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| J. Ed Marston | |
Chattanooga is gaining a new edge: It's becoming known as an affordable and attractive place to retire.
Just ask Jan Chenoweth, 64, and her husband, Roger Halligan, 61. Both are artists with a studio at the Chattanooga/Hamilton County Business Development Center, after moving here two years ago.
"We had targeted Chattanooga as one of three places we wanted to live," Ms. Chenoweth said. "The size of the city is really manageable, and the quality of life is really nice."
Top 10 retirement locations
1. Binghamton, N.Y.
2. Chattanooga
3. Cocoa, Fla.
4. Eau Claire, Wis.
5. Montgomery, Ala.
6. Omaha, Neb.
7. Pittsburgh, Pa.
8. Roswell, N.M.
9. San Antonio, Texas
10. South Bend, Ind.
Source: U.S. News and World Report
Tennessee's limited income tax
Tennessee's individual income tax, known as the Hall tax, is imposed only on individuals and entities receiving interest from bonds and notes and dividends from stock. People over 65 are exempt if their total income is less than $16,200 for a single filer or $27,000 for a joint filer. The tax rate is 6 percent of the taxable income.
Source: www.tennessee.gov
Even U.S. News and World Report took notice of Chattanooga's retirement potential earlier this year. The magazine's online edition named the city one of the nation's 10 Affordable Places To Retire.
With 401(k)s taking hefty hits, News and World Report writer Emily Brandon said baby boomers can boost their retirement prospects by carefully choosing where they will spend their golden years.
Tennessee's only income tax is the Hall tax on investments producing more than $16,200 a year for an individual. And Chattanooga's lower cost of housing can be a quick boost to retirement nest eggs, according to the magazine.
J.Ed Marston, vice president of marketing for the Chattanooga Area Chamber of Commerce, said the Chamber is trying to attract retirees with its Choose Chattanooga campaign to promote the city as a good place to retire.
"According to a study by the Georgia Institute of Technology and other universities, every new retirement household creates between three and four family-wage jobs. This is an economic development tool," he said.
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