Lately, seniors have been in a dilemma thinking of the best places to retire. It has also been a trend to move overseas which is enthralling to some and a nightmare to many.
But, how appealing would that be to move abroad and have a blast of your golden years? wouldn’t that be a “once-in-a-lifetime choice?”
There might be a string of items on your bucket list waiting for your next move. So choose a place that will let you complete them. What the rest of the world says should be brushed off.
While some of you choose to stay with your family, others might have already made a blueprint of their retired life, where they would settle in new locations to continue where they left off roughly five to six decades ago.
But there are still certain key factors that you must consider while choosing a place to retire, as you should really rush in making such a decision. So you’d better ensure it succinctly covers all the salient points affecting your relocation.
Important factors To Look For When Choosing The Best Places To Retire
The best places to retire for seniors are one of the major searches that are caught by the internet these days. “Where should I retire?” “Can I manage the cost of living after I retire?” or “Should I live with my family after my retirement?” are a few of the notable questions to which answers are sought by millions.
However, these are not actually the cases that you should ignore, instead, you are supposed to give them a second thought, as all these concerns are capable of ruining your entire mood. Indeed, a few of these factors might even weigh heavier than others.
Cost of Living
Affordability is a bitter responsibility that is one of the major concerns for most seniors. So before planning about where to move, it is the budget that should lead your thoughts. Because it is better planned than ruined. But what could be your potential concerns that should be primarily scrutinized?
- What could be the median home price in the particular city/country where you are preparing to move?
- Are IRAs and pensions taxable there?
- If not, then what is the local tax burden?
- How much could be the state’s overall living expense?
- What about the median income?
- What is the status of the unemployment rate?
Family & Friends
Are you more like a family person, if so then is it really okay for you to settle away from them? How about your grandkids? Would you prefer to visit them every weekend?
These are a few of the basic questions that you should ask yourself before deciding where to move and should ultimately go on with what you actually feel. If the thought of retirement abroad makes you uncomfortable, then why would you even spend a large sum in exchange for your discomfort?
If you have made up your mind to move abroad, then consider the South or South West. but you should be open to the extreme cold weather. Not a winter person? Consider the upper Midwest or Northeast. Oops, but are you diagnosed with arthritis? Try somewhere like New Mexico or Arizona which are the best places to retire where you can raft and hike in lush forests.
Sorry to say, but coastal areas like, Mississippi, Georgia, Florida, and Louisiana are not suitable destinations. They often experience heavy tropical storms and hurricanes. But if you are equipped with proper safety measures to withstand the potential evacuations that will invade through your windows, then give thumbs up to those coastal areas.
However, let us also let you know that there are certain Northeastern states that go through long winters with a pinch of sunshine at times. Would you like that?
There is a possibility that you might be in need of immediate medical attention even if your body hasn’t surrendered to any deadly disease till now. So it’s advised to check the availability of quality health care nearby. Give it a ten if there is.
Do you know that you are now free from all the responsibilities and that you’re now free like never before? How would you prefer to count on the time? Would you play gambling or give golfing a try? Not just that, there is a list of activities that you can consider to spend your time like mountain biking, hiking, and many more.
In case you are interested in arts, you can also choose to volunteer at any local museum or you can even be a part of a world-class arts community. If that is not enough, then you can be yourself and bring out your new potential. Let the world explore you as well.
Cheapest Places To Retire
If you have already made up your mind to move, then it would be more interesting to picture the places and imagine what your life would feel like at that particular place.
But we know that budget tops your list of concerns when thinking about the best places to retire. So, why don’t you have a look at a few cheapest places to retire that will still offer you a range of amenities without making you bankrupt?
Cheapest States To Retire For In 2023
While your plan is to retire someday, making a list of the cheapest retirement destination wouldn’t be a waste of time. But we’ve got you covered. Let’s dig in and spot which one is more appealing to you.
Arkansas is one of the most affordable states to retire in 2023 with your retirement income since the cost of living is below the national average. But what makes Arkansas relatively inexpensive is that the cost of a home is also below the national median.
According to Kiplinger, the personal finance advisor, Arkansas is an impressively tax-friendly retirement destination where social security benefits are never taxed.
Plus, the state relatively offers cheap tax when compared to the other states in the US. But you should be aware that Arkansas hikes up sales taxes on literally every product kept at the store. So, you better be careful.
Alabama is another tax-friendly state, just like Arkansas, which attracts several retirees every year. Besides social security and pension, individuals over 65 are exempt from property tax.
Also, there is no inheritance tax either, making it one of the best places to retire in 2023. But Alabama is no different from Arkansas in matters regarding product taxes as they charge enough on food and other supplies.
Alabama’s cost of living is 4% lower than the United States, which is also a good deal. And maybe, if you are that lucky, you might end up living in the biggest senior cities like Prescott and Tempe, which offer a wide range of activities to retirees.
In addition to all these qualities, Alabama also has a lot better climate that is a mix of both winter and sunshine.
Don’t worry, you don’t necessarily have to pack your bags to either of the two cities as the list of the cheapest states to retire in 2023 is not finished yet. The remaining retirement destination to consider include;
Cheapest Cities To Retire In 2023
It’s not a shame to scroll down through the list of cheapest cities to retire from. In fact, you should be proud that you have made it until your retirement.
So, while considering the cheapest city to spend your senior years, we can offer you a number best places to retire which are as follows.
Top 10 Cheapest Cities to retire in 2023
- Birmingham, Alabama
- Jackson, Mississippi
- Detroit, Michigan
- Memphis, Tennessee
- Brownsville, Texas
- Toledo, Ohio
- Augusta, Georgia
- Akron, Ohio
- Cleveland, Ohio
- Montgomery, Alabama
Haven’t you heard about Montgomery, Alabama, a place where living is inexpensive as breathing thin air? The annual cost to live there as a senior would not be more than $37,000 and that makes Montgomery one of the cheapest cities to retire in 2023.
However, the cheapest city to retire to is none other than Birmingham, Alabama. This specific city has the most affordable housing prices. Also, its health care and transportation costs are praiseworthy. If you want to live in comfort, while enjoying city life, then Birmingham is definitely your destination.
Speaking of the rest of the cities, many are in the South, indicating that the South is comparatively cheaper. So you better relocate to the South rather than any Midwestern cities like Cleveland, Toledo, and Akron.
Cheapest Places To Retire Outside The US
Global traveling has been gaining hype over the past few decades. Many of you are even excited about retirement just because you can move overseas afterward, unlike the ones who don’t want to stay apart from their families.
Particularly, Americans are interested in world tours or settling somewhere away from their home country after their retirement. How tempting is it to leave behind all your burdens to get settled abroad?
But you should also notice that your retirement destination may not exceed your budget. Instead, it should fit in with your bank balance.
If going abroad is your thing, then discovering the cheapest places to retire would be ours. Now scroll down a little more to see which are the cheapest places to retire outside the United States.
Top 10 Cheapest Places To Retire Outside The US
- Costa Rica
Have you been a beach bum all these years? If yes, then the majority of these places have been roaming on your bucket list for a while now. These island-bound low-budget locales are the best to be considered while discussing the cheapest places to retire outside the US.
You can have a tropical lifestyle coupled with a humid climate throughout the year. So live like a king or a queen on a low budget and with less tax burden.
If you ask us why Panama is recognized as the cheapest place to retire in 2023 then we can tell you why. Panama’s government pays you a pension, and that is why the country is extremely suitable for seniors.
Similarly, Thailand, Malaysia, and Costa Rica are also island getaways where you can experience a living that is a whole different from the urban lifestyle.
But there are still a number of question marks popping up regarding the safety of these pretty countries. So, make sure to have thorough research prior to your departure.
Best Places To Retire In 2023 As per AARP
Now let’s forget about what is cheap. When you have piled up cash in your accounts and you are already past your 50s, then it means you are free to enjoy the life of your dreams.
But is it finance that is the only crucial factor that makes a place best to retire in 2023? Well, no. There should be a good climate, availability of outdoor activities, and a strong safety measure to make the place appealing and to give it the tag of the “Best Places to Retire in 2023.”
Best States to Retire
According to AARP, these are the best states to retire in 2023
- South Dakota
- New Hampshire
These states are dubbed the best places to retire as their seniors are still employed and the risk of safety is also comparatively low, especially in South Dakota.
This might sound odd and interesting at the same time. But if you are ready to shed your sweat again, then earning a few more pennies would be complementary.
Each of the aforementioned states has individual qualities. For example, Florida and Arizona are the best places for active seniors as they offer plenty of activities, meanwhile, Wyoming is ranked as one of the best states to retire because it was proven to be the best before the world in 2017.
Coming to Colorado, delivers the finest healthcare facility to seniors. And the others on the list are a mixture of these qualities.
Best Cities To Retire In 2023
When you are a simple person, with simple wishlists, you might not boast about moving to a different country, but a city would be more than enough for you. Then why can’t it be the best?
Top 10 Best Cities to Retire in 2023
- Sarasota, Florida
- Lancaster, Pennsylvania
- Grand Rapids, Michigan
- San Antonio, Texas
- El Paso, Texas
- Daytona Beach, Florida
- Pittsburgh, Pennsylvania
- McAllen, Texas
- Austin. Texas
- Washington, D.C.
We are not here to promote Texas, but what can we do when they have the best amenities and culture to seize our attention? And Florida. It is one of the best places to retire in any aspect. Be it about safety, expenses, or health care. Even the city is admired by beach bugs as well.
But if you want to spend your golden era by being involved in politics, then no better place than Washington DC can be your choice.
Best Places To Retire In The World
Just relax and read the following list of the top 5 best places to retire in the world.
- Costa Rica
Now the topic is not confined to the United States, it is more about international trips. So isn’t it necessary to learn which country provides easy visas for international visitors? But we have also considered factors like health care, entertainment, cost of living, and climate as the other key factors.
One thing that can make you prone to move overseas is that you can receive more benefits in countries other than your homeland. Then why would you delay to shift?
But only money won’t do. You should further check the availability of running water, internet, and cell phone coverage. When everything is well-researched, then you can make the final decision.
Best Places For Military Retirement
You can be a part of the distinct community when either you or your spouse are linked with the US military. In that case, you can live in any of the following 10 best places that are exclusively booked for military retirees.
- Oklahoma City, Oklahoma
- Richmond, Virginia
- Norfolk, Virginia
- Austin, Texas
- San Antonios, Texas
- Philadelphia, Pennsylvania
- Madison, Wisconsin
- Omaha, Nebraska
- Omaha, Nebraska
- Manchester, New Hampshire
Do you know why these cities were specifically selected for the veterans? It is because these cities offer an affordable lifestyle with proper health care services and several other amenities. Plus, many of these cities offer military skill jobs that can be voluntarily chosen by the veterans if they prefer to continue their employment.
But the major reason why these cities are included in the list of best places for military retirement is that there is no state tax burden for a military pension, which is the best deal ever.
Whether you have decided to move abroad or not, we sure have provided you with the list of cheap and best places to retire in 2023. Considering what your comfort is, it will be ten times better if you make your move faster.
But that doesn’t mean that you have to hurry at this crucial time. Since you have already come so far in your life, it is now time to have a look back at your golden years. Whichever your destination is, make sure you make the most out of it.