Where you ultimately choose to retire doesn’t always come down to dollars and cents. Indeed, the top reason people move in retirement is to be closer to family, according to a survey by Merrill Lynch and Age Wave, a research firm focused on the aging population. Or, rather than move, maybe you just want to stay put in retirement in a place that’s comfortable and familiar. For whatever reason, you may wind up retiring in a place where the living costs can be relatively high.
But it can be worth it. We pinpointed one great retirement destination in each state, taking into account safety, median incomes and poverty rates for retirement-age residents, locals’ sense of well-being, and the availability of recreational and health care facilities, as well as living expenses. While the cost of living in each of these 16 retirement spots exceeds the national average by 10% or more, each offers plenty of attractive advantages for retirees to offset the higher price tag. It’s worth noting, too, that most people in these expensive areas can afford the living costs, given their typically higher-than-average household incomes. Take a look to see if any of these pricey places to retire are worth fitting into your own budget.