For many Americans, the prospect of retiring in the Golden State is nothing more than a pipe dream. California boasts beautiful nature, bustling cities and a rich history, but it’s also one of the most expensive places to live in the United States. With the fourth highest cost of living and the thirteenth highest tax burden in the nation, the state appropriately ranked No. 38 in affordability on WalletHub’s “Best & Worst States to Retire” study.
It’s easy to see why California might seem out of reach to retirees living on a fixed monthly income, but a closer look at individual cities in the Golden State proves there are exceptions. It’s not all about the money, though. Seniors in California will want to live somewhere that’s safe and provides good quality healthcare, especially in the midst of the COVID-19 pandemic, where California is one of the states hit hardest. The best locations will also have fulfilling activities to do during retirement.
Laura Zettel-Watson, professor of psychology, and Kristin J. Kleinjans, assistant professor of economics — experts on the panel of researchers — shared five indicators of why California could be a retirement friendly destination and how the pandemic and state’s policy and pensions influence retirees.