Skip to main content

The Best States For Seniors To Retire In

Published March 18, 2020

4 minute read

By WalletGenius Staff

Since retirement is something you work towards your entire adult life, you should make sure it’s enjoyable when the time comes. There are many choices you need to make as a senior that will influence your lifestyle post-career. One of the most crucial decisions you’ll make is where you want to live. As a retiree, you want to live somewhere that has lots to do, nice weather, and good healthcare. You also want to keep in mind the places you can afford on a limited income. Living expenses, real estate prices, and tax implications can vary from state to state. Here are some of the best states that are great for retirees. Consider settling down in one of these beautiful locations once you leave the workforce for good.

Florida

Most Attractive Quality For Retirees: Affordable living

One of the most popular destinations for retirement is Florida. From up north in Jacksonville all the way to Miami down south, there are plenty of cities you can choose to settle down in. It offers warm and tropical weather all year round, with no shortage of beaches.

Part of the attraction seniors have towards Florida is the cost of living. For seniors who might want to work a part-time job to keep themselves busy, the state doesn’t impose income taxes on residents or have tax pensions. It was named number one on AARP’s affordability for retirement states, making it a realistic choice for retirees hoping to make the most of their dollar.

Here are cities that are considered the best places to retire in Florida.

While major cities in Florida are senior friendly, there are plenty of bustling retirement communities to consider. You’ll meet plenty of other seniors, have access to amenities and have better access to assisted care facilities.

Minnesota

Most Attractive Quality For Retirees: Health care, quality of life

Although Minnesota is more expensive compared to other states, it’s highly rated on Wallethub’s list of best places to retire. It scored the number one rating for health care and overall quality life, which are really important for seniors as they grow older. In fact, AARP considers it one of the healthiest states for adults over the age of 65.

Here are a few retirement cities in Minnesota to consider:

It also has one of the mosttheaters per capita compared to most states, making it a suitable option for seniors looking for entertainment in retirement. Seniors can enjoy snowy winters, warm summers and plenty of outdoor recreation all year round.

Colorado

Most Attractive Quality For Retirees: Health care

If you want to retire in nature, the Colorado Rockies might be the perfect place. There are trails and national parks to surround yourself in nature allowing for scenic walks or bike rides. It’s also highly acclaimed on Bankrate’s retirement list for health care and quality of life.

These factors play a big role in the number of retirees heading to this western state. In fact, seniors contribute an estimated $4.78 billion into the economy. This means you’ll be able to find like-minded seniors to socialize with and keep you busy.

Some of the best retirement cities in Colorado are:

There are also plenty of bordering towns from these major cities. That way, seniors can enjoy a quieter lifestyle while still being able to enjoy the perks a lively city has to offer.

Alabama

Most Attractive Quality For Retirees: Affordable living, low in-home service costs

Located in the southeast of the U.S., Alabama peaks at number one for affordable living on Wallethub’s list of retirement cities. Not only does the state have some of the cheapest property taxes, but social security and retirement home are not taxed at all.

It’s helpful to know that in-home services a senior might need are affordable. The low costs can ensure you’re able to get the help you need without emptying your wallet.

Some lively cities to retire in Alabama include:

These booming cities will definitely keep seniors busy, but there are tons of charming small towns in the state that can offer them a more low-key lifestyle. The state has plenty of museums and attractions, allowing for travel opportunities without having to go to the airport.

Decide What’s Most Important For You In Retirement

With so many places to choose from, start by deciding which qualities are the most important to your desired retirement lifestyle.

An easy way to start is thinking about the weather you’ll want to endure. If you want sunny skies almost everyday, somewhere in Florida makes sense. But if you want somewhere that offers four different seasons, maybe Colorado is better for you.

Do your research on communities and consider important factors that can affect your golden years. This includes the cost of living, access to health care, transportation and leisure activities available for you to sign up for. Deciding where to retire is a big decision, and it’s worth taking the time to decide what place will give you the best quality of life.

Retired Senior Couple Holding Hands at the Beach

Edward Fielding / Shutterstock

Contributor

This article was worked on by a number of the WalletGenius staff, including freelancers, full-time writers, and editors.

Explore Save Money

Woman at Farmers' Market Save Money

How To Save Money Shopping At The Farmers’ Market

Buying from a road-side produce stand or a locals farmer’s market is an amazing experience. They are some of the best options for getting fresh (and often organic) fruit, vegetables, meats, and other products, while still supporting local farmers. Farmers’ Markets are certainly a better choice for fresh, high-quality, in-season produce. The prices there are […]

Read More about Post Title

7 minute read

Save Money

Hidden Benefits of a Costco Membership

A Costco membership can do a lot more than help you stretch your grocery budget. A membership at Costco comes with many perks, some of which you might not even be aware of. Take a look around a Costco outlet and you’ll see that deals and discounts can be found everywhere. If you’re trying to […]

Read More about Post Title

6 minute read

Cash, Coins & Calendar Save Money

How To Negotiate Lower Monthly Bills

With unemployment at record highs and job security often unstable, you might find yourself strapped for cash. One potential solution is to lower your monthly bills. We’re not just talking about cancelling services either. It is actually possible to negotiate with some companies for lower rates. While it won’t be easy, it’s possible to negotiate […]

Read More about Post Title

5 minute read

See All In Save Money

More from WalletGenius

Home Ownership

How To Win a Home Bidding War

I haven’t really talked about this publicly before, but we had to win a bidding war to buy our house last year. To make matters worse, it was right before the onset of the pandemic, making everything that much more stressful. Luckily, we succeeded and my family now enjoys living in a bigger, newer home. […]

Read More about Post Title

10 minute read

young couple redecorating a house Home Ownership

How To Redecorate Your House On a Budget

I’m not sure if it’s because everyone has been stuck inside due to the pandemic or just a coincidence. Whatever the reason, it seems like everyone I know has recently been updating their homes. Whether it’s a minor or major redecoration, all this time indoors has spawned a bunch of amateur interior designers. If you’ve […]

Read More about Post Title

7 minute read

Woman at Farmers' Market Save Money

How To Save Money Shopping At The Farmers’ Market

Buying from a road-side produce stand or a locals farmer’s market is an amazing experience. They are some of the best options for getting fresh (and often organic) fruit, vegetables, meats, and other products, while still supporting local farmers. Farmers’ Markets are certainly a better choice for fresh, high-quality, in-season produce. The prices there are […]

Read More about Post Title

7 minute read

stock market short seller Investing

How to Short a Stock: A Complete Guide

I first learned about short selling from my Dad. It was in the dot-com crash of the early 00s, when practically every investment was going down. Many people lost their savings because they plowed too much money into ridiculously-valued tech stocks. Looking back in retrospect, these stocks were already so high that they had no […]

Read More about Post Title

11 minute read

Man happy about investing Investing

What Are Bearer Bonds (and How Do They Work)?

A bearer bond is a fixed-income security, very similar to a regular bond. However, a bearer bond is owned by the holder (or bearer) rather than by a registered owner. The coupons for interest payments are physically attached to the bearer bond. The bondholder is required to submit the coupons to a bank for payment […]

Read More about Post Title

5 minute read

Trusted provider of accurate rates & financial information