Colorado Ranked as One of the Most Affordable States for Retirement
The idea of retirement can conjure up blissful images of rest and relaxation; however, it can also cause stress — especially regarding affordability.
The website notes that nearly one in four Americans have no retirement savings, and other U.S. residents are concerned about the future of Social Security and Medicare.
"It has never been more critical for retired Americans and those approaching retirement to consider myriad financial factors before settling down," said Seniorly.
Thankfully, retirement may come easier in Colorado.
Seniorly reports that the Centennial State is the sixth-best in the U.S. for retirees, just behind Virginia, Idaho, Montana, Utah, and Wyoming. But why?
The website says Colorado fares well in eight metrics: cost of living, average Medicare spending, annual median aide costs, homeowners saving on housing, electric bills, average retirement income, poverty rates, and tax friendliness.
Tax friendliness, in particular, appears to be the Centennial State's strong suit.
"Half of the top 10 states — Wyoming, Idaho, Colorado, Delaware, and Tennessee — are considered especially tax-friendly for retirees," said Seniorly, citing a Kiplinger study that ranks Colorado as the third-best state regarding taxes.
Ready to retire? Check out the best Colorado cities for retirement in the gallery below.