The top state for retirement is Delaware, according to Bankrate's 2024 Best States to Retire study.
Once considered the ideal place to live out one's golden years, Florida is quickly losing favor with retirement-aged folks. Remote workers and the wealthy are flocking to the state and driving up home prices, leaving those on a fixed income feeling the pinch.
Q: Can I retire in Florida on $3,000 a month? A: Yes, according to a GOBankingRates study, there are several cities in Florida where you can live on $3,000 — or even less — each month, including Pensacola and Panama City.
In 2024, apparently, it's all about the Carolinas — their coast, their mountains, their more temperate climate and — most importantly — their affordable cost of living, say the moving pros at PODS, who've analyzed heaps of customer data to identify the latest trends.
Thailand. Is it possible to retire in Thailand and keep the costs in check? Certainly! It's another top choice for digital nomads with an achievable $500 monthly budget, focusing on affordable accommodation.
Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, and Wyoming are the top tax-friendly states for retirees. All of them have no personal income taxes. 1 Other taxes, cost of living, and overall quality of life are also important considerations.
Costa Rica
Once settled, most retiree couples can live well within the country for as little as $2,000 per month.
On average, 63 is the ideal age for retirement according to both retirees and pre-retirees. While current retirees are hitting close to that mark with an average actual retirement age of 62, there are signs that future retirees could have more difficulty retiring at their ideal age.
It assessed each state's affordability, economy, education and health, quality of life, and safety. Louisiana was ranked the worst state to live in, followed by New Mexico.
Right behind Hawaii are the states you might expect to have big living costs as they're home to some of the most expensive cities in the nation. No. 2 is California, which “has notoriously high prices for housing, gas, utilities, and food,” according to the data.
The $1,000-a-month rule for retirement states that you'll need $240,000 in savings for every $1,000 of monthly retirement income. The rule assumes a 5% annual withdrawal rate. So if you want $4,000 in monthly retirement income from investments, you'd need to save at least $960,000.
Retiring abroad on $1,000 per month doesn't mean sacrificing quality of life. Many countries offer excellent health care, infrastructure and amenities at a fraction of the cost compared to the U.S. The cheapest places to retire abroad include Panama, the Philippines, Portugal, Malaysia, Mexico, Thailand and Vietnam.
Pinehurst, North Carolina. If you are looking for a place to call home in retirement, the No. 1 city to look into is Pinehurst, North Carolina. The cost of living is more than reasonable and the crime rates are good enough to crown it as the number one place to feel safe in your retirement.
Floridians aged 65 and up move most often to Georgia, according to a recent analysis by Realtor.com®. But hot on its heels are Northern states such as New York, Ohio, Michigan, Pennsylvania, and New Jersey. While Georgia might be the most popular destination for Florida retirees, many Northern states are on its heels.
The PODS report showed more than 25 percent of the top 20 move-in cities were in Florida, with five of the Florida cities on the list placed in the top 10: Sarasota, Orlando, Ocala, Jacksonville, and Tampa Bay. All these cities are repeat performers who made the top 20 last year.
Uprooting your life to move to another state is a major undertaking—but, in 2024, five states saw an influx of residents doing just that. The states with the highest number of outbound moves this year were Louisiana, California, Illinois, South Dakota, and New York, according to Atlas Van Lines.