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‘Nothing is more expensive than a missed opportunity’ is a sentiment shared by almost everyone worldwide. This well-known quote by H. Jackson Brown, Jr. resonates strongly with older adults.
That is why this is not just an article about what you think. Today, we explain why some of the best cities to retire in the US are the most expensive but also worth looking into if you can afford it.
What do the numbers say?
City | Overall Cost of Living (Retirees) | Housing Cost | Healthcare Cost | Additional Considerations |
Honolulu, HI | High (84% above national average) | Very High (214% above national average) | Moderate (18% above national average) | Limited access to specialists, high cost of everyday goods |
New York, NY | Very High (71% above national average) | Very High (129% above national average) | Moderate (10% above national average) | Excellent access to healthcare, diverse cultural offerings, but high taxes |
Boston, MA | High (54% above national average) | Very High (107% above national average) | Moderate (9% above national average) | Renowned hospitals, walkable neighborhoods, but cold winters |
Los Angeles, CA | High (47% above national average) | Very High (118% above national average) | Moderate (11% above national average) | Good weather, active lifestyle options, but potential for traffic congestion |
San Francisco, CA | Very High (80% above national average) | Very High (144% above national average) | Moderate (9% above national average) | Top-notch healthcare facilities, beautiful scenery, but very expensive overall |
San Jose, CA | Very High (78% above national average) | Very High (139% above national average) | Moderate (9% above national average) | Similar factors to San Francisco, but slightly less expensive |
Washington, DC | High (41% above national average) | High (82% above national average) | Moderate (6% above national average) | Numerous cultural attractions, access to government services, but hot summers |
Miami, FL | Moderate (15% above national average) | High (72% above national average) | Moderate (5% above national average) | Warm climate, tax-friendly for retirees, but potential for hurricanes |
Santa Rosa, CA | High (51% above national average) | High (98% above national average) | Moderate (9% above national average) Wine country setting, friendly community, but housing costs can be high | – nil |
Denver, CO | Moderate (23% above national average) | Moderate (43% above national average) | Low (3% below national average) | Active lifestyle options, good access to healthcare, lower healthcare costs |
City | Assisted Living | Nursing Home (Private) | Home Care |
Honolulu, HI | $10,205 | $12,563 | $7,856 |
New York, NY | $6,703 | $13,941 | $5,302 |
Boston, MA | $6,953 | $15,805 | $7,267 |
Los Angeles, CA | $5,920 | $13,660 | $6,873 |
San Francisco, CA | $7,720 | $13,471 | $7,757 |
San Jose, CA | $7,365 | $15,023 | $8,248 |
Washington, DC | $7,568 | $14,099 | $6,088 |
Miami, FL | $5,408 | $14,333 | $5,892 |
Santa Rosa, CA | $7,468 | $15,821 | $8,543 |
Denver, CO | $5,150 | $10,746 | $7,856 |
The Social Security dilemma
Considering the rise of inflation in the US economy (it’s terrible, but not that bad) and the upcoming US elections, one can expect the face of retirement, from a financial perspective, to be about to get a makeover in 2025!
Amid the hustle and bustle of choosing the perfect retirement destination, it’s crucial to pause and consider the broader landscape of political uncertainty, particularly regarding Social Security. With Republicans advocating for an increase in the retirement age, the political heat is palpable, especially given critical figures like Donald Trump’s inconsistent stances on popular entitlement programs.
For many near-retirees, the upcoming election may not directly influence their retirement decisions. However, the financial implications of potential policy changes can significantly impact retirement planning. If taxes rise or Social Security benefits decrease, retirees must adjust their budgets accordingly, potentially altering their retirement lifestyle.
US Elections will impact retirement; For better or worse
So how do the US elections, Social Security, and the retirement age factor in when looking for the best cities to retire to?
The looming question of how the election outcome will affect Social Security benefits adds another concern for retirees. While Republicans aim to raise Social Security, this proposal raises apprehensions among seniors who rely on these benefits for financial stability in retirement.
10 Best cities to retire in America
Looking to embark on an exciting post-work adventure? Explore our curated list of the best cities to retire in America. Say goodbye to the traditional retirement stereotypes and hello to vibrant communities, cultural richness, and intellectually stimulating environments
1. Honolulu, HI:
Nestled amidst picture-perfect beaches, Honolulu beckons retirees with its unique blend of outdoor adventures and rich Hawaiian culture. With over 14% of its population aged 65+, the city offers more than just sun and surf—it fosters a strong sense of community.
2. New York, NY:
Retire in the heart of the action! New York City pulses with an unmatched energy, boasting world-class museums, iconic Broadway shows, and a culinary scene that caters to every palate. With over 16% of residents aged 65+, the city buzzes with opportunities for engagement.
3. Boston, MA:
History buffs and intellectuals find their haven in Boston. Steeped in American history and home to prestigious universities, the city offers retirees a walkable urban center, renowned museums, and a calendar brimming with cultural events. Over 15% of the population is aged 65+, contributing to a vibrant retirement community.
4. Los Angeles, CA:
Seeking a dash of Hollywood glamour in retirement? Look no further than Los Angeles. With its iconic sights, diverse neighborhoods, and thriving culinary scene, the city promises endless exploration. Despite its bustling nature, over 10% of residents aged 65+ ensure a welcoming and active retirement community.
5. San Francisco, CA:
Embrace innovation in the City by the Bay. San Francisco’s progressive spirit, stunning scenery, and world-class cultural attractions create an environment that keeps retirees young at heart. With over 16% of residents aged 65+, the city offers a vibrant and dynamic retirement experience.
6. San Jose, CA:
Nestled in the heart of Silicon Valley, San Jose offers retirees a unique fusion of cutting-edge technology and cultural richness. With over 13% of its population aged 65+, the city provides easy access to California’s natural beauty alongside a vibrant cultural scene and the exciting world of tech innovation.
7. Washington, DC:
Dive into the heart of American politics and history in Washington, DC. Renowned for its museums, historic landmarks, and political intrigue, the city offers retirees a sophisticated retirement experience. With over 12% of residents aged 65+, Washington, DC, ensures an intellectually stimulating and culturally rich environment.
8. Miami, FL:
Embrace retirement in a vibrant multicultural metropolis bursting with energy. Miami’s beautiful beaches, lively nightlife, and strong Latin influence promise an exciting chapter post-retirement. With over 20% of residents aged 65+, Miami ensures a lively and diverse retirement community.
9. Santa Rosa, CA:
Seeking a sophisticated and scenic retreat? Look no further than Santa Rosa. Nestled in California’s famed wine country, this charming city offers a delightful pace of life amidst exquisite wineries and a thriving cultural scene. With over 17% of residents aged 65+, Santa Rosa provides a serene yet culturally rich retirement setting.
10. Denver, CO:
For the active retiree, Denver is a paradise waiting to be explored. With its stunning mountain backdrop, thriving craft beer scene, and youthful energy, the city offers endless outdoor adventures. With over 12% of residents aged 65+, Denver ensures a dynamic and adventure-filled retirement experience.
Final thoughts
Ultimately, selecting the ideal retirement locale requires careful consideration of both lifestyle preferences and financial implications. While these cities offer diverse opportunities, retirees must remain vigilant about potential changes in Social Security and other entitlement programs.
As political tides ebb and flow, adaptability and awareness are key. The best retirement destination is one that not only fulfills personal aspirations but also ensures financial stability in an ever-changing landscape
Read the following articles to make a better comparison:
FAQs
Where is the best place to live in retirement years?
There’s no single “best” place! It depends on your priorities (weather, activities, access to family) and budget. Research areas with good healthcare, a supportive community, and amenities you enjoy.
Where is the safest and most affordable place to retire?
Many affordable areas boast good safety records. Look into smaller towns and suburbs with lower housing costs. Consider crime rates and access to emergency services when researching.
Where can I retire on $2000 a month in the United States?
Several areas offer a decent living on $2000/month. Consider the Midwest, Southeast, and some parts of the South. Remember, costs vary – factor in housing, healthcare, and desired lifestyle.
