Many retirees dream of a sunny, relaxed retirement, but the rising costs are making them rethink their plans.

For those nearing retirement, affordable states offering a high quality of life are becoming increasingly attractive. Could this be the ideal retirement destinations you've been searching for?

1. Texas​

Texas has long been a popular choice for retirees, and its appeal is only growing. The state boasts no individual income tax and does not tax Social Security benefits, making it an attractive option for those looking to stretch their retirement savings.

Additionally, GOBankingRates recently highlighted several Texas cities, including Frisco, El Paso, and Plano, as hidden gems for retirees due to their low living costs and low crime rates.

2. New Hampshire​

New Hampshire’s tax-friendly policies make it a top contender for retirees looking to reduce their financial burdens. According to a study by Empower, the Granite State has the lowest tax burden in the country, at just 5.1%.

While there is a 5% tax on investment income, Social Security benefits remain untaxed. With its scenic landscapes and relatively low property taxes, New Hampshire is a great option for those seeking a peaceful retirement.

3. North Carolina​

North Carolina is emerging as a favorite among retirees, particularly due to its affordable housing market. Major cities like Charlotte and Raleigh offer median mortgage and rent costs below $1,500 per month, according to U.S. News & World Report.

Beyond housing, North Carolina is known for lower-than-average property taxes and reasonably priced homeowners insurance, making it a budget-friendly choice for retirement.

4. Arkansas​

For retirees on a fixed income, Arkansas is quickly becoming a top destination. GOBankingRates reports that the total annual cost of living in Arkansas is around $43,865—one of the lowest in the country.

With monthly expenses averaging $3,655, including $547 for healthcare and $392 for groceries, Arkansas allows retirees to make their savings last longer without sacrificing quality of life.

5. Iowa​

Iowa may not be the first place that comes to mind for retirement, but its affordability and strong healthcare system make it a top choice. Research from Choice Mutual ranks Iowa as the best state for retirement in 2024, with low crime rates and a cost of living that allows retirees to maintain financial security. Retirees in Iowa can expect to spend about $3,910 per month, including $400 on transportation and $622 on healthcare. With its stable economy and affordable lifestyle, Iowa is a smart choice for those looking to retire comfortably.

As you consider your retirement relocation, one of them might just be the perfect place for you to enjoy your well-earned rest.

Are you considering relocating for retirement?

Research your options carefully and weigh factors like cost of living, taxes, and healthcare availability. If you’ve already moved or are planning to, share your experience in the comments below!