In 2023, WalletHub evaluated affordability in retirement, indicating that the average retired household spends around $5,000 monthly on living expenses. Colorado was identified as the third-best retirement state, attributed to its lack of estate or inheritance taxes, a low poverty rate among seniors, and a minimal percentage of seniors facing hunger. It also has a low rate of social isolation among elderly residents, ample volunteer opportunities, and a high number of seniors in good health and active lifestyles, making it an ideal choice for retirees seeking engagement.
According to data from the Consumer Expenditure Surveys, the average retired household spent approximately $5,000 per month on living expenses, including housing and health care.
Living in the right place after you retire can make your money go a lot further, considering that 66 percent of non-retired adults say their retirement savings aren't on track.
Colorado won high praise thanks to its taxpayer-friendly conditions, with no estate or inheritance taxes, along with a low poverty rate for residents ages 65+.
Colorado has one of the lowest rates of social isolation for seniors, highlights top geriatric hospitals, and offers high rates of healthy and active seniors.
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