5 Surprising US Cities Perfect for a Millionaire’s Retirement

Having a cool million – or even millions, plural – saved for retirement doesn’t mean you should ignore costs. More and more often, affluent retirees are looking beyond well-known luxury destinations in favor of cities where cheaper taxes, reasonable housing costs and top-tier healthcare allow their wealth to go even further.

According to SHP Financial, high-net-worth retirees are placing a greater emphasis upon tax efficiency, estate planning, healthcare access, and long-term wealth preservation than simply choosing the cushiest or most exclusive retirement zip code.

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Here are five such cities that are perfect for a wealthy retirement, but aren’t usual cities found in every golden years guidebook.

1. The Woodlands, Texas

Per US News & World Report, The Woodlands ranks among America’s best places to retire thanks to its strong healthcare network, quality of life and desirable amenities. Texas also has no state income tax, making it especially attractive for retirees living off investments and retirement accounts. Luxury homes remain far less expensive than comparable properties in coastal retirement hotspots, giving millionaires more home for their money.

2. Georgetown, Texas

Just north of Austin, Georgetown offers many of the same tax advantages along with a quieter pace of life. It’s also one of America’s wealthiest and safest retirement towns based on retirement income, crime rates and overall livability. That combination makes it appealing for retirees seeking financial efficiency without sacrificing comfort.

3. Oro Valley, Arizona

Scottsdale might get more attention, but the neighboring Oro Valley delivers a similar desert lifestyle at a lower cost. As SHP Financial points out, Oro Valley’s moderate tax structure and lack of estate or inheritance taxes can benefit affluent retirees focused on preserving wealth.

4. Bella Vista, Arkansas

Arkansas might not be the first state you associate with luxury retirement, but Bella Vista can make a compelling case thanks to its golf courses, lakes and outdoor recreation (not to mention low crime rates). Even better, home prices in Bella Vista remain a fraction of those in traditional luxury destinations, allowing retirees to enjoy upscale living while keeping costs under control.

5. Sioux Falls, South Dakota

South Dakota is one of America’s most tax-friendly states and has no personal income tax, making Sioux Falls an appealing destination for retirees drawing their income from large investment portfolios. U.S. News & World Report named it among its best places to retire due to the city’s growing healthcare sector, affordable housing and high quality of life.

The Bottom Line

Millionaire retirees certainly have the means to retire in more traditional luxury cities like Palm Beach rather than, say, Sioux Falls; that said, sometimes tax advantages, healthcare access and affordable estate planning offer a better and more satisfying retirement than golden beaches and the best golf courses.

For wealthy retirees who are hoping to preserve their hard-earned assets while still managing to enjoy a comfortable lifestyle in their golden years, these five under-the-radar cities prove that sometimes the smartest retirement move you can isn’t flashy, it’s simply comfortable and reliably responsible decision-making.

This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.

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