6 Best Cities for Retirees

If money didn't matter, there'd be plenty of fabulous places to spend your retirement: a penthouse in Paris. An all-glass modern on the beach in Malibu. Perhaps a small winery in Napa Valley.

But money does matter. Even as the financial markets limp out of their recessionary funk, many of us are redefining what our "dream" retirement might look like.

Sure, Honolulu has beaches and well-priced pineapples, but few of us can afford its median home price of $550,000. Chicago has world-class dining and lake views galore, though its 9.75 percent sales tax can put those amenities out of reach. Then again, not many of us want to move to a one-stoplight town either, even if it is cheap.

We started our search for the perfect retirement destinations by examining financial data on more than 350 cities across the country. We looked at not only property- and sales-tax rates, median housing price, and cost of living but also the tax rate on pensions and Social Security. Then we added in such criteria as recreation, climate, and arts and culture.

Here are some of the cities that topped its list for most affordable cities for retirement:

Winchester, Va.

Median home price: $151,500

State tax: On pensions, partial; on Social Security, no

Sales tax: 5%

Portland, Maine

Median home price: $202,800

State tax: On pensions, yes; on Social Security, no

Sales tax: 5%

Gainesville, Ga.

Median home price: $141,800

State tax: On pensions, yes; on Social Security, no

Sales tax: 7%

Wenatchee, Wash.

Median home price: $192,000

State tax: On pensions, no; on Social Security, no

Sales tax: 8%

Tulsa, Okla.

Median home price: $126,600

State tax: On pensions, yes; on Social Security, no

Sales tax: 5.5%

Cheyenne, Wyo.

Median home price: $141,400

State tax: On pensions, no; on Social Security, no

Sales tax: 6%

Tags: 2011, Estate, Glozal, NAR, Real, Realtors, Retirees, networking

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Comment by Chris Calogirou on September 8, 2011 at 4:06pm: The happiest retired people i met, were in Limassol - Cyprus

Comment by Jacci Perry on September 8, 2011 at 4:02pm: I know a lot of people are retiring in Northwest Arkansas.

Comment by Shannon Lefevre on September 8, 2011 at 4:02pm: Naples, Florida LOVES Jessica Kljajic!!! Whoo Hooo! :)

Comment by Jessica Kljajic on September 8, 2011 at 4:00pm: I love Naples FL. That is my #1 choice.

Comment by Nadia Scheffers on September 8, 2011 at 3:54pm: Thanks. Great info to know.

Comment by Shannon Lefevre on September 8, 2011 at 3:48pm: Of course there's also Naples, FL and while you can't buy much for $126,000...it sure beats the LONG walk to the beach from Tulsa, OK. :)

6 Best Cities for Retirees

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