Wondering where to find the best places to retire? A recent study from WalletHub compared the 50 states across 46 key indicators, from tax rates and the cost of living to access to quality medical care and fun activities, to narrow down the best states to retire in.
Our companion article looks at the worst places to retire in the U.S.
By 2030, the US will have more adults aged 65 years or older — retirement age — than children under 18, according to the U.S. Census Bureau. By 2060, around 94.7 million Americans will be 65 or older. Suddenly, finding the best place to retire becomes much more challenging as competition for housing ramps up.
So, whether you're nearing retirement or simply thinking about your "someday," it makes good sense to poke around to find the best places to retire in the US before you change your address.
These are just some of the factors that can make (or break) the effort of packing up and moving worthwhile.
- High-quality public healthcare
- Affordable housing
- Good public transportation
- Lots of green space
- A welcome sense of community
- The ease of making new friends
- Lower taxes
- Weather - cold vs. hot or humid over dry
Before you permanently uproot your life, take a look at the best states to retire in. We’ve highlighted the top 10.
Top 10 places to retire in 2024
*Rounded up or down. A rank of 1 represents the best conditions for that metric category.
The best places to retire are indicated from dark blue - the best, to lighter blue - the worst.
The best of the best: the top 10 states to retire
1. Florida
Florida ranks as the best state to retire due to its relatively low taxes, including no estate, inheritance or income taxes. (Check out our Florida State Tax Guide.) The cost of adult day health care and homemaker services are also lower than in most other states. It's no secret that Florida is popular with retirees, so dig into the nine reasons people retire in Florida.
Florida is a big state, and not all parts of it are attractive. Research the best places to retire in Florida, such as Sarasota.
Florida is the land of eternal sunshine, with the second-most shoreline miles of any state, giving retirees a chance to enjoy beach life. But, Florida transplants don't often realize just how severe the property damage can be from hurricanes or how to tell if a house will flood. Be especially careful if buying a condo. Prices have been falling rapidly, so you may get a good deal, but remember that one day, you might want to sell that Florida condo yourself.
Even so, Florida offers adult volunteer activities, dozens of golf courses, and plenty of ways for retirees to remain healthy. Unfortunately, the overall cost of living is pretty high in Florida compared to other states.
2. Colorado
Colorado is a great state for retirees’ physical and mental health with one of the lowest rates of social isolation for seniors. There are very few residents above age 65 that live in poverty and, like number one ranked Florida, it offers similar taxpayer-friendly conditions, with no estate or inheritance taxes. (Check out our Colorado State Tax Guide). Colorado also boasts some of the best geriatrics hospitals in the country.
3. Virginia
Virginia has high-quality geriatrics hospitals and a lot of doctors and dentists to choose from. It also boasts some of the best elder-abuse protections in the country, making it a safer place to live for retirees. It is the tenth most taxpayer-friendly state, but not a particularly cheap place to live, with an overall higher cost of living. (Check out our Virginia Tax Guide). On the positive side, Virginia has miles and miles of shoreline, a low violent crime rate and good air quality.
4. Delaware
Delaware ranks as the fourth-best state for retirement because it has one of the lowest overall tax burdens in the country, including no estate or inheritance taxes. (Check out our Delaware State Tax Guide). It also has a large population of seniors so you never feel alone or isolated. Delaware also has the lowest rate of poverty among people age 65 and older. The state also offers seniors a variety of things to do and places to wander, from the beaches of Rehoboth to the historic streets of Wilmington, the First State offers a unique blend of experiences for retirees.
5. Wyoming
Wyoming has one of the highest senior volunteering rates in the nation, which might help explain why there’s a low risk of social isolation for seniors. It also stands out by keeping seniors safe against elder abuse compared to most states. It has low violent crime rates, and some of the cleanest air in the country. When it comes to finances, Wyoming also ranks among the states with the lowest tax burdens and doesn’t have an estate or inheritance tax. (Check out our Wyoming State Tax Guide).
6. Idaho
If you live an active lifestyle and enjoy the outdoors, Idaho may be worth taking a look at. Idaho has a low cost-of-living, stunning scenery and low crime overall. Senior citizens have easy access to quality healthcare, and Social Security income and prescription drugs are tax exempt. Besides, sales tax is only 6%, which is far less than in many other states.
But, the winters can be cold and public transport is almost nonexistent, and you're not likely to find luxury stores unless you live in one of the larger cities, like Boise. Keep in mind too that the median home price in Idaho is about $451,003, while the median rent hovers around $1400 per month, according to Zillow.
7. New Hampshire
New Hampshire is proud of its natural beauty and scenic landscapes. It’s a small state, only 9,349 square miles, where you'll find easy access to the beautiful outdoors.
However, winters can be harsh and the cost-of-living can be high compared to other areas of the country. There are also few urban amenities, like shopping, dining and nightlife.
On the upside, New Hampshire doesn’t charge a sales tax or levy you on your Social Security benefits, retirement income or pension. However, property tax is the second-highest in the U.S coming in at about $1,188.00 on average. And, if you're looking for a 'sense of community' only 14% of the state’s residents are senior citizens, which may make enjoying activities and making new friends a bit difficult.
8. Minnesota
Minnesota, located in the Upper Midwest, has become a popular retirement destination for many retirees. Although the winters are brutal, the largest city in Minnesota, Minneapolis, (and neighboring St. Paul), offer access to outdoor activities, a vibrant cultural scene and a diverse community. Within the city limits you'll also find beautiful lakes and scenic parks.
Move further north and you'll find abundant hiking, fishing and hunting. One of the deepest and largest Great Lakes, Lake Superior, also offers opportunities for boating and sightseeing not found in many other places.
Minnesota had a population of approximately 5.7 million people as of 2020, according to the U.S. Census Bureau, with over 15% of the population over age 65. Minnesota is also home to many highly-rated hospitals and healthcare systems, including the Mayo Clinic and University of Minnesota health system.
9. Montana
Helena, Bozeman and Missoula rank high on the list of best places to retire in Montana. The state is spread out, covering 147,046 square miles.
Montana has a stunning natural environment and great cultural scene, and about 20.5% of the population are senior citizens , making it easy to make friends and enjoy activities with people of the same age. The state's cost of living is lower than the national average overall, but it can vary depending on the location. Healthcare and housing costs also vary depending on where you live.
Winters may be exciting for some retirees but a challenge for others. Social Security is partially taxable in Montana, and as stated in Kiplinger, Montana repealed several tax deductions for the 2024 tax year, which included the partial pension, annuity, and IRA deduction.
10. Pennsylvania
Located on the East Coast of the U.S., Pennsylvania has a rich history dating back to the American Revolution. Seniors will find a blend of large cities, like Philadelphia and Pittsburgh, and scenic landscapes perfect for outdoor activities.
Overall, the cost of living in PA is 8% less than the national average and the state doesn't tax any traditional types of retirement income, such as IRAs and 401(k)s. Social Security and pensions are also not taxed. The state offers good healthcare, low crime, and nearly 17 million acres of forested land.
However, winters can be very cold and Pennsylvania also has a inheritance tax on heirs (up to 15%), bad roads and air pollution in the big cities.
15 other states worthy of merit
The next 15 states also earn the distinction of being good states to retire in 2024.
- South Carolina
- Utah
- South Dakota
- Arizona
- North Carolina
- Massachusetts
- California
- Wisconsin
- North Dakota
- Missouri
- Michigan
- Nebraska
- Maine
- Alabama
- Ohio
“Being retired brings freedom, but it also naturally comes with financial constraints, with many seniors living on a fixed income. To make the most of your retirement savings, you should retire in a state where the cost of living and tax rates are friendly to retirees if you have the resources,” says Cassandra Happe, WalletHub Analyst. “You should also consider factors like the quality of the state’s healthcare system and the abundance of activities that you enjoy.”
Still not certain if making a move is best for you? Check out the Worst Places to Retire in the U.S., based on 46 key indicators like not-so-easy access to quality healthcare, higher housing costs and taxes.
