Whether you’re retiring this year or planning to retire soon, now’s a great time to think about where you’ll move. After all, this decision affects how much money you’ll need to save. If you plan to retire to an expensive part of the United States or plan to increase your standard of living, you’ll need to get aggressive with your savings so that you can have the life you want. A recent WalletHub survey polled retirees about their retirement preferences. Learn more about the top 10 states as you plan for your retirement without sacrificing your standard of living.
1. Florida
Many retirees choose Florida for their golden years because it’s affordable and tax-friendly. Retire here, and you can stretch your savings. The Sunshine State also ranks high in quality of life.
2. Wyoming
The Equality State ranks first among all the states for affordability. That’s because there is no state income tax or tax on Social Security benefits.
3. South Dakota
The Mount Rushmore State offers quality health care. This benefit invites retirees to settle here during a season of life when medical expenses can skyrocket.
4. South Carolina
Retire to the Palmetto State and find affordable living option. The state is also filled with charm and history.
5. Colorado
Known for quality of life and recreational activities, the Centennial State invites seniors to move here and enjoy an active lifestyle. Explore the great outdoors and numerous historical sites when you live in Colorado.
6. Idaho
One of the most affordable states in the U.S., Idaho offers inexpensive housing. The Gem State also boasts low crime rates.
7. Texas
Culture and recreation invite active seniors to enjoy their retirement in the Lone Star State. It’s also affordable and offers a high quality of life.
8. Montana
Enjoy the big sky scenery of the Treasure State and appreciate its health care when you retire to Montana.
9. Nevada
As the Silver State, Nevada ranks high for affordability. It’s also known for quality of life, outdoor recreational activities, gambling and shows.
10. Virginia
Located beside the District of Columbia, Old Dominion offers one of the most affordable places in the U.S. to retire. It also features a high quality of life.
Deciding where to retire is a decision that requires much thought. Consider one of these top-10 states as you plan your big move. You can also boost your retirement savings and talk to your financial advisor as you ensure you have enough money to fund your next season of life.
