You've probably been dreaming about retirement since the day you started working. But will your budget allow you to make those dreams a reality? It has a better chance if you pick an affordable retirement destination.
To identify some of the cheapest places in the U.S. where you will actually want to retire, we started by selecting a great place to retire in each state. We based our analysis on factors critical to retirees including lifestyle, safety, taxes, quality of health care and, of course, cost of living. Then, from that list of 50 picks we weeded out the places that, while otherwise promising, sport living costs for retirees that are above the national average. We were left with 23 appealing places that are particularly cheap for retirement. See for yourself if any of these destinations could be where you live out your dreams.
Cost of living for retirees: 8.7% below U.S. average
Share of population 65+: 14.3%
Virginia 's tax rating for retirees: Mixed
Lifetime health care costs for a retired couple: Below average at $388,548
Take a hike. Really. Retiring in Roanoke, between the Blue Ridge and Allegheny mountains, provides outdoorsy types with more than 600 miles of nearby trails. For the less actively inclined, you can still enjoy the views with a drive along the Blue Ridge Parkway. Or sample tastes from the wide selection of local breweries and wineries.
Retiree living costs look just as good, falling below average in every category. Housing-related expenses for retired residents typically run 11.7% below the national average. Across all ages, the median home value in the city is $134,700, far less than the $244,600 median for the state.