As you get closer to retirement age, you’re probably looking for a home that suits your lifestyle, but also offers a sense of security. No matter where you call home, you’ll want to feel safe, while living within your means.
Find: How much Americans have in their savings accounts in 2023
Related: With a recession looming, make these 3 retreat moves to stay on track
Following: What happens to social security after your death?
GOBankingRates looked at the safest places to retire, then researched how affordable they were. Here are the 15 safest places to retire without depleting your savings.
15. Sarasota, Florida
Imagine relaxing on the beaches of Florida’s coast carefree. That’s what it’s like to live in Sarasota. Your annual cost of living in Sarasota is approximately $53,653, including $11,872 for housing.
Richer Live Podcast: How to leverage your investments
14. Port St. Lucie, Florida
When you talk about retirement locations, you know that Florida will have plenty of destinations to offer. Port St. Lucie is the New York Mets spring training location, so you can catch games during the offseason. The annual cost of living in Port St. Lucie is $52,506, including $10,272 for annual housing costs.
13. Fort Myers, Florida
Another Florida city that promises both safety and affordability, Fort Myers is home to beautiful white sand beaches. Plan to save $773,837 for a comfortable retirement here. The annual cost of living in Fort Myers is $50,524.
12. Melbourne, Florida
Yet another Florida city you can safely call home. Known as Harbor City, Melbourne offers plenty of beaches, fishing spots and golf courses. The annual cost of living is $49,221, with housing being about $9,868 of that amount.
11.Bella Vista, Arkansas
Bella Vista’s motto is literally “home away from home”, so why not you? There are tons of hiking trails and golf courses to enjoy, as well as a thriving farmer’s market. You will need approximately $721,696 in savings to retire in Bella Vista.
10. Lancaster, Pennsylvania
Interestingly, Lancaster is home to one of the oldest Amish communities in the country. Many tourists come looking for something a little quieter. Plan to spend $47,604 per year on living expenses. As for medical expenses, health care will cost about $7,888 per year for the average retiree.
9. Lakeland, Florida
Lakeland is part of the Tampa Bay area and, as the name suggests, offers many lakes to see. The annual cost of living in Lakeland is $46,041. Plan to allocate $7,873 of this amount to housing.
8. Pensacola, Florida
Pensacola offers amusement parks for the grandkids to visit, as well as tons of outdoor activities like fishing, hiking, and cruises. Pensacola has an annual cost of living of $45,466. If you want to retire in Pensacola, plan to have about $647,395 in the bank.
7. Daytona Beach, Florida
Daytona Beach is perhaps best known for being the center of the world for racing, so if you love fast cars, this is the place to be. Daytona Beach also offers – you guessed it – beaches, as well as hiking, golfing, and fishing. The annual cost of living is $45,206. Housing is about $6,928 of that.
6. Brookings, South Dakota
If Florida isn’t your scene, consider Brookings. The city is home to South Dakota State University and offers tons of family events to attend while your grandkids are visiting. Plan to save about $605,682 to retire here.
5. Ocala, Florida
Ocala is home to many museums and lakes to explore. The annual cost of living is $43,798 and it’s wise to have around $605,682 in savings to comfortably retire here.
4.Mobile, Alabama
Mobile is home to many historical sites, as well as a Mardi Gras festival which is known to be quite exciting. The annual cost of living in Mobile is $43,224. Health care will cost the average retiree about $8,204 per year.
3. Green Bay, Wis.
If you are a Packers fan, you can move to their hometown and enjoy a safe city with plenty of entertainment. Plus, you’ll enjoy being one of the towns on beautiful Lake Michigan. Plan to save $557,452 to retire in Green Bay.
2. North of Chicago, Illinois
A suburb of Chicago, North Chicago offers everything the city does, but for a fraction of the price and added security. The annual cost of living in North Chicago is $41,034, and you can expect to save $536,595 to retire here.
1.Charleston, Illinois
The safest and most affordable place to retire is Charleston, Illinois. Enjoy Lake Charleston and take in all it has to offer on one of its many trails. The cost of living is the lowest on this list: $36,915 per year.
More from GOBankingRates
Methodology: In order to find out exactly how much you need to retire in the safest places in America, GOBankingRates first identified the safest places in America, sourcing cities from USNews, World Report and ADT Security. GOBankingRates then found the annual cost of spending for a retired person in each safest city by multiplying spending by those 65 and older from the Bureau of Labor Statistics’ 2021 Consumer Expenditure Survey by the cost of life for every state in Sperling’s Best Places. To determine how much money a retiree should save, we divided each state’s annual expenses, minus annual Social Security income from the Social Security Administration’s Monthly Statistical Overview, October 2022, by 0.04 , assuming a reduction in savings of 4 percent each year to pay for living expenses. All data has been collected and is current as of December 5, 2022.
This article originally appeared on GOBankingRates.com: 15 safest places to retire in the United States
Comments are closed.