Yahoo Finance The Surprising Retirement Hotspots Growing Fastest In America — None In Florida But Even Hotter
According to a report from the Alliance for Lifetime Income, America is expected to see record numbers of retired citizens over the next four years, and that means they'll be looking for a retirement destination. Move over, Florida, because American retirees are casting their sights on other surprising retirement hot spots.
Don't Miss:
The average American couple has saved this much money for retirement — How do you compare?
This Jeff Bezos-backed startup will allow you to become a landlord in just 10 minutes, and you only need $100.
Retirement is on the minds of many people, and considering that the country will be hit by a wave of retirees, it makes sense. A report compiled by the Alliance for Lifetime Income revealed that 2024 would see the greatest surge of Americans turning 65 years old, and so far, as of writing this article, that number was 5,268 people. Between this year and 2027, there are an estimated 4.1 million people set to retire, which works out to a whopping 11,200 people every day.
For years, Florida has held the title of being the retirement destination of the country thanks to its friendly tax policies and warm, sunny weather. It remains a popular destination, and a study conducted by SmartAsset found that the Sunshine State welcomed an influx of more than 77 new retirees, which is three times the amount of other states. But some other retirement hot spots are growing, and they aren't in Florida — they're even hotter.
SmartAsset found some top retirement spots in Arizona, Texas and Nevada. All states offer warm and pleasant weather. Mesa, Arizona, is a city that has attracted a large influx of retirees since 2022. According to SmartAsset, this number was 6,969 retirees, making it a state with the second-fastest rate of inbound retirees. Currently, the city has an estimated 118,004 people over 60, about 23% of the population. Real estate expert Diana Benson says, "Mesa has an ideal climate for an active lifestyle, with 300 days of sunshine a year perfect for outdoor activities like hiking and golfing." Benson also points out that the cost of food is another benefit as "Mesa also does not have sales tax on food contrary to the neighboring communities."
Trending: How do billionaires pay less in income tax than you? Tax deferring is their number one strategy.
While the overall cost of living in Mesa in 2024 is 3% higher than the national average, the low cost of food and health care, which is 7% lower than the national average, makes up for this and is why many retirees are setting their sights on Mesa, Arizona. Additionally, low taxes set at a flat rate of 2.5% for income tax are attractive to retirees.
San Antonio, Texas, is another growing retirement hot spot, according to data from SmartAsset. This vibrant city in the Lone Star State has seen a large influx of 4,102 retirees move into the city, putting the total percentage of retirees living in the state at 18.5%, around 272,432 residents. A report from GoBankingRates said that San Antonio is one of the top 50 cities that are cheapest for retirement. The city has been ranked 27/50 thanks to annual expenses lower than the national average. The report said that housing costs were 25% less than the national average and that "The city also provides a wealth of opportunities to go exploring and great weather to explore in, making it one of the most affordable cities for active retirees." Like Florida, Texas also has no income tax, which is desirable for retirees looking to live a comfortable lifestyle.
According to SmartAsset, Henderson in Nevada is the third retirement hot spot, with 5,030 new retirees moving in. Nevada is also very tax-friendly for retirees, as neither Social Security income nor pension withdrawals are taxed. Plus, the state offers warm weather and plenty to do.
Read Next:
How do billionaires pay less in income tax than you? Tax deferring is their number one strategy.
Warren Buffett flipped his neighbor's $67,000 life savings into a $50 million fortune — How much is that worth today?
Can you guess how many Americans successfully retire with $1,000,000 saved? The percentage may shock you.
"ACTIVE INVESTORS' SECRET WEAPON" Supercharge Your Stock Market Game with the #1 "news & everything else" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now!
Get the latest stock analysis from Benzinga?
This article The Surprising Retirement Hotspots Growing Fastest In America — None In Florida But Even Hotter originally appeared on Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
