There is no broad-brush approach to retirement. What one retiree wants may differ from the next, especially for single Americans. Enjoyment in retirement may include extensive solo travel for one person and access to a wealth of community events for some.
Tastes aside, most single retirees will prize financial stability when choosing a place to retire. Many retirees opt to move to a destination with a lower cost of living, according to The New York Times. Housing, taxes and insurance costs all play a significant role in the cost of living for retirees, and it’s important to ensure none of them take an outsized bite out of your budget.
Access to quality, affordable healthcare is also essential for single retirees. Identifying what’s available in a new potential location and even researching assisted-living facilities if you believe that may be a future need is important, according to Kiplinger. For outgoing singles, don’t overlook community engagement opportunities in a possible new home.
No state is perfect for single retirees, but some are better than others. A recent study from Sands of Time identifies the top 10 states best for single baby boomers looking for a new state to live in retirement, based on housing costs, cost of living, hospital ratings and costs, percentage of residents aged 60 and up and community events. Here are the top ten states for single baby boomers to retire and enjoy life.
Iowa
- Average House Price: $215,336
- Cost of Living: $32,588
- Average Hospital Rating (4.0 maximum): 3.3
- Adult Healthcare Costs: $1,496
- Percentage of Residents Aged 60+: 23.5%
- Community Events per 100,000 Seniors: 660.82
- Total Score: 65.98
Wyoming
- Average House Price: $352,013
- Cost of Living: $33,516
- Average Hospital Rating (4.0 maximum): 3.6
- Adult Healthcare Costs: $1,733
- Percentage of Residents Aged 60+: 23.2%
- Community Events per 100,000 Seniors: 739.44
- Total Score: 65.11
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South Dakota
- Average House Price: $302,776
- Cost of Living: $34,129
- Average Hospital Rating (4.0 maximum): 4.0
- Adult Healthcare Costs: $3,169
- Percentage of Residents Aged 60+: 23.3%
- Community Events per 100,000 Seniors: 731.94
- Total Score: 62.42
Alaska
- Average House Price: $368,473
- Cost of Living: $44,460
- Average Hospital Rating (4.0 maximum): 3.6
- Adult Healthcare Costs: $2,250
- Percentage of Residents Aged 60+: 17.9%
- Community Events per 100,000 Seniors: 906.61
- Total Score: 59.99
Kansas
- Average House Price: $227,188
- Cost of Living: $32,682
- Average Hospital Rating (4.0 maximum): 3.7
- Adult Healthcare Costs: $4,185
- Percentage of Residents Aged 60+: 22.1%
- Community Events per 100,000 Seniors: 729.62
- Total Score: 59.33
New Mexico
- Average House Price: $301,651
- Cost of Living: $34,439
- Average Hospital Rating (4.0 maximum): 3.4
- Adult Healthcare Costs: $3,973
- Percentage of Residents Aged 60+: 23.8%
- Community Events per 100,000 Seniors: 679.08
- Total Score: 59.09
Nebraska
- Average House Price: $258,011
- Cost of Living: $35,740
- Average Hospital Rating (4.0 maximum): 3.8
- Adult Healthcare Costs: $3,900
- Percentage of Residents Aged 60+: 21.9%
- Community Events per 100,000 Seniors: 757.20
- Total Score: 58.09
North Dakota
- Average House Price: $264,755
- Cost of Living: $31,499
- Average Hospital Rating (4.0 maximum): 3.5
- Adult Healthcare Costs: $5,245
- Percentage of Residents Aged 60+: 21.3%
- Community Events per 100,000 Seniors: 799.56
- Total Score: 57.51
Indiana
- Average House Price: $238,934
- Cost of Living: $33,440
- Average Hospital Rating (4.0 maximum): 3.3
- Adult Healthcare Costs: $2,098
- Percentage of Residents Aged 60+: 21.9%
- Community Events per 100,000 Seniors: 733.20
- Total Score: 56.96
Nevada
- Average House Price: $440,724
- Cost of Living: $35,530
- Average Hospital Rating (4.0 maximum): 3.6
- Adult Healthcare Costs: $1,863
- Percentage of Residents Aged 60+: 21.6%
- Community Events per 100,000 Seniors: 807.34
- Total Score: 56.88
“Retirement is often portrayed as a time to slow down, but for many, it’s a chance to reinvent oneself. Particularly for single adults, this phase offers the freedom to explore new passions, travel or even start a second career. However, the reality is that many face financial challenges,” said Chris Santora, spokesperson for Sands of Time.
For single retirees seeking to balance budgetary pressures with opportunities to enjoy life, selecting the right place to live can go a long way to make that possible.
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This article originally appeared on GOBankingRates.com: These 10 States Are Best for Single Boomers To Retire and Enjoy Life
