Planning for retirement requires careful consideration of where your money will go. Healthcare, housing, and taxes are the biggest factors that vary dramatically by location.
Healthcare in Retirement
Healthcare is often the largest variable expense in retirement. Medicare covers many costs, but supplemental insurance, dental, and vision can add $300-800+ per month per person.
Tax-Friendly States for Retirees
Several states don't tax retirement income, including Florida, Nevada, Texas, and Washington. This can save retirees thousands annually compared to high-tax states.
Best States for Retirement
Florida
No state income tax, warm weather, excellent healthcare facilities, and a large retiree community make Florida the top retirement destination.
Arizona
Dry climate, affordable housing outside Phoenix and Scottsdale, and low taxes make Arizona attractive for retirees seeking warm weather.
South Carolina
Low cost of living, beautiful coastline, and favorable tax treatment of retirement income make SC increasingly popular.
Budgeting Tips
Plan for healthcare cost increases of 5-7% annually, consider downsizing housing, and factor in inflation when projecting long-term expenses.