As major Florida cities like Miami continue to grapple with the ever-increasing cost of living expenses, some retirees may question if it’s in their best financial interests to retire in Florida. This is especially true of individuals planning to retire in the next 10 years.
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The “best” state to retire in does depend on your unique financial circumstances and needs. However, key considerations like the cost of living, taxes, housing expenses, and the overall quality of life all matter to retirees.
If Florida isn’t on the table for retirement, those retiring in the next decade may consider the following five states as the next up-and-coming retirement hot spots.
We knew Texas, already anticipated by experts to be a popular 2025 retirement destination, would receive an automatic inclusion in this roundup.
The Lone Star State is already popular with residents for not taxing Social Security or having any individual income taxes. Tax-friendliness aside, recent GOBankingRates data revealed at least 10 Texas cities are considered hidden gems for retirees. Frisco, El Paso and Plano all received mentions thanks to low monthly expenditures and crime rates.
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According to a study conducted by Empower, New Hampshire has been ranked as one of the best states to retire in 2024.
While some benefits of retiring in New Hampshire may change between now and 2034, we think it’s safe to say the Granite State’s tax-friendly reputation will continue to be a big draw with retirees.
Empower data revealed that New Hampshire has the lowest tax burden — at 5.1% — out of any U.S. state. And even though there’s a 5% tax imposed on investment income, the state of New Hampshire doesn’t tax Social Security benefits.
Previously, GOBankingRates identified North Carolina as an up-and-coming state that will be popular with retirees in 2025.
One major reason why North Carolina is so attractive to retirees is housing costs. According to U.S. News & World Report, several major cities, including Charlotte and Raleigh, have median mortgage and rent costs that don’t exceed $1,500 a month. GOBankingRates also identified Raleigh as one of the hidden gem cities for retirees to check out if they’re interested in retiring in the South.
Inexpensive housing aside, Vision Retirement highlighted North Carolina with lower property taxes than average and reasonably priced homeowners insurance.
