Updated on Jun 19 2019
Having a proactive plan for retirement can help set you up for financial success. A major part of your strategic plan for retirement is choosing your retirement location. Choosing to relocate in retirement is a big decision and should be done thoughtfully with consideration given to state tax laws, weather, convenience, cost of living, and quality of life. Take a look at five of the top best places to retire in America.
Top Five Retirement Locations in the United States
While the ideal retirement location will look different to each person, these five locales are consistently ranked among the top retirement destinations in the United States — and for good reason. Learn more about the best places to retire in the United States and why you might want to consider downsizing and packing your bags!
1. Austin, Texas
Also known as the “Best Place to Live in America,” Austin is the state capital of Texas and home to the University of Texas. Seniors who are 65 and older can enroll at the University of Texas — Austin for up to six credit hours for free. Median home prices come in at $283,000 making the cost of living extremely affordable for big city living. Outdoor living and a healthy lifestyle are paramount for Austin residents. The city where Whole Foods was founded puts a priority on living well with plenty of outdoor recreational options and cultural events.
2. Boise, Idaho
Perhaps the most surprising location on our list is Boise, Idaho. Boise makes our list because of the low cost of living, the robust economy, low crime rate and good air quality. The weather is also surprisingly mild, offering residents all four seasons with a mild winter. The state does not tax Social Security benefits and there is no estate or inheritance tax. Boise is also highly walkable and bikeable, encouraging senior residents to be active.
3. Sarasota, Florida
Sarasota, Florida may represent the typical retirement dream at its best. Beach, golf, fine dining, world class shopping, and culture are premiere in Sarasota, Florida. Located just 60 miles south of Tampa, Sarasota’s cost of living is above the national average but, for many, other important factors take center stage. Boasting a strong economy, sunny weather year-round, and good air quality, Sarasota is a pedestrian’s dream and has no state income or estate or inheritance tax.
4. Sun City, Arizona
Sun City, Arizona is an age-restricted suburb of Phoenix. Featuring a low cost of living with median home prices coming in at 28 percent below the national average, Sun City has a low crime rate and caters to active retirees. Arizona has no state income tax on Social Security earnings, no estate or inheritance tax, and boasts over 300 days of sunshine per year.
5. Savannah, Georgia
Aside from its beauty, southern charm, and historic setting, Savannah, Georgia is a popular retirement destination because of its low cost of living. With median home prices coming in 46 percent below the national average and the cost of living coming in at 12 percent below the national average, Savannah also has major tax benefits for its senior residents. All Social Security income and up to $65,000 per person of retirement income is exempt from state income tax. The state also has no estate or inheritance tax. Savannah has mild winters, good air quality, and world renowned medical facilities.
Where have you chosen to retire? What drew you to that location? If you are still searching for your retirement destination, consider working with a fiduciary financial advisor who can take an honest assessment of your financial situation and plan to create a sound retirement strategy for your unique goals.
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Originally published at https://seniorfinanceadvisor.com.