%3Amax_bytes(150000)%3Astrip_icc()%2FTAL-rio-grande-arizona-RETIREAZ0525-c881e1e2b27f42bbbec278f43bcba782.jpg&w=3840&q=100)
This Is One of the Most Popular Retirement Places in the U.S. for Low Taxes and Good Weather
If you've worked hard your entire life and saved up your pennies, you should be able to enjoy a fantastic retirement wherever you want, and do so surrounded by other retirees happily doing the same thing. However, with how the economy is going, some of the most popular retirement destinations could be far more expensive than you realize. But fear not. GoBankingRates has identified exactly how much you need to retire in America's two most popular retirement states that offer high concentrations of retirees, and identified the most affordable option, too.
'Two of the nation's most popular states to retire in, Florida and Arizona, are well-known for their good weather and lower taxes,' GoBankingRates shared in a statement with Travel + Leisure . 'Considering these factors matter to retirees seeking a comfortable lifestyle, it's not too surprising that 50 of America's most popular retirement locales are found in these two states.'
However, what it did note could come as a surprise is the amount needed for a single person or a married couple to retire in the hot spots across these two states.
'Depending on the metro, at least $1 million, if not more, is necessary to cover 15 years in retirement with Social Security benefits,' GoBankingRates shared.
GoBankingRates found that Rio Verde in Arizona is the No. 1 most densely populated with retirees location, with 86.6 percent of its population in the 65+ demographic. It was also one of the more affordable destinations in both the hot-spot states. GoBankingRates found that 'a single person retiring in Rio Verde needs $896,947 to afford 15 years [of retirement] while a couple would need $726,239. Both these amounts include Social Security,' earning it the No. 7 spot. Methodology
To determine which towns and cities in these two states offer the highest concentration of retirees and the savings needed in these top retirement spots, the team sourced key information from the US Census's 2023 5-year American Community Survey. It whittled down the list to cities with at least a 1,000-person population, and at least 30% of that population had to be 65 or over. It then sourced the cost of living via Sperling's BestPlaces and included the grocery, healthcare, housing, utilities, transportation, and miscellaneous cost-of-living indexes to give a complete picture. Lastly, it found the national average expenditure costs for households with residents aged 65 and over via the Bureau of Labor Statistics Consumer Expenditure Survey and factored in the average Social Security income for one person and a married couple to calculate the annual cost of retirement. (The findings also assume a person retires at 65 and lives to age 80, giving a 15-year retirement window.)
In fact, all of Arizona won out on the affordability front. Carefree, Arizona (No. 45 on the list) is the only destination in Arizona where a 15-year retirement costs more than $1 million. (The cost for one is $1,416,504 while two need $1,245,795.) The No. 1 most affordable spot went to Quartzsite, Arizona, where you will need just $15,338 (annual cost of living for a single person with social security) to retire.
On the flipside, GoBankingRates found that retirees—both singles and couples—will need at least $1 million in savings in eight Floridian cities, including Indian River Shores (No. 8), Longboat Key (No. 11), Highland Beach (No. 15), Palm Beach (No.16), Marco Island (No. 22), Holmes Beach (No. 23), Siesta Key (No. 36) and Ocean Ridge (No. 43). Both Sanibel (No. 21) and Hillsboro Beach (No. 29) in Florida require solo retirees to have a savings of at least $1.1 million or more.
As for the most expensive spot, that went to Palm Beach, Florida, where you need at least $11,637,136 if you're solo and $11,466,427 if you're a couple for a 15-year retirement.
See the full report at gobankingrates.com.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Wall Street Journal
15 minutes ago
- Wall Street Journal
10-Year Treasury Yield Heads Toward Largest Decline Since April 14
1316 ET — The yield on the 10-year U.S. Treasury note is headed toward its biggest one-day decline since April 14 after a pair of lackluster reports on the U.S. economy. Yields, which fall when bond prices rise, began sliding early in the session after the ADP's National Employment report showed that 37,000 jobs were created in May, the slowest pace of private-sector hiring in two years. Economists polled by The Wall Street Journal projected hiring would increase by 110,000 new jobs. Yields extended their decline after an ISM services report, which suggested that activity among service firms fell unexpectedly in May. The survey's index for new orders and inventories both sank into contraction, with respondents reporting difficulty in planning due to uncertain tariff policies. The 10-year yield recently traded near 4.36%, down from 4.46% Tuesday. ( 0841 ET – An ominous sign from the U.S. labor market triggers a rush to Treasury bonds, driving yields sharply lower. ADP says only 37,000 jobs were created by private employers in May, the lowest since March 2023. Economists surveyed by WSJ expected 110,000. ADP revises the April figure to 60,000 from 62,000 and says hiring is losing momentum while pay growth remained at robust levels. The report may reflect businesses reluctance to hire amid tariffs uncertainty. Trump cites the report to call on the Fed to lower rates. Friday, payrolls are expected to slow a little from April. The 10-year is at 4.419% and the two-year at 3.931%. ( @ptrevisani)
Fox News
15 minutes ago
- Fox News
Rep. Alford to introduce congressional stock trading ban mirroring Senate's 'PELOSI Act'
FIRST ON FOX: Rep. Mark Alford, R-Mo., on Wednesday will introduce legislation that would ban congressional stock trading, serving as the House companion bill to Sen. Josh Hawley's, R-Mo., "PELOSI Act" in the Senate. Alford's proposed bill would ban lawmakers and their spouses from holding, purchasing or selling individual stocks while in office, but it allows investments in diversified mutual funds, exchange-traded funds or U.S. Treasury bonds. If passed, current lawmakers would have 180 days to comply with the legislation. Likewise, newly elected lawmakers must achieve compliance within 180 days of entering office. "As public servants, we should hold ourselves to a higher standard and avoid the mere appearance of corruption," Alford said in a statement. "Unfortunately, too many members of Congress are engaging in suspicious stock trades based on non-public information to enrich themselves." "These gross violations of the public trust make clear: we must finally take action to ban members and their spouses from owning or selling individual stocks," he added. Under the proposed legislation, lawmakers who continue to make wrongful transactions would be required to hand over any profits they made to the U.S. Treasury Department. The House or Senate ethics committees could also impose a fine on such lawmakers amounting to 10% of each wrongful transaction. House Speaker Mike Johnson endorsed a stock trading ban on Wednesday, saying "a few bad actors" have ruined Americans' trust in lawmakers on the issue. "You want me to tell you my honest opinion on that? I'm in favor of that, because I don't think we should have any appearance of impropriety here," he told reporters during a press conference. President Donald Trump himself endorsed the same ban for members of Congress in an interview with Time magazine last month. "I watched Nancy Pelosi get rich through insider information, and I would be okay with it. If they send that to me, I would do it," he said of a trading ban. "You'll sign it?" the reporter pressed. "Absolutely," Trump responded. Democrats in the House of Representatives have also expressed support for a ban, with House Minority Leader Hakeem Jeffries, D-N.Y., throwing his weight behind the proposal last week.
CNET
15 minutes ago
- CNET
EcoFlow Has Slashed Prices by Up to 55% Ahead of Father's Day
If you enjoy summer travel, outdoor adventures, or live in an area where the weather can disrupt the power supply, a portable power station or power bank is the perfect way to ensure your devices stay charged. Today's power stations and power banks are more compact and lightweight than ever, making them even easier to transport for almost everyone. Right now, EcoFlow is offering multiple deals that can help you save on various devices, with savings of up to 55% when you purchase directly from their website. Amazon also has several EcoFlow deals, just be aware that their offers might vary. EcoFlow's disaster preparedness deals are live until June 8 and include bundles that can power larger appliances and even medical devices for a long time, as well as solar panels to charge the included power station. The EcoFlow Delta 3 bundle features the power station and a 220W solar panel, all for $999. If only the power station is needed, you can get it for just $699 and save $100 over its original asking price. Other bundle options include the EcoFlow Delta 2 portable power station and a 500-watt solar panel for $1,499, a total of $1,200 in savings. This power station has a 6144Wh capacity that can power devices inside your home as needed. It's also built to efficiently store solar energy that the panel converts to stay charged even in the most trying conditions. EcoFlow has also partnered with Costco to offer the River 3 Plus combo, which includes two power banks, for just $279. The portable power station has a 286Wh capacity suitable for camping needs, and the bundle comes with a 15W wireless power bank and a 30W cable power bank. EcoFlow is also running a Father's Day and summer travel sale from June 9 until June 15. We'll keep you updated when the deals are live for more opportunities to save. To take better advantage of these deals, check out our article that explains how to choose the best portable power station for your needs. Why this deal matters EcoFlow is behind some of our favorite portable power stations, and their solar panels only add value -- ensuring that you can keep them charged, even when there's no outlet. The brand is offering several deals via its own website, in partnership with Costco, and through its official Amazon storefront. Keep in mind that some deals expire on June 8, and others start on June 9 and end on June 15 if you purchase through EcoFlow's website. Still, now is the perfect opportunity to purchase a portable power station, as there are options for many budgets.
