Discover 13 Wallet-Friendly Havens: Your Ideal Retirement Destinations in 2020!

PERSONAL FINANCE
Affordable Options to Retire in 2024
By
Austin Weyenberg
Updated
January 26, 2023

Planning for retirement shouldn’t be a nerve-wracking task, and one stress-busting strategy is picking an affordable spot to spend your golden years. After all, retirement is one of the most expensive phases of our lives. So, why not pick a location that helps you get the most out of your life-long savings?

Now, lots of folks still undervalue the need for retirement planning and investing. Check out the average 401(k) savings per age group to get the idea:

Ages 20-29: $11,800
Ages 30-39: $42,400
Ages 40-49: $102,700
Ages 50-59: $174,100
Ages 60-69: $195,500

You might be thinking $195,000 sounds like a lot. But guess what, it’s barely a start. To sit back and relax during retirement, you’ll need about $1.7 million, according to a Charles Schwab study. From where you’re standing right now that might look like a big leap.

But here’s the silver lining – we’ve made a list of the best places to retire. They’re designed to fit various budget types and make every dollar of your retirement savings go further.

Here’s our list of budget-friendly retirement locations:

1. Gainesville, Georgia: Small yet lively city with an attractive square, enchanting brick sidewalks, and Lake Lanier, a hotspot for boating and water sports.

2. Tucson, Arizona: Known for hot summers and mild, sunny winters, it’s perfect for snowbird retirees. There are also plenty of golf courses and parks for active retirees.

3. Daytona Beach, Florida: Want beachside retirement without breaking the bank? Daytona Beach is for you. Bonus: Florida has no state income tax, great for part-time jobs during retirement.

4. Augusta-Richmond County, Georgia: Offers free classes for residents over 62 at Augusta University, and hosts The Masters, a renowned professional golf tournament.

5. Myrtle Beach, South Carolina: A vacation destination offering beautiful beaches, amusement parks, and top-class golf courses.

6. Pensacola, Florida: A favorite for beach-loving retirees offering great fishing, sailing, and affordable retirement living options. Plus, no state income tax.

7. Knoxville, Tennessee: Provides free and discounted university classes for retirees and top medical care. Tennessee doesn’t charge tax on wages and salaries.

8. Lake Havasu City, Arizona: An attractive place for retirees offering a plethora of recreational activities. The city is also poised to thrive based on its expanding business growth and booming job market.

9. Tampa, Florida: Home to white sand beaches, warm water, and optimal golfing conditions, Tampa attracts younger retirees.

10. Gulfport-Biloxi, Mississippi: Offers a low cost of living, generous tax breaks, and various coastal activities.

11. St. Louis, Missouri: Well-suited for early retirees with its below-average housing costs and ample recreational options, including great restaurants, breweries, and parks.

12. Oklahoma City, Oklahoma: Provides cost-effective living with housing costs nearly 27% below the national average.

13. Roanoke, Virginia: Ideal for active retirees who enjoy hiking, offering multiple trails and scenic drives.

Just remember, wherever you decide to retire, ensure your savings can last as long as you need them. If you’re uncertain about your retirement plan, check out ‘5 Steps to Get Your Retirement Savings on Track.’ It could provide more clarity.