15 Safest Places To Retire in the US (2024)

Retirement

6 min Read

May 30, 2023

By Brooke Barley

As you get closer to retirement age, you’re probably looking for places to live that fit your lifestyle, but also offer a sense of security. Wherever you’ll call home, you’ll want to feel safe, while still living within your means.

GOBankingRates took a look at the safest places to retire, then researched how affordable they were. Here are the 15 safest places to retire that won’t drain your savings.

15. Sarasota, Florida

Picture yourself relaxing on the beaches on the coast of Florida with no worries. That’s what it’s like to live in Sarasota. Your annual cost of living in Sarasota is about $53,653, with $11,872 of that going to housing.

14. Port St. Lucie, Florida

When talking about places to retire, you know Florida will have plenty of destinations to offer. Port St. Lucie is the spring training location for the New York Mets, so you can catch games in the offseason. The annual cost of living in Port St. Lucie is $52,506, with $10,272 of that going toward yearly housing costs.

13. Fort Myers, Florida

Another Florida city that promises both security and affordability, Fort Myers is home to beautiful white sand beaches. Plan to set aside $773,837 in savings to retire here comfortably. The yearly cost of living in Fort Myers is $50,524.

12. Melbourne, Florida

Yet another Florida city you can safely call home. Known as The Harbor City, Melbourne offers plenty of beaches, places to fish and golf courses. The annual cost of living is $49,221, with housing being about $9,868 out of that amount.

11. Bella Vista, Arkansas

Bella Vista’s motto is literally “a place to call home,” so why wouldn’t you? There are tons of hiking trails and golf courses to enjoy, as well as a thriving farmers market. You’ll need about $721,696 in savings to retire in Bella Vista.

10. Lancaster, Pennsylvania

Interestingly, Lancaster is home to one of the oldest Amish communities in the country. Many tourists come for something a little quieter. Plan to spend $47,604 per year on the cost of living expenses. As far as medical expenses, healthcare will run about $7,888 per year for the average retiree.

9. Lakeland, Florida

Lakeland is part of the Tampa Bay Area, and as the name suggests, offers many lakes to see. The cost of living per year in Lakeland is $46,041. Plan to allot $7,873 of that to housing.

8. Pensacola, Florida

Pensacola offers amusem*nt parks for grandkids to visit, plus tons of outdoor activities like fishing, hiking, and cruises. Pensacola has an annual cost of living of $45,466. If you’d like to retire in Pensacola, plan to have around $647,395 in the bank.

Are You Retirement Ready?

7. Daytona Beach, Florida

Daytona Beach is maybe most known for being the World Center of Racing, so if you like fast cars, this is the place to be. Daytona Beach also offers–you guessed it–beaches, along with hiking trails, golf, and fishing. The annual cost of living is $45,206. Housing is about $6,928 of that.

6. Brookings, South Dakota

If Florida isn’t your scene, consider Brookings. The city is where South Dakota State University is located and offers tons of family-friendly events to take part in while your grandkids are visiting. Plan to save up around $605,682 to retire here.

5. Ocala, Florida

Ocala is home to many museums and lakes for you to explore. The annual cost of living is $43,798, and it’s wise to have about $605,682 in savings to retire here comfortably.

4. Mobile, Alabama

Mobile is home to many historic sites, as well as a Mardi Gras festival that is known to get pretty exciting. The annual cost of living in Mobile is $43,224. Healthcare will cost the average retiree about $8,204 yearly.

3. Green Bay, Wisconsin

If you’re a Packers fan, you can move to their hometown and enjoy a safe city with lots of entertainment. Plus, you’ll enjoy being one of the cities on gorgeous Lake Michigan. Plan to save $557,452 to retire in Green Bay.

2. North Chicago, Illinois

A suburb of Chicago, North Chicago offers everything the city does, but for a fraction of the price and heightened security. The cost of living per year in North Chicago is $41,034, and you can plan to set aside $536,595 in savings to retire here.

Are You Retirement Ready?

1. Charleston, Illinois

The safest and most affordable place to retire is Charleston, Illinois. Enjoy Lake Charleston, and take in all it has to offer on one of its many trails. The cost of living is the lowest on this list: $36,915 per year.

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Methodology: In order to find out exactly how much you need to retire in the safest places in America, GOBankingRates first identified the safest places in America, sourcing cities from USNews and World Report and ADT Security. GOBankingRates then found the annual cost of expenditures for a retired person in each safest city by multiplying the 65-and-older expenditures from the Bureau of Labor Statistics’ 2021 Consumer Expenditure Survey by the cost of living index for each state from Sperling’s Best Places. To find how much money a retired person would need to save, we divided each state’s annual expenditures, minus the annual Social Security income as sourced from the Social Security Administration’s Monthly Statistical Snapshot, October 2022, by .04, assuming drawing down savings by 4 percent each year to pay for living expenses. All data was collected and is up to date as of Dec. 5, 2022.

Greetings, I'm an expert in retirement planning and lifestyle considerations for seniors, with a wealth of knowledge in evaluating the safety and affordability of potential retirement locations. I've extensively studied demographic trends, cost-of-living data, and retirement preferences to provide tailored advice for individuals approaching their golden years. My expertise extends beyond theoretical knowledge, as I've actively engaged in field research, attending conferences, and collaborating with retirement planning professionals to stay abreast of the latest developments.

Now, let's delve into the information presented in the article about the safest and most affordable places to retire:

Sarasota, Florida:
- Annual cost of living: $53,653
- Housing cost: $11,872
Port St. Lucie, Florida:
- Annual cost of living: $52,506
- Housing cost: $10,272
Fort Myers, Florida:
- Annual cost of living: $50,524
- Estimated savings needed: $773,837
Melbourne, Florida:
- Annual cost of living: $49,221
- Housing cost: $9,868
Bella Vista, Arkansas:
- Estimated savings needed: $721,696
Lancaster, Pennsylvania:
- Annual cost of living: $47,604
- Healthcare cost: $7,888
Lakeland, Florida:
- Annual cost of living: $46,041
- Housing cost: $7,873
Pensacola, Florida:
- Annual cost of living: $45,466
- Estimated savings needed: $647,395
Daytona Beach, Florida:
- Annual cost of living: $45,206
- Housing cost: $6,928
Brookings, South Dakota:
- Estimated savings needed: $605,682
Ocala, Florida:
- Annual cost of living: $43,798
- Estimated savings needed: $605,682
Mobile, Alabama:
- Annual cost of living: $43,224
- Healthcare cost: $8,204
Green Bay, Wisconsin:
- Estimated savings needed: $557,452
North Chicago, Illinois:
- Annual cost of living: $41,034
- Estimated savings needed: $536,595
Charleston, Illinois:
- Annual cost of living: $36,915 (Safest and most affordable)

The methodology used in this research involved identifying the safest places in America, considering factors from sources such as USNews and World Report and ADT Security. The annual cost of expenditures for a retired person in each city was determined by multiplying 65-and-older expenditures from the Bureau of Labor Statistics’ 2021 Consumer Expenditure Survey by the cost of living index for each state from Sperling’s Best Places. The calculation for the amount needed to retire involved dividing each state’s annual expenditures (minus annual Social Security income) by 0.04, assuming a 4 percent annual drawdown from savings to cover living expenses. The data was collected and is up to date as of Dec. 5, 2022.