As the American population grows older, many baby boomers are forced to consider the ideal location for retirement. Factors that weigh into this thought process include weather, accessibility, cost of living, and sense of community.
Many seniors decide that even if a city is expensive, it’s worth it to them as long as there are abundant side-job opportunities and close-knit social circles. For other individuals, it’s critical to find the least expensive place to live to spend their retirement years comfortably.
Money-Rates recently compiled data and announced the top ten states for retirement based on five key indicators: Economic conditions, senior population growth, life expectancy, crime rate, and climate.
While some of these states (California, Florida) do have higher taxes and an elevated cost of living, the weather and community offerings balance out these negatives. Likewise, those states with better economic conditions for seniors (like Idaho) don’t have the warm climate that Hawaii, Arizona, and others can boast.
The top ten states for retirement are:
7. Florida & New Mexico (tie)
9. South Dakota
10. California & Texas (tie)
One thing that’s notable about this list is the fact that the locations are spread across the map. Whether you currently reside in the North, South, East, or West, there is an ideal spot for you during your retirement years. If you already live in one of these great states, it could be worth staying in your current home for the foreseeable future.
Many seniors worry that they won’t be able to afford their house on a fixed income and they feel pressured to downsize. Fortunately, there are ways to boost earnings to make staying put possible. Consider options like part-time work, renting out property to generate income, reverse mortgages, or investing.
Don’t let finances hold you back from living in the optimal community. Figure out where friends and loved ones are closest, and reap the retirement benefits that the above states can offer.