When planning for retirement, selecting the right state to settle in is crucial. The decision impacts more than just personal preference; it influences financial stability and overall quality of life. Our detailed analysis, which considers factors like affordability, healthcare, climate, safety, housing costs, and popularity among retirees, highlights the best states to retire in, as well as the worst.
Read: Best Places to Retire Overseas for Seniors
We derive our rankings from actively evaluating six critical aspects that affect retirees: cost of living, healthcare availability, climate comfort, crime rates, housing affordability, and retiree migration trends. This multi-dimensional approach paints a comprehensive picture of why these states rank as the best for retirement in 2024.
Best States for Retirement In the U.S.
1. South Carolina
South Carolina tops our list of ‘Best States to Retire In the U.S.’ with its appealing mix of low cost of living, mild climate, and friendly environment for retirees. It’s particularly noted for being 4.7% cheaper than the national average regarding essential retiree expenses. Healthcare is affordable, ranking as the eighth least expensive, although it’s the 36th in terms of quality and access. The housing market is about 20% more affordable than the national average, making it an excellent place for retirees looking to buy property.
Best Places to Retire in South Carolina:
- Charleston offers historical charm with its antebellum architecture and access to coastal amenities.
- Greenville provides a vibrant downtown area with a relatively mild climate and scenic natural surroundings.
- Bluffton is perfect for those seeking a coastal lifestyle with lower housing costs compared to other seaside towns.
2. Florida
Florida continues to be a favorite among retirees for its warm climate and established communities of older adults. The state sees a high retiree net migration and boasts a climate that allows for year-round outdoor activities. Although housing is slightly more expensive than average, the overall cost of living is aligned with the national baseline.
Where to Retire in Florida:
- Sarasota is known for its luxury living, beautiful beaches, and arts scene.
- Fort Myers offers a more affordable coastal experience with access to beaches and natural preserves.
- St. Augustine, packed with history and charm, provides a unique setting for retirees.
3. Alabama
Alabama ranks highly due to its affordability and warm weather. The cost of living, particularly for groceries and transportation, is among the lowest in the country. Although healthcare quality is lower, the affordability of services helps offset this. The housing market is also favorable, with costs significantly below the national average.
Alabama’s Top Retirement Locations:
- Huntsville combines affordable living with a high quality of life.
- Gulf Shores features beautiful beaches and a relaxed lifestyle.
- Florence offers historical richness with modern conveniences close to nature.
4. North Carolina
North Carolina is one of the best states to retire in the U.S. The state offers a balanced retirement option with moderate costs, mild climate, and a growing population of retirees. The cost of living here is slightly below the national average, with affordable healthcare and transportation costs. The state’s diverse climate and geography allow retirees to enjoy both mountain and coastal living.
Ideal Retirement Spots in North Carolina:
- Asheville is perfect for nature lovers looking for vibrant cultural experiences in the Blue Ridge Mountains.
- Wilmington offers coastal living with a rich history and a slower pace of life.
- Winston-Salem is a hub for arts and innovation, with an affordable cost of living.
5. Mississippi
Mississippi is another excellent option for retirees looking to stretch their dollars in a state that offers a warm climate and a low cost of living. The state has one of the lowest costs of living in the country, particularly in terms of housing, which is about 30% less than the national average. However, healthcare access and quality are below average.
Where to Retire in Mississippi:
- Biloxi provides a mix of small-town charm with its casinos, beaches, and golf courses.
- Oxford offers a college-town atmosphere with a rich cultural scene.
- Hattiesburg features affordable living with ample amenities and is known for its vibrant community activities.
Top 5 Worst States for Retirement
While some states offer a bounty of benefits for retirees, others can be less desirable due to high costs, unfavorable climates, and other challenges that might impact the quality of life and financial stability in retirement. Here, we discuss the states that ranked at the bottom of our list and the reasons why retirees may want to think twice before settling in these locations.
1. Alaska
Alaska sits at the very bottom of our retirement rankings due to its harsh climate, high cost of living, and isolated location. The state’s frigid temperatures and limited access to essential amenities make it a challenging place for retirees. The cost of living in Alaska is significantly higher than the national average, with healthcare costs nearly 50% higher. Additionally, the state has a higher rate of violent crimes compared to others, making it less appealing for the elderly population.
2. District of Columbia
Washington D.C. offers a vibrant cultural and political scene but falls short as a retirement destination due to its high cost of living and safety concerns. Housing costs more than double the national average, and healthcare, while accessible, is costly. The area’s high crime rate further diminishes its attractiveness for retirees seeking a peaceful and secure environment.
3. New York
Despite its cultural attractions and healthcare facilities, New York is a tough sell for retirees due to its high cost of living and harsh winters. Housing costs are particularly prohibitive, standing 77% above the national average. The bustling city environment, while appealing to some, can be overwhelming and impractical for those looking for a relaxed retirement.
4. Vermont
Vermont’s picturesque landscapes are offset by its high cost of living and cold climate. Housing costs are steep, at 35% above the national average, and the harsh winters can be a deterrent for those looking to enjoy their retirement years in a more temperate setting. While Vermont has one of the lowest crime rates in the nation and offers quality healthcare, the economic factors make it less favorable for retirees.
5. Montana
Montana’s natural beauty and low crime rate should make it one of the best states to retire. Unfortunately, they are overshadowed by its cold climate and high cost of living. The state’s average temperatures and transportation costs are significantly higher than most, putting a strain on retirees’ budgets. While it offers scenic views and privacy, the lack of amenities and high costs make it a challenging place for retirees looking for comfort and affordability.
The Bottom Line
Choosing the best states to retire in goes beyond personal preferences—it significantly affects your financial stability and overall quality of life. Our detailed analysis, considering factors like affordability, healthcare, climate, safety, housing costs, and retiree popularity, identifies the top destinations for retirement in 2024. South Carolina, Florida, Alabama, North Carolina, and Mississippi stand out as the best states to retire, offering an appealing mix of low living costs, favorable climates, and vibrant communities.