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Cheapest Places to Retire

You've put a lot of time and energy into planning for your future by budgeting, managing debt and building a retirement fund. Where you live also matters. These affordable places to retire could give you more bang for your buck, allowing you to enjoy a high quality of life and live comfortably.

Abroad

If you're ready for adventure and a different pace of life, consider one of these international locations.

Ecuador: Our neighboring continent to the south offers a spot retirees might consider: Ecuador. You can enjoy daily sunshine and an abundance of fresh produce. You could probably live comfortably on about $700 per month.

Central America: You could retire to Panama or Nicaragua and live on an $800-a-month budget, or in some cases, about $18,000 per year. Rentals are affordable, as are historic homes if your retirement plans include remodeling. Fresh foods are easy to find, and you can still enjoy being pampered with salon services and domestic help that costs less than in the U.S.

United States

If you have more to spend during your retirement, about $100 a day, you can take your pick of U.S. locations.

West coast: The northwest U.S. is not typically touted as retirement central.

  • Spokane, Wash., offers the beauty of the great outdoors coupled with no state income tax.
  • Nevada has no estate or inheritance tax. Retirees who choose to work part-time won't have to pay taxes on their earnings.
  • In sunny Tucson, Ariz., you won't pay state income tax on your Social Security benefits. It costs less to live there than in many other cities, plus you have your choice of golf courses.

The South: There are still some affordable places to retire in the south, including Florida.

  • Gainesville, Fla., offers affordable homes and lots of sunshine.
  • Tallahassee, Fla., offers retirees abundant sunshine and lower-than-average costs for healthcare, housing and food.
  • Mississippi is one of the more affordable places to retire because you won't pay state taxes on Social Security benefits or pensions, IRAs and 401(k) distributions.

Northeast: Some of the most affordable places to retire when you love the change of seasons are in the northeast.

  • In Manchester, N.H., you can retire without the burden of too many taxes. You won't pay estate, income, inheritance or sales tax here. There are rich cultural opportunities, and you're within driving distance of Boston and the beaches of Maine.
  • Pittsburgh, Penn., is a city that offers low cost of living, high-quality healthcare and ample recreation and cultural activities.

Retirement is no time for financial surprises. Protect your financial well-being by managing your credit through your working life with activities such as monitoring your credit score.

Now that you know more about the cheapest places to retire, get your Credit Report and Score.
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This information is for educational purposes only and does not constitute legal or financial advice. You should always seek the advice of a legal or financial professional before making legal or financial decisions.

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