5 Of The Best Places To Retire In America In 2024

Forbes

Forbes compared more than 800 locales in America on everything from housing costs and taxes to healthcare, air quality, crime and climate change and natural hazard risk. These are the top 25 cities for retirees.  Read the full story on Forbes: https://www.forbes.com/sites/williampbarrett/2024/05/10/best-places-to-retire-in-2024-las-cruces-and-other-unexpected-hot-spots/?sh=360f223018a0  Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1  Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:  https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript  Stay Connected Forbes newsletters: https://newsletters.editorial.forbes.com Forbes on Facebook: http://fb.com/forbes Forbes Video on Twitter: http://www.twitter.com/forbes Forbes Video on Instagram: http://instagram.com/forbes More From Forbes:  http://forbes.com  Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.

Transcript

00:00 This year, an estimated 4.1 million baby boomers in the U.S. will turn 65, the traditional retirement age,

00:07 although most folks retire earlier or later.

00:11 About one-tenth of new retirees relocate to another state for any number of reasons,

00:16 whether it be climate, proximity to family, or a better place to feed their passion for the arts or sailing or golf.

00:24 But a major impetus for long-distance moves is economics, as manifested by the cost of housing and living, as well as state taxes.

00:34 Forbes compared more than 800 locales in America, on everything from housing costs and taxes,

00:40 to health care, air quality, crime, climate change, and natural hazard risk.

00:46 Here are five of the best places to retire.

00:51 Las Cruces, New Mexico

00:54 This sunny, high Chihuahuan Desert college town of 116,000 is 45 miles north of El Paso.

01:02 The city has a median home price of $284,000, 28% below national median, a dry climate, and decent air quality.

01:12 As for cons, the city has a serious crime rate above the national average.

01:18 It also has a so-so retiree tax climate, with a marginal state income tax rate of 5.9% for most couples,

01:26 and no complete exemption for Social Security.

01:30 Spokane, Washington

01:33 This appealing river city of 231,000 is 280 miles east of Seattle.

01:40 Spokane's median home price of $386,000 is 3% below the national median.

01:47 It has a good ratio of primary care physicians per capita and no state income tax.

01:54 But the city suffers from a serious crime rate above the national average.

01:59 Dorado, Puerto Rico

02:03 Dorado is a lively Atlantic Ocean city of 36,000, with great beaches and golfing,

02:09 20 miles west of San Juan on the north coast of Puerto Rico.

02:14 This is the first time a city in Puerto Rico has made this list.

02:18 The city has a median home price of $375,000, 5% below national U.S. median.

02:26 It has a high ratio of primary care doctors per capita, good air quality, and a crime rate below the U.S. average.

02:34 Income tax in the Commonwealth can be taken as dollar-for-dollar credit on U.S. federal income tax returns,

02:40 and has no tax on Social Security.

02:43 However, a lack of Spanish-language proficiency can be a hindrance.

02:48 Savannah, Georgia

02:51 This gracious river city of 164,000 is known for its preserved architecture and historic city squares,

02:59 30 miles inland from the Atlantic Ocean.

03:03 Savannah is one of three cities in Georgia on this year's list, the most of any state.

03:09 The city's median home price of $316,000 is 20% below the national median.

03:16 The state income tax is a flat rate of 5.49%, after an $18,000 standard deduction for a couple,

03:24 with Social Security plus up to $65,000 per person of other retirement income exempt.

03:31 There is no state estate tax.

03:34 However, the city has a relatively high natural hazard risk rating from FEMA.

03:40 Fargo, North Dakota

03:42 North Dakota's largest city has a population of 137,000, adjoining Minnesota on the Red River of the North.

03:51 Fargo is the only city that has made our list of the best places to retire each year we've published this list.

03:58 The city's median home price of $291,000 is 26% below national median.

04:06 The city has a high number of primary care doctors per capita, good air quality, and is very bikeable.

04:13 North Dakota's state income tax tops out at 2.50% for couples with taxable income above $74,750,

04:22 after federal standard deduction.

04:25 The cons are Fargo's cold winters, a crime rate above national average, and a state income tax on Social Security.

04:32 [Music]

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