Retire in Colorado Springs

Affordability

Find out how much it costs to live in Colorado Springs.

Cost of Living

Colorado Springs is a great place for those trying to stretch their income, with a low cost of living and low sales taxes. Just be aware that some social security and pensions are taxed, and there is a state income tax.

Kiplinger Rating:

Tax Friendly

State Income Tax:

4.6%

Social Security Tax?

Mixed

County + State Sales Tax

5.1%

Property Tax Rate *

0.5%

Property Tax Ranking (County Property Tax rank out of 2,773, higher rank=lower rate) *

2541

* 2008-2010

Cost of Living Index (100=average):

95.4

Housing + transportation costs as % of income:

49%

Tax Details

State Sales Tax Breaks for Seniors:

None

Pensions Taxed?

Mixed

Tax burden: % income going to state and local taxes:

9%

Inheritance and estate taxes (per Kiplinger):

None

Taxing of other retirement income (per Kiplinger):

Mixed

Property Tax Break for Seniors (per Kiplinger):

A homestead exemption is available for qualifying seniors and the surviving spouse of a senior who previously qualified. Seniors must be at least age 65. It exempts 50% of the first $200,000 of actual value of a primary residence. The state pays the tax on the exempted value. The person must have owned and lived in the home for at least ten years. This exemption is also available to qualifying disabled veterans._x000D__x000D_Full-year Colorado residents age 65 or older or disabled, or a surviving spouse age 58 or older, may qualify for the Property Tax/Rent/Heat Rebate and/or the Property Tax Deferral. Qualified applicants can receive a rebate of up to $600 of the property tax and $192 of their heating expenses paid during the year, either directly or as part of their rent payments._x000D__x000D_Seniors age 60 and older or those with a disability may apply for the property tax work-off program, which lets them work for the city or county government to pay off a portion of their property taxes.

 

For more detailed tax information from Kiplinger, visit www.kiplinger.com/tool/retirement/T055-S001-state-by-state-guide-to-taxes-on-retirees/

Real Estate

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Work Potential

While Colorado Spring's employment and GDP growth have lagged behind the overall US economy the last few years, plenty of great opportunities still exist for retirees. This is especially true for those looking to work with the local army base or a few of the local hospitals that are the area's largest employers.

  • Area
  • National Average

5 Largest Companies

  • Schriever Air Force Base
  • Memorial Hospital North
  • Penrose Hospital
  • Verizon Wireless
  • Children's Hospital Colorado

GDP Growth Last 3 Years

7.9%

Income Growth Last 3 Years

11.4%

Employment Growth Last 3 Years

4.1%

Top Industries Hiring

  • Accommodation and food services
  • Health care and social assistance
  • Finance and insurance
  • Retail trade
  • Other services, except public administration

Breakdown Fulltime vs Part Time over 65 (%)

  • Part Time over 65
  • Full Time Over 65

Occupation Breakdown (%)

  • Management, Business, Science & Arts (MBSA)
  • Natural Resources, Contruction & Maintenance (NRCM)
  • Production, Transportation, Materials & Moving (PTMM)
  • Sales & Office (S&O)
  • Service

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