Best Places to Retire in the U.S. (2024)

FAQs

What is the number 1 best place to retire in the US? ›

Whether it reflects the warmer weather, quality healthcare or a low tax burden, Florida ranks number one as a retirement paradise on WalletHub's 2024 survey. Florida, Colorado and Virginia top the list of the best places to retire in the U.S. in 2024, according to a new survey from WalletHub.

According to various studies, including International Living, Portugal is ranked as one of the best for US expats to retire to. Its friendly population, welcoming community of American expats, excellent weather, quality healthcare system, and affordable cost of living are all big draws for American retirees.

The cheapest places to retire abroad include Panama, the Philippines, Portugal, Malaysia, Mexico, Thailand and Vietnam. Before making the move, consider expenses such as travel costs, taxes and visas, which can vary significantly from one country to another.

1. Iowa. Iowa ranks as the number one state to retire to. It offers an affordable cost of living and home prices and a strong economy, making it an attractive place to make retirement savings last longer.

Top the amount with 401(k) savings, living on $3,000 a month after taxes is possible for a retiree. For those who only have social security benefits to rely on, there are many places where they can retire on their checks both in the USA and around the world.

1. Wyoming. Wyoming is considered to be very tax-friendly towards retirees. There is no state income tax in Wyoming, which means that residents do not pay state taxes on distributions from retirement plan accounts, public or private pension payments or Social Security benefits.

While $1,500 might not be enough for non-housing retirement expenses for many people, it doesn't mean it's impossible to stick to this or other amounts, such as if you're already retired and don't have the ability to increase your budget.

This Is the Most Popular Country to Retire in for U.S. Expats — With Low Taxes, Affordable Housing, and Idyllic Weather. Investopedia ranked the most popular countries for expats, and the data showed that most U.S. citizens chose to settle in Mexico.

Where is the most affordable beach town to retire in the world? ›

Las Terrenas, Dominican Republic. Las Terrenas is one of the cheapest places to retire beachfront. The town has much to offer to retirees, from casual and upscale dining options to modern amenities and European sophistication, it doesn't get any better in terms of a waterfront living.

In which countries can American retirees maximize their Social Security benefits? Countries with a lower cost of living such as Mexico, Colombia, and the Philippines allow retirees to stretch their Social Security benefits. This is due to the lower expenses on housing, healthcare, and day-to-day living.

Some states do not tax Social Security or income, which could appeal to retirees. Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington and Wyoming stand out for their tax-friendly policies and other amenities that retirees may enjoy.

According to a report by financial website InsiderMonkey.com, Wyoming tops the list of the best tax states for retirement. The Equality State is one of eight states with no income tax. This means retirees get to keep all of their Social Security benefits, private or public pensions, and retirement plan payments.

The ideal American small town to retire in is probably unknown to most people. But with a relatively low average monthly cost of living, low crime rate and other attributes that make it highly livable, Camp Hill in Pennsylvania's Cumberland County, may be the best small town in the U.S. for retirees.