Best Places to Retire in the U.S. (2024)

FAQs

What is the number 1 best place to retire in the US? ›

Whether it reflects the warmer weather, quality healthcare or a low tax burden, Florida ranks number one as a retirement paradise on WalletHub's 2024 survey. Florida, Colorado and Virginia top the list of the best places to retire in the U.S. in 2024, according to a new survey from WalletHub.

The cheapest places to retire abroad include Panama, the Philippines, Portugal, Malaysia, Mexico, Thailand and Vietnam. Before making the move, consider expenses such as travel costs, taxes and visas, which can vary significantly from one country to another.

According to various studies, including International Living, Portugal is ranked as one of the best for US expats to retire to. Its friendly population, welcoming community of American expats, excellent weather, quality healthcare system, and affordable cost of living are all big draws for American retirees.

Denmark has the highest level of life satisfaction among seniors and retirees, according to the World Happiness Report, which, for the first time ever, ranked countries by age group.

Q: What state has the lowest cost of living for retirees? A: Alabama ranks as the most affordable state to retire, per WalletHub. The southern state boasts a cost of living nearly 16 percent below the U.S. average, with particularly low costs for housing, transportation, and groceries.

Top the amount with 401(k) savings, living on $3,000 a month after taxes is possible for a retiree. For those who only have social security benefits to rely on, there are many places where they can retire on their checks both in the USA and around the world.

1. Wyoming. Wyoming is considered to be very tax-friendly towards retirees. There is no state income tax in Wyoming, which means that residents do not pay state taxes on distributions from retirement plan accounts, public or private pension payments or Social Security benefits.

While $1,500 might not be enough for non-housing retirement expenses for many people, it doesn't mean it's impossible to stick to this or other amounts, such as if you're already retired and don't have the ability to increase your budget.

Where is the best place for poor seniors to live? ›

Rather, Alabama is the most affordable state to retire in, according to WalletHub's "2023 Best States to Retire." The analysis compared all 50 states across three key categories: health care, quality of life and affordability.

This Is the Most Popular Country to Retire in for U.S. Expats — With Low Taxes, Affordable Housing, and Idyllic Weather. Investopedia ranked the most popular countries for expats, and the data showed that most U.S. citizens chose to settle in Mexico.

Las Terrenas, Dominican Republic. Las Terrenas is one of the cheapest places to retire beachfront. The town has much to offer to retirees, from casual and upscale dining options to modern amenities and European sophistication, it doesn't get any better in terms of a waterfront living.

Some states do not tax Social Security or income, which could appeal to retirees. Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington and Wyoming stand out for their tax-friendly policies and other amenities that retirees may enjoy.

According to a report by financial website InsiderMonkey.com, Wyoming tops the list of the best tax states for retirement. The Equality State is one of eight states with no income tax. This means retirees get to keep all of their Social Security benefits, private or public pensions, and retirement plan payments.

The ideal American small town to retire in is probably unknown to most people. But with a relatively low average monthly cost of living, low crime rate and other attributes that make it highly livable, Camp Hill in Pennsylvania's Cumberland County, may be the best small town in the U.S. for retirees.