Best Places to Retire in the U.S. (2024)

FAQs

Where is the best place to retire in the US financially? ›

Florida, Colorado and Virginia top the list of the best places to retire in the U.S. in 2024, according to a new survey from WalletHub. The study compared the 50 states across 46 key indicators, from tax rates and the cost of living to access to quality medical care and fun activities.

Florida has regained its status as the best state for retirees in 2024. That's according to WalletHub's latest "Best and Worst States to Retire" study. In 2023, Virginia took the top spot and knocked Florida down to No. 2.

Denmark has the highest level of life satisfaction among seniors and retirees, according to the World Happiness Report, which, for the first time ever, ranked countries by age group.

The cheapest places to retire abroad include Panama, the Philippines, Portugal, Malaysia, Mexico, Thailand and Vietnam. Before making the move, consider expenses such as travel costs, taxes and visas, which can vary significantly from one country to another.

Top the amount with 401(k) savings, living on $3,000 a month after taxes is possible for a retiree. For those who only have social security benefits to rely on, there are many places where they can retire on their checks both in the USA and around the world.

Everyone isn't going to want to spend $10,000 net a month in retirement. For some people, that will be way more than they need each month. For others, it might not be enough. And there might be some people that spending $10,000 net a month in retirement is just right.

While $1,500 might not be enough for non-housing retirement expenses for many people, it doesn't mean it's impossible to stick to this or other amounts, such as if you're already retired and don't have the ability to increase your budget.

Why are boomers moving from Florida to Appalachia? Most of the boomers moving to Appalachia are "drawn by lower housing costs and living expenses, lower taxes, lower insurance costs, low crime, warm weather (but with seasons) and less chance of hurricanes," the Journal said.

What state is most tax-friendly for retirees? ›

According to the survey, health care and education were ranked highest, and had the most weight in determining the best states to live. Utah once again topped the list, followed by New Hampshire, Nebraska, Minnesota and Idaho rounding out the top five.

1 place to retire in the U.S.: Harrisburg, Penn. Harrisburg ranked as the best place to retire in the U.S. in 2024, according to U.S. News and World Report. Harrisburg, Pennsylvania's capital, ranked as the best place to retire in the U.S.

Hawaii — Hawaii is first on the list because, while it is not exactly the cheapest place to live, it offers other advantages for retired, single females. Hawaii has an elderly population of 16.1%.

Summary. Florida tops the list of the best states for retirement with excellent scores across affordability, quality of life, and healthcare.

Portugal, Malaysia, Mexico, Costa Rica, Ecuador, Panama, Thailand, Spain, Vietnam, and Colombia are some of the most affordable countries to retire in, providing a high quality of life at a fraction of the cost of many Western countries.

A: The best state to retire in 2024 is sunny Florida, according to WalletHub, thanks to its relative affordability and high quality of life for seniors. That's followed by Colorado, Virginia, and Delaware. Q: What state has the lowest cost of living for retirees?

According to the Missouri Economic Research and Information Center, the lowest overall costs of living were found in Mississippi, Oklahoma, Kansas, Alabama, and West Virginia: Cheapest states to retire.