The Baby-Boomer generation, Americans born between 1946 and 1964, belong to an amazing generational demographic. They comprise 20% of the population, a group of over 69 million Americans. They are between the ages of 56 to 74 years old, and if they haven’t retired yet, they soon will. So what are the best places to retire in 2021?
Boomers are the driving force in many real estate transactions as they gravitate away from their empty nests to warmer climates and cheaper living. Although they still believe they are “forever young” and cringe at the term “Golden Years,” many will soon be faced with choosing where to go and what to do when they no longer have work to distract them.
Fortunately, there is a ton of information available online offering fabulous sounding options for retirees looking for the best places to retire in 2021 – some of it accurate, some not so much, and almost all of it promoting retirement amenities available on their website. Nearly-retired seniors can use this plethora of information to help them make plans for retirement.
One resource retirees find most trustworthy are national magazines and publications that offer up their ratings for the 10, 25 or 100 “Best” places to retire to, move to, or visit. If you plan on hanging up your working hat and leaving for retirement heaven, these sites can certainly help narrow your search, with a wide variety of options.
You can find articles such as the cheapest places to retire to in the US, the best places to retire on social security, the best states for senior citizens to live, the best small towns for retirement, and even the worst states to retire in.
Obviously, there is no “one size fits all ” retirement destination. Every retiree has his or her own needs for the place they want to live. For example, although everyone looks for a high quality of life at an affordable cost, affordable can mean different things to different people.
And believe it or not, 60 percent of Boomers are seriously considering staying in their Hudson Valley home when they retire or moving into a smaller Hudson Valley house that’s close to friends and family.
Travel and financial publications often rate the cost of living as a major factor, including median home prices and overall cost of living compared to national averages, state taxes, exemptions for taxes on Social Security, and other retirement income taxes, including local estate and inheritance taxes.
But the price isn’t the only metric. The availability of medical care, whether the city offers healthy activities, good air quality, convenient living, and low serious crime rates are among many other considerations.
Forbes published its annual feature for 2021 last October. “The Best Places to Retire In” listed twenty-five towns and cities. Their methodology focused on value and quality of life but also made adjustments to reflect current issues.
The continuing threat of Covid and the measures necessary to contain it have caused them to consider fewer “smallish” college towns, which last year ranked high because they offer outstanding educational and cultural opportunities for senior citizens.
Another new factor that figured in was climate change risks, including the impact of future floods, extreme levels of heat and cold, sea-level rise, and drought.
Forbes elects not to present their selections as a rating with an overall winner but instead listed its choices alphabetically, offering interested readers links to more information on each town or city.
Some of their more interesting selections included:
Green Valley, Arizona
Just 20 miles south of Tucson, this town of 32,000 could be called Retirement Village Central. It’s home to dozens of desert retirement villages, and the median property price is just $195,000, a whopping 27% below the national average.
Jacksonville, FL
The state of Florida figures significantly in most rankings. The Forbes list has three Florida cities on it, the most of any single state. It is primarily popular with retirees for its climate, oceanfront, and lack of state income or inheritance taxes. Jacksonville is Florida’s largest city, with a population of 904,000 suntanned residents. And who wouldn’t want to spend some time in the sun when a median-priced home comes in at just $196,000, 31% below the national average. Its only negative is a serious crime rate above the national average.
Pittsburgh, PA
Retire to Pittsburgh? With a median home price coming in at $180,000, 37% below the rest of the nation, Pittsburgh has its advantages. Add to that the relatively high number of doctors per capita and ease of walking and biking, and its poor air quality and high incidence of serious crime don’t look that bad.
Wenatchee, Washington
This sunny Columbia River city is 150 miles east of Seattle, in what’s known as the “dry side” of the Cascade mountains. Denizens enjoy a comfortable climate and superior air quality, low serious crime, and state taxes. But it seems you get what you pay for. Wenatchee figured second-highest on the list in median home prices.
Fargo, North Dakota
Possibly the most surprising city to find its way onto the Forbes list is Fargo, North Dakota. Portrayed as a frozen wasteland in the movie Fargo, this unlikely retirement spot has appeared on the Forbes list for the last ten consecutive years.
The reason? Its high ranking on the Milken Institute list of best cities for successful aging. It offers good air quality, a high number of doctors, and no state estate or inheritance tax. It is also walkable and bikeable. Still, the winters are cold, and the state does tax Social Security income. Perhaps it’s reassuring that not a single frame of the movie Fargo was actually shot there.
Forbes Best Places to Retire 2021 Listed Alphabetically:
- Asheville, NC
- Augusta, GA
- Boise ID
- Columbus, OH
- Dallas TX
- Des Moines, IA
- Evansville, IN
- Fargo, ND
- Green Valley, AZ
- Jacksonville, FL
- Jefferson City, MO
- Lewiston, ME
- Mesa, AZ
- Orlando, FL
- Pittsburgh, PA
- Pittsfield, MA
- Raleigh, NC
- Rochester, MN
- San Antonio, TX
- Sarasota, FL
- Savannah, GA
- Sioux Falls, SD
- Virginia Beach, VA
- Wenatchee, WA
- Winston-Salem, NC
US News and World Report’s Best Places to Retire
US News has been a long-time source for rankings of all kinds. From most livable cities to top colleges and universities, the magazine covers the retirement scene with numerous ratings for retirees ready to relocate.
A new US News analysis compares how 150 of the largest metropolitan areas in the US (where the majority of the population lives) meet Americans’ expectations in retirement. Not considered were smaller cities and regions, even though some popular retirement spots were left out.
US News considered five indexes based on data sources and rated them according to importance as determined by a survey of retired volunteers. The indices were Housing Affordability, Happiness, Desirability, Retiree Taxes, the local Job Market, and Quality of Health Care.
The Happiness Index was based on the Gallup National Health and Well-Being Index scores as published in 2019.
Housing Affordability used census data to determine homeownership and renting costs to assess the annual cost of living.
Health Care data was drawn from US News’ own Best Hospitals rankings but excluded children’s hospitals in their evaluations.
Taxes were evaluated to establish a composite retirement tax score based on sales and income tax rates, as reported by the Tax Foundation and Walters Kluwer for 2020.
The 10 Best Places to Retire in 2021:
- Sarasota, Florida.
- Fort Myers, Florida.
- Port St. Lucie, Florida.
- Naples, Florida.
- Lancaster, Pennsylvania.
- Ocala, Florida.
- Ann Arbor, Michigan.
- Asheville, North Carolina.
- Miami.
- Melbourne, Florida.
Click to see the full ranking.
Sarasota, FL, number one on the list, earning its spot for its pleasant year-round climate, sandy beaches, and a thriving cultural and arts scene. Located on Florida’s southwestern shore, this fast-growing city is an hour from Tampa and two hours from Orlando. As it works to accommodate so many new arrivals each season, traffic congestion is a growing concern.
WalletHub Retirement Cities Rankings
WalletHub is known for its financially-related rankings (best credit cards, best car insurance, best savings accounts, etc.). It offers seniors its opinion on several related topics, including:
- the Safest States in America (Maine #1),
- Best and Worst States for Veterans to Retire (Best, Virginia, Worst ironically its next-door neighbor Washington D.C.),
- States for Nurses,
- Best and Worst States to Raise a Family (Best is Overland Park, KS, Worst the ever-popular Detroit, MI)
- the Most Caring Cities in America.
WalletHub has put together a ranking of the “Best and Worst Retirement Cities” as part of its content featuring all things to do with personal finance. The study’s results are depicted on a US map showing the 182 cities in the survey as circles colored on a sliding scale from dark blue (Best) to light blue (Worst).
WalletHub checked out the “retiree-friendliness” of these cities by weighing them based on 46 key metrics. They considered (not surprisingly) the cost of living, taxes, and the state’s healthcare infrastructure, among other aspects of retirement life, to arrive at how cities rank for those 65 and over.
Kiplinger used to publish an annual report highlighting the best places to retire to in each of the fifty states but discontinued it in 2020. But the money magazine still offers retirement advice, including its handy State-by-state Guide to Taxes On Retirees. Readers can click on any state on a US map for a detailed summary of state taxes on retirement income, real property, everyday purchases, and more.
Travel and Leisure offers up its choice of the 11 Best Cities to Retire in the U.S
From Sarasota and Fort Myers in Florida to Myrtle Beach, South Carolina, here’s where this well-respected expert on vacations and relaxation chooses to retire in 2021 across the United States.
Investopedia recently published its Best Countries for Retirement Abroad.
Number one is Panama, for its mountains-to-the-sea scenery, friendly locals, and a 46% lower cost of living on just about anything a retired couple could want.
AARP’s 10 Great Small Cities for Retirement
Retirees looking for a place with lots to do but with a small-town feel where you won’t get lost in the crowd. AARP’s number one pick? Burlington, Vermont.
2021 Best Cities to Retire in America by Niche.com
Considerations included the number of retirees, weather, and access to healthcare, entertainment, and other amenities; Niche’s survey created its rankings based on data from the US Census, FBI, CDC, and other reliable sources.
It’s top place to retire is Scottsdale, AZ, selected for its great shopping and dining, safety, and public school ratings
Other rankings for retirees seeking a retirement paradise include:
