

Retirement should be a time to savour life, explore new experiences, and cherish the moments you've worked hard for. Iowa's affordability, healthcare quality, and safety create the ideal backdrop for your retirement dreams.

Frequently asked questions about Iowa:

1.    What is the cost of living in retirement communities in Iowa?

• • The cost of living in Iowa is a mere $1,512 per month, including rent, according to LivingCost.org. This figure is approximately 73 per cent of the U.S. average, making Iowa an exceptionally affordable state.

2.    Do retirement communities in Iowa offer medical care services?

• • Many retirement communities in Iowa offer medical care services or have healthcare facilities nearby for residents' convenience.

3.    What are the best places to live in Iowa?

• • Des Moines, Iowa City, and Cedar Rapids are popular destinations for retirees due to their amenities and vibrant communities.

4.    Are there age restrictions for retirement communities in Iowa?

• • Age restrictions vary among different communities, so it's best to inquire about the specific community you're interested in.

5.    How can I find the right retirement community in Iowa?

• • To find the right retirement community in Iowa, consider your preferences, budget, and lifestyle, and conduct thorough research to make an informed decision.

Header Photo by Vlada Karpovich