Retirement is often thought of as a time for pinching pennies. But in some parts of the country, retirees live more comfortably than many Americans do during their working years.
Where are those places? GoBankingRates has mapped them out. The personal finance website studied U.S. cities and towns where American seniors — defined as those aged 65 and older — made up at least one-quarter of the population, and then ranked those communities by median income. The result is a list of the wealthiest retirement towns across the United States, from New York to Hawaii.
And these areas aren’t just rich; many of them also offer some of the most important features for retired life — features like outdoor attractions, social activities and proximity to doctors and hospitals.
“It’s important for people of any age to get fresh air, exercise daily and interact with friends and family, but even more so for those who are retired,” said Andrew Herzog, a wealth advisor at The Watchman Group in Plano, Texas. “After all, work is no longer a part of daily life, so having a reason to get up and get out every day is a crucial factor in a retirement town.”
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Of course, none of these towns is perfect. Each municipality has its drawbacks, and the fact that the residents have such high incomes means that, in many cases, these are highly expensive places to live.
“No one said these towns were affordable for many retirees,” Herzog said. “But assuming you can, it’s very difficult to beat the quality of life these towns offer.”
Here are the five richest retirement towns in the country: