Should You Retire in Texas?

Many people wonder whether they should relocate in retirement . Doing so might lower their cost of living, bring them closer to loved ones, or offer more opportunities to participate in activities they like, such as hiking or golfing. One state many consider for retirement is Texas. Here are some pros and cons for the state.

For starters, Texas is the 42nd-best state to retire in, according to Bankrate. It scores well on weather, middlingly on healthcare and affordability, and poorly on crime and well-being.

Don't dismiss it yet, though. Let's dig into some particulars.

Image source: Getty Images.

Weather is generally moderate in Texas, but summers can be quite hot, and hurricanes and flooding happen now and then. There's a lot of outdoor recreation potential, and those who enjoy the arts and music can find a lot in Texas, too, especially in and around college towns such as Austin. The latter city also offers lots of great restaurants, though home prices are above average.

However, the overall cost of living in Texas, as per the World Population Review, is 7% below average. Utilities cost about 6% more than average in Texas, but groceries cost about 5% less.

Housing costs are even lower, with the typical home price in Texas recently $309,897 -- about 15% below the national average. Car insurance , too, is on the low side, averaging $2,926 annually, $91 below average. Note that home prices will vary substantially depending on location.

How about healthcare ? Texas is ranked the 35th-best state in the nation for elderly healthcare by MedicareGuide.com. That's not great -- but it's better than 15 other states.

When it comes to taxes, Texas is one of the 41 states that don't tax Social Security benefits . Pension income, along with withdrawals from 401(k) and IRA accounts, are also not taxed. There is no personal income tax in Texas, and no estate tax , either.

So consider Texas for your retirement . And if you're serious about it, maybe try living there for a few months before committing to a permanent residency.

The $ 22,924 Social Security bonus most retirees completely overlook

If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income. For example: one easy trick could pay you as much as $ 22,924 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Simply click here to discover how to learn more about these strategies.

View the "Social Security secrets" »

The Motley Fool has a disclosure policy .