Best Places to Retire in the U.S. (2024)

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Best Places to Retire in the U.S.? ›

Key takeaways. Delaware (1), West Virginia (2), Georgia (3), South Carolina (4) and Missouri (5) are the top five states for retirement in 2024.

Based on its high marks for affordability, access to high quality health care, overall well-being and other categories, Delaware, known as the "First State," earned the top spot in Bankrate's annual ranking of the best states to retire in the U.S. In 2023, the state ranked No. 2, behind Iowa.

According to data from the U.S. Census Bureau in 2020, the Virgin Islands had a population of approximately 105,000 people, with over 16% of the population being over the age of 65, making it one of the top territories with a large retirement population.

Data and Takeaways

As a result, overall life evaluations in the country fell by 0.9 for 2023. Note that each country's rank is based on a three-year average score. The top two countries where the seniors are most satisfied—Denmark and Finland—also happen to be the top two countries on the overall happiness index.

Pinehurst, North Carolina

1 city to look into is Pinehurst, North Carolina. The cost of living is more than reasonable and the crime rates are good enough to crown it as the number one place to feel safe in your retirement. Plus, having nearly 40% of the population 65 years or older doesn't hurt either.

The ability to retire on a fixed income of $3,000 per month varies by household. To retire at the same standard of living you enjoyed during your working years, experts recommend saving at least 15% of your income in tax-advantaged retirement accounts each year, in addition to Social Security.

Bankrate's annual Best and Worst States to Retire Study found that Delaware is the best state for retirees in 2024, followed by West Virginia (2), Georgia (3), South Carolina (4) and Missouri (5).

Some states do not tax Social Security or income, which could appeal to retirees. Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington and Wyoming stand out for their tax-friendly policies and other amenities that retirees may enjoy.

What is the number one place to retire in America? ›

Florida, Colorado and Virginia top the list of the best places to retire in the U.S. in 2024, according to a new survey from WalletHub. The study compared the 50 states across 46 key indicators, from tax rates and the cost of living to access to quality medical care and fun activities.

Hawaii — Hawaii is first on the list because, while it is not exactly the cheapest place to live, it offers other advantages for retired, single females. Hawaii has an elderly population of 16.1%.

Boston, MA, places first with a city score of 84.5 out of 100, receiving top marks for the score of its highest-rated geriatrics hospital (86.2) and the total number of geriatricians (182) and oncologists (94.6) per 100k people. Next on our list is New Haven, CT, which received a score of 84.4 out of 100.

Our previous study highlighted some of the best states to live on Social Security, with the top five being Mississippi, Wyoming, West Virginia, Iowa, and Georgia. Retirees can start by choosing places within these states to stretch their retirement incomes a bit further.

Retiring on a fixed income can seem daunting, but with some planning and commitment to a frugal lifestyle, it's possible to retire comfortably on $2,000 a month. This takes discipline but ultimately will allow you to have more freedom and happiness in your golden years without money worries.

Retirees can consider moving abroad for retirement to experience different cultures and lifestyles at a cheap cost and good healthcare. Colombia, Malta, and Malaysia are some of the cheapest retirement destinations with quality healthcare, offering a fulfilling lifestyle.