For those who have recently retired from the workforce and those looking to do so soon , you might be considering a move in your future. With ample time on your hands and a desire to do something different from the 9-to-5 grind of your career, the chance to move to another state and live a “luxurious retirement” is something many people fantasize about for years and years.
However, there are some states that are great places to fulfill this dream and others that are a true nightmare. A lot of it comes down to real estate, followed by cost of living and if you can really afford to keep up with your neighbors. Luxury depends on how you define it for yourself, but no matter what, it takes some money to turn the dream into a reality.
“In 2024, luxurious retirement is about more than just sunshine and golf courses– it’s a combination of quality healthcare, tax benefits and overall lifestyle that makes a state ideal for living the good life,” explained Matthew R. Silverhardt, a private wealth advisor and manager at Claire Reid Wealth Advisory . “Some states make the ‘worst’ list for luxurious retirement due to high taxes, cost of living and less-than-ideal healthcare options.”
“Whether you are retiring to a modest lifestyle or a luxurious one, it’s all about fixed costs and predictable costs,” added Dan Richards, president of Flyhomes Mortgage . “There’s nothing worse for a retiree than variable and unpredictable expenses.”
There is a reason that Florida is known for attracting a significant number of retirees. Not only is it filled with beautiful beaches, rich culture and lots of leisure activities to pass the time, but retirees who are on a fixed budget can easily purchase property and still find that they have enough funds left to enjoy the finer side of life.
Florida consistently tops Silverhardt’s list “with its warm climate, no state income tax and an abundance of retirement communities designed for active seniors.”
“A year-round warm climate attracts retirees from colder states,” echoed Brady Bridges, owner of Reside Real Estate . “This Sunshine State offers outdoor activities and a healthy lifestyle. Florida’s no state income tax policy is an advantage for fixed-income retirees. Luxury estate living is appealing in Florida due to its lower cost of living than other coastal states.”
For so many people, retirement in the Island State is the pinnacle of luxury. With all of the scenic views and locations to explore, it truly is a paradise, particularly for seniors who have retired.
“Hawaii’s beautiful beaches, mountains and rainforests make retirement peaceful,” Bridges said.
“The islands’ natural beauty and outdoor activities improve quality of life,” he continued. “Hawaii has some of the world’s most exclusive luxury estates with coastal properties, private beaches and a vast land area. Maui, Oahu and the Big Island attract wealthy retirees seeking quiet and luxury. The state’s focus on health and well-being and slower pace make it perfect for active retirees.”
1. Iowa
Average House Price: $223,348
Perhaps you are not looking to go to a coast, but rather find something in the Midwest with a more realistic price tag. For that, Iowa would be the state to set your sights on.
Iowa, an atypical luxury destination, offers retirees large estates with seaside places, according to Bridges. If you are wondering what “seaside places” might exist in a landlocked state like Iowa, think of bodies of water other than oceans and luxury will not be far behind.
“Luxury living in the country is possible for retirees with huge mansions, farms or private lakes,” said Bridges. “Iowa offers safe retirement due to its low crime rate and friendly towns. Outdoor activities, including fishing, hiking and golfing in the state, provide a relaxing break.”
3 Worst States for a Luxurious Retirement
3. Alaska
Average House Price: $364,838
It’s very cold, very far away from the rest of the country and not the ideal state to set up a luxurious retirement. Unless you are someone who loves isolation and spending a lot of the year in darkness or full-on sunshine, Alaska would be a state to cross off your list.
“Due to its remote location and small population, many places in Alaska may not have easy access to upscale facilities and services,” Bridges explained. “Despite its remote location, Alaska has a comparatively high cost of living, particularly for imported items.”
2. North Dakota
Average House Price: $265,896
If you thought that the Midwest might be the place to settle down, just be careful which state you pick. While some can offer a slower pace of living, not to mention a cheaper cost to do so, others like North Dakota might be a tad bit sleepier than what you are seeking out.
“Finding popular tourist destinations in North Dakota is difficult, so one has to welcome boredom in their golden years of life,” noted Bridges. “Also, for some retirees, the state’s excessive remoteness and strict culture may be an issue.”
1. Minnesota
Average House Price: $340,047
Another ding against the Midwest and northern central part of the United States, Minnesota has all the things you might not be looking for in a luxurious retirement: cost of living going up, long stretches of cold during a big chunk of the year and taxes that might not favor seniors as much as you’d hope.
“Think about the state’s harsh winters, limited luxury amenities, rising prices and cultural differences,” advised Bridges. “Minnesota has beautiful scenery, good healthcare and affordable housing,” he admitted, but also noted how the state “has a relatively high state income tax, which can impact retirement income.”
Get updates delivered to you daily. Free and customizable.
It’s essential to note our commitment to transparency:
Our Terms of Use acknowledge that our services may not always be error-free, and our Community Standards emphasize our discretion in enforcing policies. As a platform hosting over 100,000 pieces of content published daily, we cannot pre-vet content, but we strive to foster a dynamic environment for free expression and robust discourse through safety guardrails of human and AI moderation.
Most Popular
Comments / 0