5 Best Places To Live If You Want To Retire in the Next 10 Years
Retiring early may seem like an impossible reality for many Americans, but with some wise planning and purposeful actions, achieving financial independence is achievable. Not only is it prudent to have reliable income streams, but living in an economically favorable location that offers ample opportunities is essential.
Where you live directly affects living costs, access to quality healthcare, taxes, opportunities for work, access to recreation and more. Finding the best place to live in retirement doesn’t always come down to the cheapest possibility. For instance, a city may have a low cost of living but limited healthcare resources or few leisure opportunities.
Just Relax: I’m a Financial Advisor -- Here’s How Often You Should Check Your Retirement Account Balance
Grow Rich: 9 Subtly Genius Things All Wealthy People Do With Their Money — That You Should Do, Too
Don’t overlook the role of taxes either, as they can take a sizable bite out of your retirement nest egg. Selecting a state that doesn't tax retirement income may be advantageous, but it's also smart not to overlook property taxes or state income taxes.
Moving before or at retirement is common among many Americans, with 38% of retirees moving to a new home, according to the Transamerica Center for Retirement Studies' 2024 report on retiree life. Affordability, hospital access and low crime were key drivers of the moving decision, per the report.
If you’re considering retiring in the next decade and want to move, these are five of the best places to live.
1. Lancaster, Pennsylvania
People who want to avoid big-city living in retirement without too much sacrifice may want to consider Lancaster, Pennsylvania. Lancaster is within driving distance of large cities like Philadelphia and New York City, without being too remote.
Thanks to its locale, Lancaster has plenty of cultural and outdoor opportunities. It’s also good for taxes. Pennsylvania doesn’t tax Social Security income, nor does it tax pension or many other retirement income streams, according to GOBankingRates. Yes, you get winter weather, but the attractive tax perks make it all the more enticing.
2. Greenville, South Carolina
Greenville, South Carolina, is a promising location for soon-to-be retirees wanting a new place to call home. Thanks to its metro area, there are plenty of entertainment opportunities and reputable healthcare options. Being in the Sun Belt, you can access popular spots like the Blue Ridge Mountains or big cities like Charlotte, North Carolina.
South Carolina is a good state for retirement income. There are no taxes on Social Security and partial taxes on pension and other retirement income streams, according to Kiplinger.
3. Knoxville, Tennessee
Knoxville, Tennessee, is another good mid-sized city for people seeking to retire in the next decade. You can visit the Smoky Mountains or take advantage of the opportunities the nearby University of Tennessee offers. The summers can be hot, so keep that in mind.
Tennessee is a fantastic option for reducing taxes. There is no state income tax and retirement income isn’t taxable, according to Kiplinger, which also reports it doesn't tax estate or inheritance tax.
Enter for a Chance To Win $500 in MoneyLion's Summer Break Giveaway (No pur. nec. Ends 7/4/26. See official rules at mlion.info/summerbreakofficialrules)
4. Dubuque, Iowa
If you don’t mind the Midwest, Dubuque, Iowa, is a good place for retirees to keep on their radar. Dubuque is smaller, but within an hour’s drive of both Iowa City, Iowa and Madison, Wisconsin, providing access to more leisure activities and healthcare. The city offers a good mix of scenic living and a lower cost of living.
Iowa is increasingly attractive for retirement tax purposes. If you’re 55 or older, retirement income is not taxable. The state also doesn’t have an inheritance tax, according to Kiplinger.
5. Wichita, Kansas
Wichita, Kansas, is another popular Midwest city to consider for retirees. The city is big enough without being overwhelming and is close enough to drive to Kansas City or other larger cities in the region. Wichita has a robust business community, dependable healthcare and a variety of activities to enjoy.
Kansas isn't particularly tax-friendly, but the Wall Street Journal recently named Wichita as an increasingly outstanding affordable option for middle-class bliss. If your retirement savings aren’t at the level you want, Wichita could be a good option to free up resources.
Selecting where to live in retirement involves numerous competing factors. Identifying the best place isn't always about cost; it's about other factors that stretch your retirement plan without sacrificing your lifestyle.
To help Americans navigate the added cost of summer, MoneyLion is giving away $1,000 every day through July 4. Enter the Summer Break Giveaway here (No pur. nec. Ends 7/4/26. See official rules at mlion.info/summerbreakofficialrules)
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
More From MoneyLion: