13 places everyone will be flocking to for retirement in the 2020s
Adrian Weinbrecht/Getty Images
- The states that are pulling in the most retirees are changing, and the top 13 that have grown in the past 10 years don't even include Florida.
- Data from the US Department of Health and Human Services and the Administration on Aging shows that retirees are have been moving to Alaska, Nevada, and Colorado in droves between 2007 and 2017, If the trend continues, they'll keep moving there in the 2020s.
- These states all have two things retirees want, which one expert says will be even more critical in the future: affordable healthcare and low taxes.
- Read more personal finance coverage.
American retirees aren't all flocking to Florida anymore - instead, they're heading to places like Colorado, Nevada, and Alaska.Retirement planner Jeannette Bajalia says that healthcare costs and taxes are going to be on retirees' minds as they plan moves in 2020 and beyond. "Healthcare costs are escalating both for routine medical costs as well as for long-term care," Bajalia told Business Insider. In deciding where to live, she said, "People will be looking for ease of access to, and affordability of, medical care." Advertisement
Another big factor for people retiring in the new decade will be taxes. "I think most people will be relocating to more tax-friendly states where their money can spread, and instead of paying taxes, they can stay active longer and fund their lifestyles more effectively," Bajalia said.
Below, find 13 states that will likely become hot destinations for retirees over the next decade. These states had the largest growth in senior populations between 2007 and 2017, according to the Administration on Aging's data, pulled from the American Community Survey, and include traditional sun belt favorites like South Carolina, Georgia, and Arizona, but also tax havens like New Hampshire and Washington. While the data doesn't distinguish between residents aging into the senior population and newcomers relocating to the state, a significantly larger senior population is bound to make the area more welcoming to those who might want to move.On this list, five of the 13 states don't tax income. And, many other states on this list have little to no income tax. Plus, according to data from the Kaiser Family Foundation, many of these states have fairly affordable healthcare costs.
12. New HampshireAdvertisement
4. South CarolinaAdvertisement
- Apple working with Foxconn for AR headset lenses: Report
- Everyone will have to adjust to new normal: Arjun on resuming work amid COVID-19 pandemic
- COVID-19: South Korea reports 13,373 infections, 288 deaths
- UP shuts as govt announces 55-hour-long lockdown-like restrictions to curb COVID-19 spread
- WHO believes 'unknown pneumonia' in Kazakhstan could be COVID-19