Utah is frequently ranked as the happiest state for retirees due to its high volunteer rates, excellent health care, and strong, supportive communities. Other top states include Idaho, Connecticut, Delaware, and Hawaii. Top cities for retired happiness often include Barnstable, MA; Naples, FL; and Boulder, CO.
Utah Ranks as the Happiest State for Seniors
This state in the Western U.S. boasts the highest happiness score on the index: 7.69/10. One reason that Utah is cited as the happiest state for older adults is its high number of elders who engage in volunteering.
Utah claimed the overall No. 1 spot, with a happiness score of 7.69 out of 10. Its high rank was due to its “supportive environment” for senior living; a combination of good senior health, outdoor recreation, and the third-lowest percentage (21.48%) of seniors living alone.
Here are some of the most tax-friendly states for retirees as of 2025:
Ecuador, Colombia, and Peru deliver some of the lowest costs of living and most accessible pension visas in Latin America, where a typical $2,000 monthly Social Security check can comfortably cover housing, healthcare, and everyday expenses.
Only a small fraction of Americans, around 3% to 4.7%, actually retire with $1 million or more in retirement accounts, according to Federal Reserve data, despite many feeling they need that much for comfort. The median savings for those approaching retirement (ages 65-74) is much lower, around $200,000-$609,000, making the million-dollar milestone rare, though "401(k) millionaires" are growing in number.
No U.S. state offers a complete absence of property tax for all seniors, but many provide significant exemptions, deferrals, or credits, with states like Alaska, Florida, Hawaii, Louisiana, and Washington offering substantial relief, while others like South Dakota allow deferral until sale, and states like Colorado, Texas, and New York offer significant reductions on assessed value for qualifying seniors.
Renting in retirement offers flexibility, less maintenance, and frees up cash for travel/hobbies, while homeownership provides stability, potential equity, tax breaks, and the freedom to renovate for aging in place, but comes with upkeep costs and less mobility. The best choice depends on your financial situation, health, desire for freedom vs. stability, and long-term plans, with renting often favored for lifestyle freedom and buying for long-term financial security if the home is paid off.
The cheapest and safe places to live balance low costs with security, with top contenders often including Portugal, Malaysia, Vietnam, Costa Rica, and Colombia, offering good value with strong expat communities, affordable healthcare, and manageable safety for under $1,000-$1,500/month in many areas, though specific cities matter for balancing budget and lifestyle.
Safest and most affordable places to retire often feature low crime, low cost of living (especially housing), and good amenities, with the US Midwest dominating recent lists, featuring cities like Columbus, IN; Fort Wayne, IN; Des Moines, IA; and Fargo, ND, while international options like Portugal and Ecuador also rank highly for security and budget. Key factors include low crime rates (violent/property), affordable healthcare, reasonable housing costs (mortgage/rent), and manageable taxes.
5 retirement mistakes to avoid
The "240,000 rule" (or $1,000-a-month rule) is a retirement guideline suggesting you need $240,000 saved for every $1,000 of monthly income you want in retirement, based on a 5% annual withdrawal rate ($240,000 x 0.05 = $12,000/year or $1,000/month). It's a simple way to estimate savings needs, but it doesn't account for inflation, taxes, market volatility, or other income sources like Social Security, making it a starting point, not a complete plan.
Suze Orman's key retirement advice emphasizes starting early (15% savings from age 25), prioritizing Roth accounts for tax-free withdrawals, maximizing employer matches, waiting until age 70 for Social Security, building a large emergency fund (2-3 years' expenses after 50), and considering home equity (reverse mortgages) for income if needed, all while living below your means to save more today for less spending tomorrow.
Average individual retirement income: $60,000/year or $5,000/month. Median individual retirement income: $47,000/year or $3,900/month. Average retirement income for couples: $100,000/year or $8,300/month.
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