Choosing a retirement destination is a significant decision for many individuals, influenced by key factors such as cost of living, climate, and community support. As the number of retirees in the U.S. rises, the importance of these considerations becomes even more apparent.
This year marks a notable increase in the retirement population, with an estimated 4.1 million Americans reaching the age of 65, the average retirement age. Many are also leaning heavily on Social Security as their main source of income, amplifying the need for affordable living options.
Bankrate analyst Alex Gailey emphasizes the financial challenges many retirees face: “The reality is that most Americans feel behind on saving for retirement, which means affordability is critical. A move to a more budget-friendly location could significantly help soon-to-be retirees make the most of their savings during these economic times.”
According to Bankrate’s comprehensive analysis, which evaluates factors like affordability, well-being, healthcare costs and quality, climate, and crime rates, specific states stand out as the most and least desirable for retirement.
As individuals prepare for this next chapter in life, this information can serve as a valuable guide to making informed retirement decisions, helping to ensure a fulfilling and financially stable future.
In a hopeful perspective, as more retirees seek affordable and pleasant places to live, communities across the country may see an influx of new residents, fostering growth and strengthening local economies along the way.