Yahoo Finance 10 Best Colorado Cities To Retire on $2,600 a Month
Known for its magnificent Rocky Mountains, national parks and, of course, the mile-high metropolis of Denver, the state of Colorado also boasts many affordable spots to retire. If you enjoy the great outdoors and a range of temperatures, Colorado might be a great place to spend your golden years.
Read Next: 5 Places in America To Retire That Are Just as Cheap as Mexico, Portugal and Costa Rica
Find Out: The Surprising Way You Can Get Guaranteed Retirement Income for Life
To find the best places in Colorado to retire — assuming you don’t have mountains of gold — GOBankingRates analyzed towns and cities based on a range of criteria, including but not limited to quality of life, the share of the population aged 65 and over, and monthly living cost after the average Social Security benefit. Here are the 10 best Colorado cities to retire on $2,600 a month.
Wealthy people know the best money secrets. Learn how to copy them.
Pueblo
Rank: 10
Cost of living after Social Security benefits: $1,676
Quality of life score: 74
Population over 65: 18.3%
Located 100 miles south of Denver at the base of the Rocky Mountains, Pueblo enjoys 300 days of sunshine a year. And it offers many water activities along the Arkansas River. The area also has 19 miles of trails, a whitewater park, golf courses and a lake with 60 miles of shoreline.
Explore More: 16 Best Places To Retire in the US That Feel Like Europe
Monte Vista
Rank: 9
Cost of living after Social Security benefits: $1,277
Quality of life score: 69
Population over 65: 14.5%
Located in a high plains valley, with stunning views of the nearby 14,000-foot peaks of the Sangre de Cristo mountain range, Monte Vista is a farming town. In fact, it’s the main supplier of barley for the Miller Coors brewery in Golden, Colorado. It also has a historic downtown, with lots of galleries and shops to explore.
Alamosa
Rank: 8
Cost of living after Social Security benefits: $1,590
Quality of life score: 72
Population over 65: 10.9%
If your retirement dreams include summiting America’s tallest sand dunes, wrestling alligators or chasing waterfalls, according to Alamosa’s official site, this is your kind of place. All those things are within a few hours of the town, which lies in the heart of the awe-inspiring San Luis Valley.
La Junta
Rank: 7
Cost of living after Social Security benefits: $804
Quality of life score: 68
Population over 65: 22%
For a small town, with a population of just over 7,000, La Junta has a lot to offer. The town boasts views of the beautiful Sangre de Cristo mountain range and many local festivals, such as La Junta Music Fest and La Junta Railroad Days. It also has a number of museums and art galleries, as well as historic sites.
Fort Morgan
Rank: 6
Cost of living after Social Security benefits: $1,770
Quality of life score: 70
Population over 65: 14.7%
This small metro area, with a population of over 11,000, is located in northeast Colorado, in the Rocky Mountains’ plains and high desert. A suburb east of Fort Collins, Fort Morgan is known for its relaxing atmosphere.
Grand Junction
Rank: 5
Cost of living after Social Security benefits: $2,251
Quality of life score: 79
Population over 65: 20.2%
Do you have a few extra dollars to spend? Perhaps this western Colorado, medium-sized metro area with a population of over 68,000 is more your style. Outdoor activities are still close, thanks to nearby national and state parks and rivers, but you’ll also enjoy all the advantages of urban entertainment and dining. And, of course, there is a high percentage of retirees to mingle with.
Lamar
Rank: 4
Cost of living after Social Security benefits: $881
Quality of life score: 71
Population over 65: 13.9%
If you’re on the fence between retiring to a small town and retiring to a big city, Lamar might be the perfect — and affordable — fit. Offering outdoor activities such as fishing, hiking and camping, as well as shopping centers, parks and restaurants, Lamar also enjoys a low crime rate and affordable housing.
Las Animas
Rank: 3
Cost of living after Social Security benefits: $442
Quality of life score: 70
Population over 65: 23.3%
With the lowest post-Social Security benefits cost of living in the study, combined with the highest percentage of retirement-aged residents, Las Animas is a great choice for retirees on a tight budget. Las Animas also has a combination of outdoor activities, shops and restaurants to keep you happy and healthy.
Center
Rank: 2
Cost of living after Social Security benefits: $762
Quality of life score: 70
Population over 65: 12.4%
Close to both the Rocky Mountains and numerous other small towns with shops, restaurants and cultural attractions, Center seems to live up to its name. With a mild climate and many outdoor attractions, Center is a four-season location, making retirement a little more dynamic.
Rocky Ford
Rank: 1
Cost of living after Social Security benefits: $714
Quality of life score: 79
Population over 65: 17.1%
If you’re the active outdoors type, Rocky Ford is your type of retirement spot. Taking the top spot on the list, it’s surrounded by nature reserves, with many hiking trails and blue skies. Rocky Ford is hot and sunny in the summer and cool in the winter.
Methodology: For this study, GOBankingRates analyzed cities across Colorado to find the best places to retire on less than $2,600 a month. First, GOBankingRates found cities in Colorado by using the U.S. Census American Community Survey along with the total population, population aged 65 and over, median household income, and total households. For each city, a number of factors were found, including cost of living indexes as sourced from Sperlings BestPlaces, average single family home as sourced from the Zillow Home Value Index for April 2024, and livability index as sourced from AreaVibes. By assuming a 10% down payment and using the national 30-year fixed mortgage rate as sourced from the Federal Reserve Economic Data, the average mortgage cost can be calculated. Using the national average expenditure costs for retired residents, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure costs for each city can be calculated. Using the expenditure costs and the mortgage cost, the total monthly cost of living can be calculated for each city. Using the average Social Security benefits for retired residents aged 65 and higher, as sourced from the Social Security Administration, the total cost of living after Social Security benefits can be calculated. All cities over $2,600 were removed for this study. The livability index was scored and weighted at 1.75, the expenditure cost was scored and weighted at 1.00, and the mortgage cost was scored and weighted at 1.00. All the scores were summed and sorted to show the best places to retire on less than $2,600 a month. All data was collected on and is up to date as of May 31, 2024.
More From GOBankingRates
6 Things to Try This Week if You're Behind on Your Savings Goals
4 Reasons Retired Women Need More Money Than Men -- And What To Do About it
This article originally appeared on GOBankingRates.com: 10 Best Colorado Cities To Retire on $2,600 a Month
