The Best Retirement Destinations in the U.S.
There are more than 76 million Baby Boomers, and many of them are either already retired or close to retiring. Gen X isn’t far behind, and the oldest members of the sandwich generation might start eyeing retirement in the next few years. For seniors who are ready to embrace the relaxing years of retirement, choosing where to spend those years might be challenging.
While some might stay in the same home where they raised their family, others aren’t tied to a particular location. What are the best retirement destinations in the U.S.? Seniors might consider these retirement destinations and options:
- The most affordable cities
- Cities with the best climates
- Retirement locations with the best amenities
- Cities that offer the best beaches
- Alternative retirement choices
What are the Most Affordable Cities for Retirees?
Affordability might be a consideration for seniors who want to retire on a budget. Many seniors might live on a fixed pension, rely solely on social security payments, or may need to make their savings, 401K accounts, and other assets stretch as long as possible.
Cities with high costs of living might be out of the question. This is why many retirees won’t set up their later years in destinations like New York City, Los Angeles, San Francisco, or even Miami. Instead, retirees might look for locations that offer tax breaks and affordable prices for homes, entertainment, and the overall daily costs of living.
What are the most affordable cities for retiring on a budget? According to U.S. News and World Report, the five least expensive places to retire are:
The list might be surprising as only one city in Florida is among the most affordable. While Florida is a top retirement destination thanks to the state’s tax breaks, beach communities, and wonderfully warm weather, those beach communities beloved by retirees aren’t affordable for everyone hitting their later years. Instead, cities on the East Coast (especially Pennsylvania) and in the Midwest are the more affordable options.
Pittsburgh offers many entertainment venues and museums. In addition, according to U.S. News, it also offers seniors (ages 65 and older) access to free public transportation. The site notes that Scranton, Pennsylvania is, like Pittsburgh, known for its affordable housing costs, and Scranton is only an hour from New York City. For retirees, this provides a relatively reasonable drive to major sites and entertainment venues as well as all the excitement of the Big Apple.
Ocala is the second most affordable city for retirement. Florida is one of a few states that doesn’t have an income tax (great for retirees), and the city of Ocala is known for its equestrian competitions. While Ocala isn’t on a beach, it is a more budget-friendly retirement location. Plus, the city is only about an hour from the surf (75 miles).
Although Baby Boomers and older Gen Xers might not consider Indiana to be a retirement destination, Fort Wayne is the most budget-friendly destination to retire in the country. The city boasts a low cost of living and offers affordable housing costs, too.
What Destinations Boast the Best Climates?
For some seniors, warm weather is a must for retiring in style. However, many retirees also suffer from allergies or other conditions, and choosing the best climate can be imperative for enhancing the quality of daily life.
For those who suffer from allergies, dry climates might be the best destination for the retirement years. The best cities to live in for those who suffer from allergies are:
- Denver, Colorado
- Provo, Utah
- Boise, Idaho
- Portland, Oregon
- Colorado Springs, Colorado
While these destinations will help make allergy symptoms less of an issue, many of these cities also offer many amenities and entertainment options. However, seniors might want to research the costs of living specs; while they aren’t among the most expensive cities in the country, some destinations might be out of the budget for retirees looking for the most affordable destinations.
Retirement Destinations with the Best Amenities and Entertainment Options
Those looking for an exciting retirement destination might not be too worried about following a budget. If excitement is at the top of the retirement checklist, choosing the best destination might be all about which city best fits the individual’s lifestyle preferences.
Some of the most exciting and busiest destinations, though, also are the most expensive. Los Angeles, San Diego, San Francisco, Seattle, New York City, Boston and other major metropolitan areas all offer nearly endless entertainment, dining, and shopping options. However, these cities also require a larger budget; retirees who want to spend their golden years living large will need a nest egg large enough to fund the excitement of these cities.
In addition, seniors also can consider relocating to Hawaii for the ultimate tropical retirement. Not only does Hawaii offer an amazing climate, but it also is home to the country’s most beautiful beaches. Honolulu is the seventh most expensive city in the U.S., but smaller towns could be more affordable.
Retirement Destinations with the Best Beaches
Seniors might picture their retirement years being spent near a beach. They might imagine walking along the shore of the ocean and falling asleep to the sound of the rolling waves. What destinations offer the best beaches?
Beauty is in the eye of the beholder, and seniors might simply want to find a home near any beach. Retirees also might want to steer clear of beach communities that tend to attract college students during spring break.
Finding the best beach communities also could require looking at other factors, too. Some beach communities are not known for their affordability. However, others are small, lesser-known, and more appealing to seniors on a budget.
While Miami is a bustling city known for its amazing nightlife and beautiful beaches, it’s also one of the more expensive cities in the country. However, smaller beach towns like New Smyrna Beach (Florida) could be a more relaxed choice for seniors who want to live near the ocean and enjoy the laid-back Florida lifestyle.
The site SinkholeMaps rounded up the best beach communities for retirement. The top five best cities are:
- Fernandina Beach
- St. Augustine
- Delray Beach
- Fort Lauderdale
- Islamorada
Florida offers some of the best beach communities in the country for retirees. However, some seniors may want to retire on a beach that isn’t in the Sunshine State. Check out beach communities in the Carolinas, Alabama, and Texas, too.
Alternative Retirement Choices
The ideal retirement looks different for every individual. Some seniors plan to work until their last days. They might have no interest in moving somewhere new or even retiring in a stereotypical sense. They might decide to take extended vacations while maintaining their normal routines including their work schedule.
Alternative retirement options also could appeal to some seniors. These options might include living the van or RV life. Senior couples might decide to sell their home and the majority of their possessions and travel the country in an RV.
Retiring at a lake community or building a smaller home in a rural countryside also could be the ideal retirement dream scenario. Some seniors sell their homes and downsize to more affordable condos, and townhomes, or build their dream homes.
Seniors could downsize to a tiny home. These diminutive homes could allow seniors to live modestly and make every dollar stretch; maybe living in a tiny home also lets seniors pursue their dream of traveling the world.
Other couples dream of buying a large houseboat and sailing to different tropical destinations. They might live their golden years on the sea and enjoy many different ports and beaches during their travels.
Making a Retirement Plan
Younger Baby Boomers and older Gen Xers might be nearing their retirement years. Unfortunately, not all those close to retirement age or who have already reached retirement age are financially prepared for retirement. While some seniors choose to continue working, others need to keep working to survive.
Preparing for retirement takes decades, which is why many individuals begin saving for retirement even when they are in their 20s. Individuals who don’t plan for their golden years might find that their options are limited when they hit their 60s and 70s. They might not have enough savings to retire comfortably. While social security can help provide extra income, most seniors cannot live on social security alone.
Seniors considering their retirement plans may need to sit down and assess their finances to better understand what they can afford and what is beyond their financial means. Money saved in 401K accounts and other retirement plans will need to last for years—perhaps decades; seniors need to calculate how much they need each month and each year to live comfortably; then they can start to think about their ideal retirement destinations.
While many individuals might think of Florida as the most popular retirement destination, there are many other affordable, fun, and unique places where seniors can live their best lives during retirement. Choose a warm and laid-back beach community, an allergy-friendly climate, or even a bustling big city, but make sure the dream destination doesn’t strangle the budget.
Retirement doesn’t have to mean relocating to a new city, though. Some seniors prefer to live their entire lives in the same home. Others opt to sell their home and live their golden years traveling the country in an RV. Plan the retirement that fits the budget and leads to the most relaxing and happiest memories.
