Where people who have retired choose to settle down for the rest of their lives depends on many factors, but for most Americans the chief consideration centers on their financial circumstances.
According to recent research, two-thirds of Americans who will turn 65 by the end of this decade are not financially ready for retirement and are at risk of outliving their savings. That means they will be seriously constrained in choosing where to live.
Even comfortably retired people still have to keep an eye on their finances, and many relocate to places that are inexpensive and offer a satisfying life.
Those who have saved enough for retirement have the luxury of considering places that allow them to pursue their desired lifestyle, have abundant amenities such as good restaurants and entertainment venues, and beckon with ideal weather. These places also often come with a hefty price tag, according to recent research from GOBankingRates.
To arrive at its ranking of the most expensive retirement towns, GOBankingRates first isolated all U.S. cities with a total population greater than 25,000 and more than 25% of their population 65 and older.
Researchers then pulled data from various sources, up to date as of July 11, on annual rent; home value; annual mortgage assuming a 30-year fixed-rate mortgage at 6.89%; annual grocery, health care, transportation and utilities costs; and total annual necessities cost for both renters and homeowners.
See the accompanying gallery for the 12 most expensive retirement towns, according to GOBankingRates.
