5 places where you may want to retire

Seniors have long flocked to Florida after retirement because it has no state income taxes and the weather is hot. But other cities are giving the Sunshine State a run for its money, as retirees increasingly consider other factors when determining where to spend their golden years, experts say.

“Retirees are taking the time to think much more holistically about what the best places are for them,” says Matt Fellowes, founder of United Income, a Washington, D.C.-based financial tech company that provides money management services for retirees. Quality of life, health care services, transportation and proximity to friends and family members are all enticing seniors to open their minds to locations they may not have considered before. Here are some locations they may want to put on their radar:

Asheville, N.C.

Named by Lonely Planet in 2017 as the Best Place to Travel in the U.S., Asheville’s artistic community in the mountains of Western North Carolina is known for music, entertainment and dining, giving retirees plenty to do. Asheville is also accessible to the bigger cities of Charlotte, Knoxville and Atlanta, so retirees can easily travel if they choose to, says Andy Whitaker, a financial planner with Gold Tree Financial, a comprehensive financial tax and estate planning firm in Jacksonville, Fla.

Central Florida

Florida will likely always be an attractive place to retire, Whitaker says. But it’s also appealing because of the many beaches, theme parks and other venues for visiting grandchildren, Whitaker adds. Florida also has plenty of senior housing facilities and other amenities for an aging population. For seniors looking to buy a house, Tallahassee and Gainesville are more affordable than a lot of big cities, though both offer a bustling cultural scene, Hale said.

Pittsburgh

Finding a place with a robust economy is particularly important for seniors who plan to work or start businesses after retirement. In fact, the Merrill Lynch survey found that 70% of pre-retirees planned to work at least part-time after they retire. Pittsburgh has a great technology hub surrounding Carnegie Mellon University, says Bert Sperling, founder and CEO of Sperling’s Best Places.

Illinois

Being an hour or two outside of a big city gives you the best of both worlds. That’s one of the reasons Fellowes suggests Illinois as a welcome place to retire. Evanston is just one suburb of Chicago to consider.

“Evanston is a less expensive alternative that is a 45-minute train ride away from downtown Chicago,” Fellowes says.

El Paso

Those who want affordability plus a moderate climate might consider El Paso. The cost of living in El Paso is 16.4% lower than the U.S. average, according to Sperling’s Best Places. It’s also home to the University of Texas-El Paso, which gives it the cultural amenities of a college town.