27 Cheapest Places Where You'll Really Want to Retire
If you're looking for a cheap retirement destination, you can pretty much count out the West Coast, the Northeast, Alaska and Hawaii. Still, more than half of U.S. states offer at least one great affordable place for you to retire in. Cost of living is a crucial factor for retirement planning. After all, you need to make sure your daily expenses don't put too big a strain on your fixed income. Indeed, 67% of people say they'd move to a less expensive location to have a more financially comfortable retirement, according to a survey by Merrill Lynch and Age Wave, a research firm focused on the aging population.
To that end, we identified which of our 50 Best Places to Retire in the U.S. offer below-average living costs. On top of affordability, all these places rank well with us, taking into account safety, median incomes and poverty rates for retirement-age residents, as well as residents' sense of well-being and the availability of recreational and health care facilities. And they're scattered all across the nation. Take a look.
Huntsville, Ala.
Population: 440,230
Share of population 65+: 13.7% (U.S.: 14.5%)
Cost of Living: 4.7% below the national average
Average Income for Households 65+: $52,469 (U.S.: $53,799)
Community Score: 63.3 (U.S.: 61.9)
State's Tax Rating for Retirees: Tax Friendly
As one of the 10 Cheapest States Where You'll Want to Retire, the Heart of Dixie boasts many great spots for affordable living. And Huntsville, in northern Alabama, is one of the best. It offers all the low-cost, low-tax advantages as the rest of the state, but adds more generous incomes among retirement-age residents. The average household income for 65+ households in Alabama is $44,934.
Home to NASA's Marshall Space Flight Center, the Redstone Arsenal and the Huntsville campus of the University of Alabama, the city offers a robust economy and a highly educated population. There are plenty of cultural attractions, from a sculpture trail to a symphony orchestra, as well as opportunities for outdoor recreation (think bass fishing).
Phoenix, Ariz.
Population: 4.5 million
Share of population 65+: 14.2%
Cost of Living: 5% below the national average
Average Income for Households 65+: $52,414
Community Score: 62.5
State's Tax Rating for Retirees: Mixed
Undoubtedly, many of you have considered the Grand Canyon State for its retiree-friendly climate and beautiful natural scenery. Unfortunately, the financial setting is not quite as picturesque: Average living costs in Arizona are above the national average while median incomes for seniors are 10.8% below average at $47,973. Phoenix, though, offers a pocket of affordability, plus typically higher incomes.
And being the capital city, you can find plenty of attractions to keep you busy--world-class restaurants, professional sports teams and an array of museums, theaters and other cultural attractions. Of course, outdoor enthusiasts have more than enough to enjoy, too, with many hiking and biking trails within the city limits and even more
*Provided by Sperling's Best Places. *Provided by Sperling's Best Places.You’re reading a preview, subscribe to read more.
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