Retirement relocation can stretch your savings significantly. A 2023 Bankrate study analyzed affordability, healthcare, taxes, and quality of life to identify these top budget-friendly retirement destinations for boomers.
1. Asheville, North Carolina
Mountain views, vibrant arts scene, and mild climate. Social Security benefits aren’t taxed, and property taxes are low. Cost of living 5% below national average.
2. Lancaster, Pennsylvania
Charming small town with excellent healthcare. Pennsylvania doesn’t tax retirement income. 15% below national cost of living average.
3. Gainesville, Florida
No state income tax, top-ranked hospital, and university town amenities. Housing costs 20% below Florida’s average.
4. Ann Arbor, Michigan
World-class healthcare at University of Michigan hospital. Property taxes are high but offset by low home prices and no tax on Social Security.
5. Albuquerque, New Mexico
Sunny climate, rich culture, and low housing costs (30% below national average). Social Security is partially taxed but offers senior-specific deductions.
International Options
For adventurous retirees:
- Portugal: Affordable healthcare, mild climate
- Mexico: Low costs, large expat communities
- Malaysia: Modern infrastructure, English widely spoken
Visit potential locations for extended stays before relocating. Consider proximity to family, healthcare needs, and climate preferences when choosing your retirement haven.
