These Are the 5 Most Desirable Retirement Locations — But Most Retirees Can't Afford Them, New Data Reveals If money were no object, American retirees have their hearts set on warm, luxurious destinations.
By Amanda Breen Edited by Jessica Thomas
Key Takeaways
- The average household retirement savings of those aged 65 to 74 is just $609,230, putting many coveted retirement locales out of reach.
- MarketBeat surveyed 3,000 people nearing or in retirement to see which locations are the most desirable.
The average American believes they'll need about $1.9 million to retire comfortably, according to a survey conducted by Schwab Retirement Plan Services, yet the average household retirement savings of those aged 65 to 74 is just $609,230, per the Federal Reserve's 2022 Survey of Consumer Finances.
Of course, where someone plans to retire is a significant factor in just how much money they'll need to live out their golden years.
According to personal finance site GoBankingRates, retirees who flock to expensive U.S. states like Hawaii or New York will need more than $1 million just to fund their living expenses for 15 years, while those who opt for places with lower costs of living in the Midwest or South will see their money go a lot further.
Related: The No. 1 State to Retire in Might Not Even Be on Your Radar, According to a New Report
Naturally, cost of living will determine many retirees' relocation plans. However, if money were no object, several warm locales known for their affluent residents and luxurious lifestyles would rise to the top, a survey from financial media site MarketBeat.com found.
MarketBeat's survey of 3,000 people who were retired or nearing retirement revealed neighborhoods in Hawaii, Florida and California in the top spots, with Wailea, Maui, Hawaii snagging the No. 1 title.
Read on for the top five most desirable retirement locations, according to the findings:
1. Wailea, Maui, Hawaii
- Known for its beaches, resorts and golf courses
2. Pelican Bay, Naples, Florida
- Comes with access to private beaches, fine dining and social clubs
3. Southeast Gables, Coral Gables, Florida
- Recognized for its Mediterranean-style architecture, golf courses, amenities and healthcare facilities
4. Carmel-by-the-Sea, California
- Beloved for its coastal views, art scene and close-knit community
5. The Villages, Florida
- Offers a range of recreational options — golf, swimming and more — for active and social retirees
