More than 2.1 million people call New Mexico home, including almost 381,000 seniors aged 65 or older. New Mexico boasts 56 hospitals, including several high-performing hospitals. Presbyterian Hospital in Albuquerque snagged eight high-performing U.S. News & World Report designations.
The state waives income tax for centenarians, but until then, most seniors pay taxes on their retirement funds. Those who meet income restrictions, however, earn a retirement-income exemption of up to $8,000.
The Land of Enchantment got a little more enchanting for seniors in 2022. The state previously taxed Social Security benefits, but as of the 2022 changes, single filers with an adjusted gross income of $100,000 or less and joint filers with an AGI of $150,000 or less are not taxed for Social Security benefits.
Property taxes are on the low side, and New Mexico offers property tax credit and deferral programs for low-income seniors, providing a perk for those living at home with the help of in-home care. New Mexico has a relatively low average cost of home care at $4,605 per month, and the home health care average is only higher by approximately $50. Home care provides personal assistance, while home health offers medical services, including various therapies.