Best Towns for Baby Boomer Retirements
Top Cities Rated for Life Expectancy and Affordability
Apr 8, 2009
Ah, for the serene Golden Years. Days spent snoozing in a gently rocking beachside hammock and watching the gulls scamper among the majestic swaying palms. Finally able to relax and catch up on some reading, sewing, golfing, or other enjoyable hobby. However, not everyone retires on the beach or in some tropical paradise. According to Money Magazine, best cities for retirees span the U.S. from the west coast to the east and in many places in between.
Factors That Determine Best Places to Retire
Judging by the old stereotype of retirees taking up residence in the beautiful State of Florida, one might think sun, warmth, and a temperate climate would be a prerequisite for the best places to retire. However, other factors are considered including proximity to water, recreational activities, cost of living, scenery, proximity to quality medical care, and longer life.
Best Places to Retire for Cost of Living
The best places to retire for lower housing costs and overall lower cost of living are generally located in the American south and midwest. Surprisingly, cooler climes including Wadsworth, Ohio; Janesville, Wisconsin; Des Moines, Iowa; and Bettendorf, Iowa made Money Magazine’s top list for cost of living. South Augusta, South Carolina and Fort Smith, Arkansas also made the list.
Retirees may also want to take a closer look at the State of Texas to spend their Golden Years. While Dallas housing prices were not as impacted by the housing boom as were other major cities (thus making the city affordable for housing), the Texas Hill Country has become a retirement hotspot for its comparatively lower cost of living, scenery, climate, and access to medical care. Cities include San Antonio, Austin, Kerrville, Canyon Lake, and San Marcos.
Best Places to Retire for Longer Lifespan
Money Magazine factored in considerations such as walking trails, walkable downtown areas, and access to quality healthcare when coming up with its list of best places to retire for longevity. Of its 10 picks, Honolulu, Hawaii; Marian County, California; and Collier County, Florida make sense for their scenery, sun, warmth, and recreation. However, two Washington, D.C.-area counties made the list: Montgomery County, Maryland and Fairfax County, Virginia, both affluent counties but with a far higher cost of living than average.
Bottom Line on Best Places to Retire
Publications including Money Magazine regularly come out with their annual lists of best places to live for retirees. While retirees will certainly want to take cost of living, longevity, climate, and access to medical care under consideration, the person may also make a decision based on proximity to family and whether it would be worth it to assume another mortgage if the current home is already paid. Thus, the best place to retire is ultimately up to the retiree.
See related articles, “Retirement Planning 101,” “How Much Money is Needed for Retirement?,” and “Retiring Too Early Could Prove Costly.”
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