Tom Kalinski, RE/MAX of Boulder
Colorado is the third-best state in the nation to retire, according to the 2023 analysis by WalletHub.com. The state received the same ranking in 2022.
Many think long and hard about when to retire. While “retiring” typically marks the end of the traditional working life, it’s also the beginning of a time when you can enjoy each day to its fullest. Considering the opportunity for life enjoyment and the need for financial security, it’s critical to also think deeply about where to retire. Often, retirees choose to move by downsizing to a new home in the same city or relocating to an entirely new city.
Balance.com suggests that pre-retirees should determine whether a move is necessary before making decisions. They suggest that if your current hometown is “affordable and close to family, friends, and activities,” moving may not be for you.
Some may try on a new location part-time, with a condo on the beach and one in the mountains. Buying a second home while you are still working can provide a rental before you retire and serve as an alternate location after you retire. You could continue to rent the house for part of the year and live there the rest of the time.
What makes Colorado a great place to retire?
To identify the most retirement-friendly states, WalletHub compared the 50 states across three key dimensions: affordability, quality of life and health care. The analysis used 47 metrics scoring each factor:
Affordability was ranked by cost of living, tax friendliness and cost of in-home services, among other items;
Quality of life was accessed by factors including share of the population aged 65 and up, elderly-friendly labor market, access to public transportation, access to scenic byways and cultural activities, violent crime rate and air and water quality; and Healthcare was evaluated by metrics including the percentage of residents 12+ who are fully vaccinated, family medicine physicians and nurses per capita, healthcare facilities per capita, quality of public hospitals and life expectancy.
Colorado ranked 14th in the nation for affordability, 27th for quality of life and fifth for healthcare in the 2023 analysis. The state was down in each category compared to 2022, when the rankings were 11th for affordability, 21st for quality of life and fourth for healthcare.
Two Colorado cities ranked in WalletHub’s top 50 places to retire:
No. 7 — Denver, with a total score of 56.99, ranked 82nd in affordability, 11th for activities, 71st for quality of life and 39th for healthcare. No. 36 – Colorado Springs, with a total score of 51.58, ranked 37th in affordability, 82nd for activities, 39th for quality of life and 70th for healthcare. Following are the top ten Best States to Retire, as ranked by WalletHub.
1. Virginia
Affordability rank: 16
Quality of life rank: 11
Healthcare rank: 11
2. Florida
Affordability rank: 9
Quality of life rank: 4
Healthcare rank: 28
3. Colorado
Affordability rank: 14
Quality of life rank: 27
Healthcare rank: 5
4. Wyoming
Affordability rank: 5
Quality of life rank: 9
Healthcare rank: 38
5. Delaware
Affordability rank: 6
Quality of life rank: 33
Healthcare rank: 18
6. New Hampshire
Affordability rank: 31
Quality of life rank: 5
Healthcare rank: 7
7. South Dakota
Affordability rank: 25
Quality of life rank: 30
Healthcare rank: 9
8. Minnesota
Affordability rank: 40
Quality of life rank: 2
Healthcare rank: 1
9. Idaho
Affordability rank: 15
Quality of life rank: 17
Healthcare rank: 31
10. North Dakota
Affordability rank: 22
Quality of life rank: 25
Healthcare rank: 20
Read the complete list of WalletHub’s 2023 Best States to Retire at https://wallethub.com/edu/best-and-worst-states-to-retire/18592 and Best Places to Retire at https://wallethub.com/edu/best-places-to-retire/6165.
By Tom Kalinski. Tom is the broker/owner of RE/MAX of Boulder. He has a 40-year background in commercial and residential real estate. For questions, email Tom at [email protected], call 303.441.5620 or visit boulderco.com.
