One of the best aspects of entering a retirement mindset and future is that it allows you to reset your life. This could include everything from introducing yourself to new hobbies, finding a new place to live, and even downsizing so you have even less space to worry about.
For millions of retirees, leaving the workforce often comes at the same time you’re an empty nester, which might mean you have too much free space in a home. As a result, you might think that now is the best time to relocate to somewhere potentially warmer or less expensive.
10. Lakeland, Florida
A hidden gem in the Sunshine State, Lakeland, Florida, is a great place to call home with a cost of living that is 9% below the national average. You also have plenty to do around historic downtown LakeLand, as you and other retirees will enjoy shops, museums, and year-round cultural events.
9. Knoxville, Tennessee
Knoxville, Tennessee, offers a cost of living that is 8.2% below the national average if you want to be in the middle of the country. The subtropical climate in the area has mild winters for year-round outdoor activity and quick access to healthcare centers like the University of Tennessee Medical Center.
8. Punta Gorda, Florida
With a cost of living that is 3% below the national average, Punta Gorda, Florida, offers plenty of benefits to help stretch your retirement savings. Not only do you get good weather all year round, but healthcare costs are inexpensive, while housing is 17% lower than the US average, making this city location a great place to consider for downsizing.
7. Huntsville, Alabama
Situated in the northern hills of Alabama, Huntsville is a diamond-in-the-rough retirement city for those looking to downsize. The competitive housing price and low cost of living attract new residents, as does the mild weather and heavily outdoorsy lifestyle.
6. Daytona Beach, Florida
Once a wildly popular spring break destination, Daytona Beach, Florida, has grown up while offering year-round sunshine. There is always something to do, from NASCAR racing to museums and the Daytona Beach Boardwalk. It doesn’t hurt that the cost of living is around 12% below the national average either.
5. Ann Arbor, Michigan
A surprising choice given the potential for snow during the winter months, but it’s hard to ignore the value you can get in Ann Arbor, Michigan. If you do enjoy seasonal changes, you’ll find this location right at home. There’s plenty to do with the University of Michigan, sports all year, and restaurants galore. Best of all, the average price of a home is around $346,800, making it very affordable.
4. Montgomery, Alabama
For those looking to downsize and save money, the cost of living in Montgomery, Alabama, is around 12% lower than the national average, while housing costs are 25% less. An average mortgage payment is around $1,247, making it affordable for retirees who want a destination focused on a strong southern climate with a downtown area that always offers something to do.
3. Charleston, South Carolina
One of the better, smaller towns, Charleston, South Carolina, is a charming and historic destination. Outstanding medical centers, no taxes on Social Security benefits, and low property taxes highlight the benefits of living in this area as a retiree. The cost of living is about average compared to national numbers, but the bang for your buck that you get on property makes it worthwhile.
2. Decatur, Alabama
Decatur, Alabama, might not be top of mind as a retirement destination, but its significantly lower cost of living and multiple hospitals nearby for healthcare make it a strong choice for relocation. Not only do you have prominent health facilities, but Alabama offers seniors no taxes on Social Security and pension income, and those 65 and over are exempt from state property taxes.
1. Fort Wayne, Indiana
Fort Wayne, Indiana, should be a top choice for retirees because its cost of living is lower than the national average, and housing is 25% cheaper. Hospitals are plentiful, and seniors do not need to file an Indiana income tax return if they are Indiana residents.
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