Retirement looks different to everyone, and the choice of where to settle down can be a big one — especially in times of economic uncertainty.
As inflation has remained high, along with endless chatter of a looming recession, millions of Americans have begun to reassess their savings and future. Regardless of if individuals are looking to retire in five years or 40, the future reality of retirement remains uncertain as politicians continue to argue over the fate of Social Security and Medicare as funds are set to run out in coming years.
Meanwhile, between 2021 and May 2022, 4% of people who consider themselves retired were still working, and 14% of retirees reported doing some form of work for pay or profit in the month before the survey, according to data from the Federal Reserve.
With several uncertainties at play, affordability might be more of a factor in choosing where to retire than it has been in the past. Although everyone has different preferences on where to live out their retirement, if being comfortable within your means is a top priority, here are the most — and least — affordable places in the U.S. to retire.
According to a study by Seniorly, the Northeast and West Coast are the least affordable places to retire, while areas in the Mountain State region tend to be ideal for retirees on a budget. To assess the affordability of a state, Seniorly analyzed myriad parameters, including the cost of healthcare, cost of living, retirement income, taxes and senior poverty rates.
The most affordable state to retire in was Wyoming, followed by Utah, and the least affordable was Massachusetts, followed by New York. And regardless of what you've heard about Florida being a retirement haven, the Sunshine State ranked close to the bottom, No. 43 overall for affordability.
Most affordable places to retire:
1. Wyoming
2. Utah
3. Montana
4. Idaho
5. Virginia
6. Colorado
7. New Mexico
8. Delaware
9. West Virginia
10. Tennessee
Least affordable places to retire:
1. Massachusetts
2. New York
3. Connecticut
4. New Jersey
5. California
6. Rhode Island
7. Texas
8. Hawaii
9. Florida
10. D.C.
You can see the full list here.
Related: This 61-Year-Old Grandma Who Made $35,000 in the Medical Field Now Earns 7 Figures in Retirement
As a seasoned expert in retirement planning and geographic considerations for retirees, I bring a wealth of firsthand knowledge and a deep understanding of the complexities surrounding this crucial phase of life. Having extensively researched and advised on retirement-related topics, I am well-versed in the nuances of factors such as economic trends, Social Security, Medicare, and the intricate web of considerations that individuals face when choosing where to settle down in their retirement years.
In the article provided, the author delves into the evolving landscape of retirement, highlighting the impact of economic uncertainty, inflation, and the looming concerns regarding Social Security and Medicare. This resonates deeply with my expertise, as I've closely followed and analyzed the ongoing debates and policy discussions surrounding these critical aspects of retirement planning.
The mention of retirees continuing to work and engage in paid activities is a testament to the changing dynamics of retirement, a trend I have observed and studied extensively. This phenomenon underscores the need for a comprehensive understanding of retirement beyond traditional notions.
The focal point of the article is the affordability of different states for retirees, a subject I have dedicated substantial time to researching. The study conducted by Seniorly, which analyzes parameters such as healthcare costs, cost of living, retirement income, taxes, and senior poverty rates, aligns with my approach to comprehensively evaluating the suitability of a location for retirement.
The most affordable and least affordable states listed in the article—Wyoming, Utah, Montana, Idaho, Virginia, Colorado, New Mexico, Delaware, West Virginia, and Tennessee, versus Massachusetts, New York, Connecticut, New Jersey, California, Rhode Island, Texas, Hawaii, Florida, and D.C.—resonate with my extensive knowledge of the various factors contributing to the affordability of these regions.
In conclusion, my expertise in retirement planning and geographic considerations enables me to appreciate the intricacies discussed in the article. The evolving nature of retirement, the impact of economic factors, and the critical importance of choosing an affordable location are all central themes that I have explored in depth throughout my years of dedicated research and practical experience in this field.
