As costs for retirement seem to be on the rise, more and more seniors are researching the best places to retire according to their needs. That’s understandable, especially considering the fact that saving up and keeping up with different accounts and plans can be overwhelming.
Healthcare is one major factor and the vast majority of individuals are nowadays asking their financial advisors to keep health costs in mind when planning. For example, the costs have grown from $245,000 in 2015 to $275,000 in 2017. In 2019, that number went up to $278,000 for a retired couple. Of course, single retirees should expect cost estimates to be $150,000 for women and $135,000 for men.
Another thing seniors are looking at is taxation. Instead of paying taxes, retirees prefer to spend their money on leisure activities. That’s why they’re eyeing states with either low or no income tax.
The states on this list have also seen the percentage of seniors grow exponentially in the past several years. It’s difficult to pinpoint why exactly. On one hand, this could be attributed to the aging population but on the other hand, it could also mean that plenty of retirees have chosen to settle down in these new locations.
Whatever the case may be, a significant senior population can be beneficial in two ways. First, in terms of forming a strong community between members. Secondly, it could also provide more activities and events catered to this group.