Yahoo Finance 4 Places To Retire That Are Better Than Florida — and Way Cheaper
Florida has long been considered one of the most ideal places to retire.
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It ranks second behind Maine in terms of states with the highest percentage of residents 65 and older, according to the Population Reference Bureau. And it’s the top state in terms of where retirees move to, based on analysis by United Van Lines.
However, what’s popular isn’t always what’s best. Figuring out the ideal place for retirement is subjective, but it’s important to consider how factors such as rising costs in Florida — particularly cities like Miami — can make the Sunshine State less appealing to some retirees.
“There are many aspects to consider when determining where one should retire, such as climate, lifestyle, cost of living, family and taxes,” said Amy Hamasaki, owner and lead planner at Mountain Wealth Planning.
“While Florida has traditionally been a beacon for retirees for the ample sunshine and lack of state [income] taxation, the cost of living has risen sharply, notably homeowner’s insurance premiums.”
With that in mind, consider the following list of Hamasaki’s recommended locations that could offer a better place to spend your golden years.
The Carolinas
Living in either North Carolina or South Carolina requires less income than in Florida to enjoy a comfortable retirement lifestyle, according to a recent GOBankingRates analysis.
Plus, you can enjoy a bit more seasonality and less extreme summers. According to Hamasaki, the Carolinas offer both affordability and pleasant climates.
Something that stands out about North Carolina is that it has 17 Certified Retirement Communities.
These communities “[provide] the amenities, services and opportunities retirees need to enjoy active and productive lives, determined through strict assessment against measurable criteria,” explains Retire NC, part of the Economic Development Partnership of North Carolina.
South Carolina is full of options for retirees as well, from resort-like living in Hilton Head or Myrtle Beach (the top city in the nation for retirees to move to, finds United Van Lines), to charming cities like Charleston and Greenville that have vibrant food scenes.
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Minnesota
Minnesota might not scream retirement destination right off the bat, but the state is more affordable than Florida for retirees, according to GOBankingRates’ analysis.
While winters certainly get cold in Minnesota, the Land of 10,000 Lakes is great for nature lovers who dream of a retirement full of outdoor recreation. In fact, 99% of seniors in Minneapolis live within a 10-minute walk of a park, according to the Trust for Public Land.
But perhaps what really makes Minnesota a draw is its healthcare offerings. In addition to being home to the top-ranked Mayo Clinic hospital, Minnesota earns high marks for healthcare cost, quality and availability for seniors.
For example, the state takes the #1 spot in MedicareGuide.com’s rankings of top states for elderly healthcare.
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Colorado
Hamasaki’s home state of Colorado also makes her list of some of the top places to retire.
To be fair, Colorado overall is generally not considered cheaper than Florida — GOBankingRates found you’d need a little over $2,000 more per year in retirement income in Colorado than in Florida.
However, it’s worth noting that affordability varies based on your situation. For example, if you have a significant amount of retirement assets in a Roth account, then Florida’s lack of individual income taxes may not be as appealing.
In contrast, Colorado’s low property tax rate could save you money if you plan on owning a home. The state’s effective property tax rate is 0.55%, which ranks third best in the nation, while Florida is around the middle of the pack at 0.91%, according to a Tax Foundation analysis.
Plus, Colorado has a lot going for it in terms of quality of life. For example, Colorado tends to rank at or near the top of most rankings for the most physically fit states.
Abroad
If you want to potentially save money while enjoying a great quality of life, you can also consider retiring outside of the U.S.
“Looking abroad, Costa Rica, Portugal, and Malta are some of the countries that are considered wallet-friendly, relatively safe, [have good] access to healthcare and offer retirement visa programs,” said Hamasaki.
According to data from My Life Elsewhere, for example, Florida is nearly 50% more expensive than Costa Rica.
Overall, there are many great places to consider retiring to besides just Florida. Some people may still find that Florida fits their desired retirement lifestyle and budget, but don’t feel like your options are limited.
There are many other cities, states and even countries that offer opportunities to enjoy an affordable, fun retirement.
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This article originally appeared on GOBankingRates.com: 4 Places To Retire That Are Better Than Florida — and Way Cheaper
