The 10 Most Expensive Places to Retire in the US | The Motley Fool (2024)

When you're considering where you should retire, the cost of living is a huge factor in the equation. But so are things like the cost of healthcare and the quality of life you'll get in return. Retirement planning isn't straightforward, but simply narrowing your field of retirement locations to a few can help you get started.

Although these are some of the most expensive places you can choose to live in the United States, every one has massive benefits for retirement. In this ranking, we've started by considering the cost of living in your new city, then asked about the quality and cost of healthcare available to retirees.

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1. New York, New York

According to The Council for Community and Economic Research's Cost of Living Index, Manhattan is the most expensive place to live in the United States, to very few people's surprise. However, that doesn't mean it's a terrible choice for retirement. After all, New York is No. 11 in quality of healthcare and No. 3 in access to healthcare in HealthCare Insider's healthcare rankings by metro area. U.S. News & World Report even ranked it No. 6 among its Best Places to Retire.

2. Honolulu, Hawaii

Of course, Hawaii is on your bucket list, but it might also be on your list of places you'd like to retire. You'll be spending a lot to live there, according to the Cost of Living Index, but you'll also get sand, surf, and beautiful ocean views. Although it didn't make it to HealthCare Insider's top 20, it does show up at No. 123 for Best Places to Retire, with housing affordability and healthcare both getting less-than-stellar scores.

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3. San Francisco, California

You may not leave your heart in San Francisco, but if you do, it has one of the best hospitals in the country, according to U.S. News & World Report. HealthCare Insider concurs, ranking San Francisco as No. 3 for quality of healthcare and No. 15 for access to healthcare. It only ranked No. 140 in Best Places to Retire, but this is largely due to serious housing affordability problems.

4. Brooklyn, New York

Brooklyn has seen some massive changes and now has the fourth-highest cost of living in the U.S., even higher than Los Angeles. That doesn't mean it's not worth the money, though. Being part of the city of New York, it still benefits from its No. 11 ranking in quality of healthcare and No. 3 in access to healthcare, as well as being included in the No. 6 ranking for Best Places to Retire.

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5. Orange County, California

According to the most recent Cost of Living Index, Orange County, Calif., has the fifth-highest cost of living of any area in the United States. But living in Orange County means having access to all that Los Angeles has to offer without actually having to live in the city. Metrolink can take you from Santa Ana, at the center of the county, to the heart of Los Angeles in less than two hours.

6. Washington, D.C.

Despite being ranked sixth-most expensive city in the Cost of Living Index, Washington, D.C., is also considered by U.S. News & World Report as the 52nd-best place to retire, largely due to access to quality healthcare. Healthcare Insider ranks the city No. 7 for quality of healthcare and No. 16 for access to healthcare.

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7. Los Angeles, California

Although Los Angeles has the seventh-highest cost of living in America, it also has a ton of other reasons that make it still worth considering for retirement. Along with amazing weather and lots to do, Los Angeles boasts a No. 8 ranking both for quality of healthcare and access to healthcare from Healthcare Insider; it's also home to two of the top hospitals in the country, as ranked by U.S. News & World Report.

8. Seattle, Washington

If rainy weather is your thing, Seattle might be an expensive but ideal retirement spot. The city ranked No. 8 by cost of living but also offers the best overall quality healthcare in the nation, according to Healthcare Insider. It also shows up in U.S. News & World Report's Best Places to Retire list – at No. 126, largely due to housing affordability.

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9. Boston, Massachusetts

There are few cities in America as historic and iconic as Boston, but this is also part of what makes living there so expensive. Ranked No. 9 by cost of living, Boston boasts the best access to healthcare in the nation, as well as the second-best quality of healthcare, according to Healthcare Insider. Coming in at No. 62 for Best Places to Retire, housing affordability is still a huge issue.

10. San Diego, California

Literally just steps away from Mexico, San Diego is an interesting and warm place to retire. However, it's also ranked No. 10 by cost of living. Its excellent quality of healthcare earned it a No. 4 ranking from Healthcare Insider. It also boasts one of the best hospitals in the nation, according to U.S. News & World Report. Housing affordability is a huge problem for San Diegans, however, much like in the rest of southern California.

Even though these 10 cities are the most expensive places you can retire when it comes to the cost of living, everyone's lifestyle is a little bit different. If, for example, you're forgoing frequent travel to experience everything New York has to offer, you may find that your costs in retirement between a cheap location with lots of traveling and a high-dollar city and staying local aren't really any different at the end of the day.

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Should you consider one of these places for retirement?

Even though these are the most expensive places in the United States for retirement, it's not impossible to make the decision to spend your days in these bustling spots. Solid retirement planning, including significant Social Security income, can make it possible, especially if you consider downsizing your life.

Although many retirees will opt for far less expensive retirement spots, you may find that things like culture, city amenities, or even access to some of the best healthcare in the country make it worth it to retire to a city like New York or Los Angeles.