Best Cities For Retirees Who Want to Travel

If you hope to travel a lot once you retire, being based in the right place can make travel easier and less expensive. Usually that means being near a large city with an international airport, but we all know city living is expensive. For retirees - especially those on a fixed income - living in a city may not be affordable.

So for those of you who have spent your lives dreaming of all the places you'll travel to once you finally have the time in retirement...or those of you who have always been avid travelers and see no slowing down once retirement hits...you may be interested in a report by SmartAsset that ranks the best cities for retirees with wanderlust.

SmartAsset looked at the following metrics in order to rank cities: number of international flights, the number of domestic flights, senior income tax rate, property crime rate, housing costs, real estate tax, travel agencies per 1,000 establishments, the number of international destinations, housing costs as a percent of senior income, senior poverty rate and the average cost of domestic flights.

Here are the Top 10 ranked in order:

  • Las Vegas
  • Phoenix
  • Dallas
  • Houston
  • Fort Worth
  • Chicago
  • Philadelphia
  • Tampa
  • Fort Lauderdale (tied for 9th)
  • Salt Lake City (tied for 9th)

You're probably thinking, Vegas??? It must cost an arm and a leg to live in Vegas. True, cost of living in the immediate areas surrounding Vegas can be pricey, but it came in first primarily due to the availability of international and domestic flight options. Taxes are also fairly low.

A few other key findings? Texas took three of the top 10 spots because the state has a nice mix of affordability, major airports and low tax rates. Florida took two of the top 10 spots, primarily because of its proximity to other countries, as well as affordable homes, low taxes and affordable flights. New York City and LA offer great travel access and make the Top 25, but they fail to make the top 10 because of affordability.

Check out the full report for the top 25 cities. It also includes information about each of the Top 10 cities.

If you want a travel-filled retirement, there are several things you can do to help make it happen. First and foremost, you'll want to start saving early. Yes, we're boomers, so we may have missed the boat on this one. By saving early, you allow your money to work for you through the power of compound interest. It's never too late to start saving. Next, take advantage of the right kind of savings. A 401(k) or IRA can lower your tax exposure and help you increase your savings rate. Finally, seek the help of a financial advisor to make sure your bases are covered. Unless you're a financial expert, it's always a good idea to get a second opinion on your strategy.

SmartAsset offers free and personalized tools to empower you to make smart personal finance decisions around homebuying, retirement, taxes and more.

 

 

 

 

 

 




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