If you've worked hard and invested for a comfortable retirement, you're probably interested in finding the best place to live. Retiring on $6,000 per month is likely enough to live comfortably in many parts of the U.S. Considering budget, climate and other lifestyle factors, you can home in on the ideal location to spend your golden years. Whether you're most interested in warm weather, a tax-friendly state or access to world-class recreation, any of these top cities could be an excellent fit.
Remember to keep up a healthy emergency fund in a high yield savings account and carefully manage your 401(k), IRA and other retirement accounts to ensure you have the funds available for your dream retirement of $6,000 per month.
The Best Places To Retire on $6,000 Per Month
- • Best for Year-Round Outdoor Recreation: Reno, Nevada
- • Best for Sunshine and Warm Weather: Orlando, Florida
- • Best for Affordable Big-City Living: Minneapolis, Minnesota
- • Best for Midwestern Charm: Oklahoma City, Oklahoma
- • Best for Small-Town Comforts: Georgetown, Texas
1. For Year-Round Outdoor Recreation: Reno, Nevada
- • Cost of living: 5% above the national average1
- • Median home price: $546,5071
- • Median monthly rent: $1,6621
- • Metro population: 670,2582
- • State taxes: No state income tax3
Why retire in Reno?
Nevada may be best known for its casino-based tourism industry, but it's also a haven for those looking for a tax-friendly retirement and access to outdoor recreation year-round. Reno's cost of living is just above the national average and cheaper than many other cities. Plus, it has easy access to hiking, skiing, boating and other outdoor activities, regardless of the season.
Reno is relatively close to Lake Tahoe and several ski resorts. While casinos are a big draw for some, you don't have to gamble. The large hotels host nightly entertainment and bring in major acts to attract visitors. It is sunny most of the year and makes a wonderful home for many active retirees.
2. For Sunshine and Warm Weather: Orlando, Florida
- • Cost of living: 5% above the national average4
- • Median home price: $500,0634
- • Median monthly rent: $1,5204
- • Metro population: 4,428,0982
- • State taxes: No state income tax5
Why retire in Orlando?
Orlando is a popular destination for warm and sunny weather all year. It's just a bit over the national average cost of living but comes with much lower costs than major cities like New York and Los Angeles. Orlando is located midway between the Florida Gulf Coast and Atlantic Coast, giving residents access to excellent beaches. It's also right down the road from Disney World, Universal Studios and other fun theme parks.
Florida has no state income tax, so your Social Security, IRA and 401(k) withdrawals won't be subject to state taxes. In addition to the beach and theme parks, Orlando offers plenty of golf courses, fishing spots, walking trails, public parks, restaurants and activities to keep you busy.
3. For Affordable Big-City Living: Minneapolis, Minnesota
- • Cost of living: 1% below the national average6
- • Median home price: $413,0366
- • Median rent: $1,2566
- • Metro population: 3,693,7292
- • State taxes: 5.35% to 9.85%7
Why retire in Minneapolis?
The Twin Cities area is one of the most affordable large metropolitan areas nationwide, with the average cost of living slightly below the national average. While winters can be snowy and frigid, the overall lifestyle is excellent, with a bustling and highly connected downtown, major-league sports teams and top-notch outdoor recreation during the warmer months.
When you want to spend a day outside, any of the area's many lakes make a great destination. Boating, hiking, biking, swimming and other family-friendly activities are available near lakes such as Lake Harriet, Lake of the Isles and Lake Calhoun, among others. The city's sprawling suburbs can offer more affordability, with plenty of warm and friendly communities.
4. For Midwestern Charm: Oklahoma City, Oklahoma
- • Cost of living: 16% below the national average8
- • Median home price: $320,1488
- • Median monthly rent: $9738
- • Metro population: 1,459,3802
- • State taxes: Social Security is not taxed; 4.75% state income tax for most filers9
Why retire in Oklahoma City?
Oklahoma City is centrally located in the United States and offers a cost of living well below the national average. With relatively low housing costs, you can stretch your Social Security and other retirement income further. And Social Security income isn't taxed, making Oklahoma even more attractive for retirees.
The city is home to NBA and minor-league baseball teams, museums, a zoo and botanical gardens. Bricktown—a waterfront area with warehouses turned into restaurants, piano lounges and wine bars—is perfect for an afternoon or evening out. Oklahoma City offers a mix of culture and lifestyle that's perfect for many people in their golden years.
MORE PLACES TO RETIRE FOR: $1,500, $3,000, $4,000 or $5,000 per month
5. For Small-Town Comforts: Georgetown, Texas
- • Cost of living: 3% below the national average10
- • Median home price: $429,26910
- • Median monthly rent: $1,30510
- • Metro population: 2,421,11511
- • State taxes: No state income tax12
Why retire in Georgetown?
Located less than an hour north of Austin and part of the same metropolitan area, Georgetown offers small-town charm with the conveniences of a larger city nearby. Georgetown itself has about 100,000 total residents, and it's also home to Southwestern University.13
But it's not just a college town. Georgetown is also home to Sun City Texas, a retirement community of more than 15,000 residents, with amenities including golf courses, fitness centers, swimming pools, tennis and pickleball courts, fishing ponds and walking trails. Its community centers offer art and craft studios, a woodshop, a computer lab, a billiards hall and meeting rooms for clubs and classes.14 There's no state income tax in Texas, so you may find Georgetown a fun and affordable place to call home.
Live Your Best Retirement on $6,000 Per Month
When you manage your budget well and keep enough cash in a savings account, you can easily navigate the ebb and flow of your finances in retirement on $6,000 per month. With that income, you have many options for where to call home. Depending on your desired lifestyle, one of these five spots could be the best place to retire at $6,000 per month.
Eric Rosenberg is a financial writer, speaker and consultant based in Ventura, California. He is an expert in banking, credit cards, investing, cryptocurrency, insurance, real estate, business finance and financial fraud and security. His work has appeared in many online publications, including Time, USA Today, Forbes, Business Insider, NerdWallet, Investopedia and U.S. News & World Report. Connect with him and learn more at EricRosenberg.com.
READ MORE: 10 Questions to Help Accurately Calculate Your Retirement Numbers
Sources/references
1. https://www.payscale.com/cost-of-living-calculator/Nevada-Reno
2. https://www2.census.gov/programs-surveys/popest/datasets/2020-2022/metro/totals/csa-est2022.csv
3. https://tax.nv.gov/FAQs/Information_About_Nevadas_Taxes_and_The_Department/
4. https://www.payscale.com/cost-of-living-calculator/Florida-Orlando
5. https://taxfoundation.org/location/florida/
6. https://www.payscale.com/cost-of-living-calculator/Minnesota-Minneapolis
7. https://www.house.mn.gov/hrd/pubs/ss/ssindinc.pdf
8. https://www.payscale.com/cost-of-living-calculator/Oklahoma-Oklahoma-City
9. https://www.kiplinger.com/state-by-state-guide-taxes/oklahoma
10. https://www.payscale.com/cost-of-living-calculator/Texas-Georgetown
11. https://censusreporter.org/profiles/31000US12420-austin-round-rock-georgetown-tx-metro-area/
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