For those who wish to retire to safe havens that offer cheap living expenses, some of the cheapest and safest countries to retire to include Indonesia, Ghana, Romania, North Macedonia, and Vietnam.
1. Florida. Florida ranks as the best state to retire due to its relatively low taxes, including no estate, inheritance or income taxes.
The top state for retirement is Delaware, according to Bankrate's 2024 Best States to Retire study.
Florida, Colorado, and Virginia rank as the top three states for retiring seniors, according to WalletHub.1 In a recent study, they compared all states based on 46 indicators in three key categories: Affordability, which includes tax benefits, cost of living, and more.
It's no secret why Florida continues to be one of the best states to retire in 2024. With a warm and sunny climate, retirees enjoy Florida's beautiful beaches and outdoor activities year-round. From the Gulf Coast to the Atlantic, Florida offers endless opportunities for leisure.
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.
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.
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.
As a general rule, if you withdraw funds before age 59 ½, you'll trigger an IRS tax penalty of 10%. The good news is that there's a way to take your distributions a few years early without incurring this penalty. This is known as the rule of 55.
About a quarter of retiree relocations crossed state lines, with Florida ranking as the top destination for the second straight year. About 11 percent of such moves were to the Sunshine State. South Carolina, which did not make the top 10 in 2022, was a close second, drawing 10 percent of retirement moves.
Rather, they say, two once stable costs related to their home — insurance and utilities — are unexpectedly spiking, to the point that they are considering relocating to another state. In California, retirees generally face two major expenses: health care and housing.
That's according to the U.S. News & World Report's ranking of best places to retire, which ranked Naples, Fla., Virginia Beach, Va., and New York City as its top three locales. A total of three cities in Florida grabbed spots among the top 10, and eight slots in the top 25.
That's according to the latest World Happiness Report, which takes a deep-dive into the joyfulness of each stage of a person's life. The report revealed older adults are happiest in Denmark, Finland, Norway, Sweden and Iceland, in that order.
In 2024, across all states in the United States, Utah was ranked as the healthiest state for older adults aged 65 years and above, followed by Colorado and Vermont. On the other hand, Louisiana was the unhealthiest state for older adults in the United States, ranking last on the list.
Aside from spending time with other residents in the community, some of the best places for older adults to hang out and socialize include a senior center or hall, volunteer groups, college courses, community centers, and even online.