We don’t often see Las Vegas promoting itself as a retirement destination. Rather, Las Vegas seems to us to be much more interested in short-term visitors with plenty of money than long-term residents moving here for myriad personal reasons.
Perhaps it’s because Las Vegas' self-promotion is geared more to the four-sizes-fit-all of gambling, dining, entertainment, and shopping. By contrast, the motivations for residency, including retirement, tend to be particular, exclusive to individuals. Since you don’t specify your own reasons for wanting to retire here, we can only comment in general on how Las Vegas is perceived as a retirement destination by pundits, analysts, and list-makers.
On the con side, a list published by Huffington Post (January 2014) included Las Vegas as among the seven worst places to retire. It cited not only the high foreclosure rate, but specified "bank-seized ‘vampire’ and homeowner-abandoned ‘zombie’ foreclosures." It also pointed to negative job growth, an unemployment rate 6% higher than the national average, and poor access to doctors. "Only 69.7% of Las Vegans have a usual source of health care, much lower than the national average at 82.4%, according to a study by the Commonwealth Fund."
Another example: On Sperlings’ list of the 300 best places to retire, Las Vegas didn’t rank in the top 100 (#129). "Although it's a fact that the weather is great and housing is pretty cheap, the city received negative scores for crime, economy, and access to good health care."
Neither did Las Vegas appear on TopRetirements.com’s top 100 places to retire in 2014 (Mesquite ranked #33, Reno #73).
Las Vegas was nowhere to be seen on the Forbes’ list of the top 25 best places to retire, U.S. News and World Report’s list of best places to retire on $75 a day or for under $40,000 a year, or even Kiplinger’s "top-ten tax heavens" in the U.S.
Beyond the volatile housing market, questionable health care, and a crime rate higher than the U.S. average, the prevalence of gambling could be enough of a temptation that some people wind up risking or losing their retirement savings. This is especially true for those who’ve become accustomed to a certain level of comps earned as visitors, which can change with a local address.
In addition, summers are sweltering, which impacts just about everything, including utility bills, auto maintenance, outdoor activities, travel, and health. Winter temperatures also surprise some new residents; the average low temperature in January is 37.
And although there are many nice neighborhoods, having to drive everywhere might prove off-putting to some, as could concerns about the future water supply.
Then there’s the flip side, the arguments in favor of retiring here.
In February, Las Vegas was named the #1 best place to retire by MoneyJournal.com, an e-magazine, on its annual list of top tens. The website especially liked the extent of the recovery of the local economy and the active housing market, with lower home prices attractive to retirees (assuming that they’ll buy houses when they retire here). Other advantages cited included abundant dining options, plenty of casinos, a warmer climate the majority of the year, and no state income tax.
One of Las Vegas’s biggest draws, certainly, is that it has neither a state income tax nor an inheritance tax, leaving retirees with more money to enjoy while they’re still alive and to pass on. Nevada’s entire tax structure is resident-friendly; a majority of state taxes are collected from visitors.
According to several surveys, Las Vegas’ cost of living is 5.8% lower than the U.S. average.
In addition, there are numerous 55+, active-adult, age-restricted, and retirement communities in all varieties: homes, villas, condos, townhomes, and apartments, most located in gated subdivisions for security.
Las Vegas is also an easy place to fly in and out of.
Chances are, you’ll recognize your priorities somewhere in the above pros and cons and have a better idea if Las Vegas is an attractive retirement option for you. At the least, we hope we've given some food for thought to point you in the right direction for further research.
