Population:
20,455
Nearest large city:
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Minneapolis–St. Paul
What $300,000 will buy:
4-bedroom, 2-bath 1920s bungalow with detached garage close to downtown
The Cannon River runs through town, and several parks and walking paths provide access to fishing, canoeing and kayaking. Fitness buffs have plenty of options: In the snowy Minnesota winter, you can cross-country ski along miles of groomed trails or snowshoe through Carleton’s Cowling Arboretum. Too cold outdoors? Run, swim or take exercise classes at the YMCA Community Center. No need to worry about health care, either. If you need access to specialists not available at Northfield Hospital & Clinics, the Mayo Clinic is 50 miles away, in Rochester.
The median home price in Rice County is $217,300, but the inventory of homes for sale is tight, says Jan Stevens, a real estate agent who helped the Davises. A few condos have been built downtown on the river, but they’re multilevel and tend to be high-end, she says. When the Davises couldn’t find what they wanted, they built a three-bedroom, two-and-a-half-bath home that will allow them to age in place. The median annual property tax paid in Rice County is $2,057.
Minnesota isn’t a tax-friendly state for retirees. Income and sales tax rates are high, and Social Security income is taxed to the same extent it is on your federal return. The state also has an estate tax, which excludes up to $2.1 million in 2017; the exclusion will increase to $2.4 million in 2018.
-
10 Best High-Yield Savings Accounts to Grow Your Tax RefundIf you're getting a tax refund this year and want to grow it, here are the best high-yield savings accounts to make it happen.
-
TurboTax: Features, Pricing and Filing OptionsIs TurboTax worth it in 2025? Explore the pros, cons, pricing tiers and standout features of this popular tax software to see if it fits your filing needs.
-
457 Plan Contribution Limits for 2025Retirement plans There are higher 457 plan contribution limits for state and local government workers in 2025. That's good news for state and local government employees
-
Medicare Basics: 11 Things You Need to KnowMedicare There's Medicare Part A, Part B, Part D, Medigap plans, Medicare Advantage plans and so on. We sort out the confusion about signing up for Medicare — and much more.
-
The Seven Worst Assets to Leave Your Kids or Grandkidsinheritance Leaving these assets to your loved ones may be more trouble than it’s worth. Here's how to avoid adding to their grief after you're gone.
-
SEP IRA Contribution Limits for 2025SEP IRA A good option for small business owners, SEP IRAs allow individual annual contributions of as much as $69,000 in 2024 and $70,000 in 2025..
-
Roth IRA Contribution Limits for 2025Roth IRAs Roth IRA contribution limits have gone up. Here's what you need to know.
-
SIMPLE IRA Contribution Limits for 2025simple IRA The SIMPLE IRA contribution limit increased by $500 for 2025. Workers at small businesses can contribute up to $16,500 or $20,000 if 50 or over and $21,750 if 60-63.
-
457 Contribution Limits for 2024
retirement plans State and local government workers can contribute more to their 457 plans in 2024 than in 2023.
-
Roth 401(k) Contribution Limits for 2025retirement plans The Roth 401(k) contribution limit for 2025 increased, and workers who are 50 and older can save even more.
