Despite popular belief, seniors aren’t necessarily flocking to either coast to spend their retirements, and that bodes well for Colorado.
According to MoneyRate.com, today’s seniors, with the recession depleting their retirement savings, are thinking about more than the climate when considering where to spend the last years of their lives.
In the search for the best states to retire, MoneyRates.com's Richard Barrington analyzed what he says are the seven key factors seniors should consider: cost of living, property taxes, violent crime rates, climate, life expectancy for seniors, recent population growth in the senior demographic and unemployment.
“Retirees and young people have very different concerns,” Barrington tells Business Insider. “Crime's a good example. Older folks are especially vulnerable to crime and they tend to worry about it more.”
But it's life expectancy that helped put Colorado No. 6 on the list of best states to retire.
“Only three states have seen faster growth in their senior populations, which is helped by the fact that seniors in Colorado tend to live for a long time,” Barrington says.
Colorado’s 65-and-up population grew 32 percent between the 2000 and 2010 census.
Although its cost of living ranks among the nation’s highest, Hawaii ranked No. 1 for retired seniors on this year’s list. Those retiring there are living two years longer than the average U.S. life expectancy rate, though they are certainly paying for it.
Here’s a look at the top 10 states to retire, according to MoneyRate.com:
7. Florida (tie)
7. New Mexico (tie)
9. South Dakota
10. California (tie)
10. Texas (tie)
RE/MAX of Boulder, Inc