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Travel + Leisure

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