Retire in Bedford

Affordability

Find out how much it costs to live in Bedford.

Cost of Living

Kiplinger Rating:

Not Tax-Friendly

State Income Tax:

Social Security Tax?

None

County + State Sales Tax

6.3%

Property Tax Rate *

1.1%

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

1084

* 2008-2010

Cost of Living Index (100=average):

112

Housing + transportation costs as % of income:

48%

Tax Details

State Sales Tax Breaks for Seniors:

None

Pensions Taxed?

Mixed

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

10.3%

Inheritance and estate taxes (per Kiplinger):

Massachusetts has no inheritance tax. Estates valued at more than $1 million may be subject to an estate tax. Tax rates range from 0.8% for estates valued at $1 million to 16% for estates exceeding $10,040,000. There is an unlimited marital deduction for property left to a surviving spouse and an unlimited charitable deduction for property left to a qualified charity.\n

Taxing of other retirement income (per Kiplinger):

Mixed

Property Tax Break for Seniors (per Kiplinger):

Massachusetts homeowners and renters who are 65 or older may qualify to claim a refundable tax credit on their state income taxes to offset real estate taxes paid during the year on their principal home. The taxpayer's total income cannot exceed $56,000 for a single filer, $70,000 for a head of household or $84,000 for taxpayers filing jointly. For homeowners, the value of the residence cannot exceed $691,000. For 2014, the maximum credit was $1,050.\n\nSome Massachusetts cities and towns offer a "senior citizen property tax work-off program," which allows seniors to do volunteer work for their local governments in exchange for a reduction in their property taxes. Senior homeowners age 60 or older must meet local program requirements to participate.\n

 

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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Real Estate overview not available for Bedford

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Work Potential

  • Area
  • National Average

5 Largest Companies

  • Robert Wood Johnson University Hospital
  • Novo Nordisk
  • Wakefern Food Corp., Edison, NJ
  • J.F.K. Medical Center, Edison, NJ
  • Bristol-Myers Squibb

GDP Growth Last 3 Years

12.1%

Income Growth Last 3 Years

11.7%

Employment Growth Last 3 Years

5.7%

Top Industries Hiring

  • Health care and social assistance
  • Professional, scientific, and technical services
  • Construction
  • Other services (except public administration)
  • Administrative and support and waste management and remediation services

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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