Don’t Retire In These 5 Expensive Cities With Limited Resources for Seniors

Happy senior friends having tea in cafe

Retirement is a new chapter for many people’s lives — not just professionally, but personally as well. It’s a moment to set aside the championed work of a career and focus on family, friends and passion projects.

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Along with these milestones comes a need for strategic planning, particularly around budgets, fixed incomes and managing expenses. While some retirees might have dreams of moving to exciting new locales to live out the rest of their golden years, some of these cities don’t offer enough resources or have a high cost of living that’s unsuitable for most seniors out of the workforce.

“Retirees should be cautious about settling in expensive cities,” said Daniel Morris, the founder of Senior Living Interviews. “High living costs in these cities can strain fixed retirement incomes, making it difficult to afford essentials such as housing, healthcare, and daily living expenses.”

Morris continued, saying, “Additionally, the availability of senior-specific services and affordable recreational activities may be lacking, further diminishing the quality of life for retirees. Opting for more affordable cities with robust senior support systems can provide a more comfortable and fulfilling retirement experience.”

If you’re done working and are in the market for a new hometown, avoid retiring in one of these five expensive cities with limited resources for seniors.

San Francisco

Time after time, San Francisco consistently ranks as one of the most expensive cities in the United States. The cost of housing — renting or owning — is almost beyond exorbitant as median home prices tower above the national average.

“While San Francisco boasts a culture and stunning landscapes, it’s widely known for its costs making it tough for seniors with fixed incomes,” said Neal Shah, founder and CEO of CareYaya. “The housing prices are sky high with median home values soaring above $1 million. Renting can also be unaffordable for retirees.”

Another expense that seniors need to focus on during their retirement years is transportation. In a place like San Francisco, public transportation is available, however, it’s not as senior-friendly compared to other cities. Walking or biking tends to be out of the question for most retirees due to the city’s hilly terrain.

And while it is true that San Francisco has top-rated healthcare facilities, the price of medical services can be astronomical.

New York City

In New York City, the situation is similarly dire, in Morris’ professional opinion.

“The city’s high cost of living extends beyond housing to include groceries, transportation and healthcare,” he said.

According to the Council for Community and Economic Research, New York consistently ranks as one of the most expensive cities in the U.S. This financial strain can severely limit a retiree’s ability to enjoy their golden years, as they may find themselves constantly cutting back on essential services and leisure activities.

“The fast-paced lifestyle may not suit all older adults,” highlighted Shah, pointing out that living in New York City and budgeting for the day-to-day expenses can be overwhelming for retirees. Shah said, “… dealing with the hustle and bustle of the city can be stressful for individuals looking for a peaceful retirement.”

Boston

This historical East Coast hub has plenty of places to explore and learn, if you can afford the daily sum of cost-of-living expenses such as housing, food and healthcare.

“Boston is known for its history and vibrant culture,” said Shah. “It can be a pricey and demanding place for retirees.”

On top of that, navigating Boston’s urban landscape, let alone the public transportation system, can be confusing and frustrating.

According to Shah, “The cold winters in Boston can be especially tough on seniors. The city’s aging infrastructure with sidewalks and old buildings can present mobility challenges. Moreover, the high cost of living especially when it comes to housing and healthcare can put a strain on retirement finances.”

Shah also highlighted another issue residents face in a city like Boston: the lack of specific housing options. The limited availability of housing for seniors often results in waiting lists with very little hope on the horizon.

Honolulu

While Hawaii may seem like it is the go-to retirement spot, the expensive cost of living in the capital city of Honolulu frequently poses challenges for seniors trying to stick to a budget.

“The geographical isolation of Hawaii often leads to increased costs as many goods need to be brought in,” explained Shah. “Healthcare expenses can also add up quickly [and] may not be as easily accessible when compared to other regions.”

Although the weather is delightful, Shah warned that being away from family on the mainland could also deter retirees.

Los Angeles

Los Angeles, while slightly more affordable than San Francisco and New York, still presents significant financial hurdles, according to Morris.

“The city’s sprawling nature necessitates a reliance on cars, leading to high transportation costs,” he said. “Additionally, healthcare services, while plentiful, are often expensive and may not be easily accessible without a vehicle. This can be particularly problematic for seniors who may have mobility issues or require frequent medical attention.”

Beyond the financial aspects, Morris stated cities such as Los Angeles often lack adequate resources tailored specifically to seniors.

“While they may have world-class hospitals and medical facilities, the sheer demand and high costs can make accessing these services challenging,” Morris explained. “Furthermore, senior-specific recreational activities and community centers are often overshadowed by the cities’ focus on catering to younger, working professionals.”

The Takeaway

As Morris explained, “the high cost of living, coupled with limited senior-specific resources, makes cities like San Francisco, New York City and Los Angeles unsuitable for retirees on a budget.”

Opting for more affordable locales with robust support systems instead can provide a more comfortable and fulfilling retirement experience.

“While these cities offer amenities, the steep expenses and potential scarcity of resources tailored specifically for seniors can make them rather challenging places to retire comfortably,” echoed Shah.

“It’s worth mentioning that different people may have experiences, and some older adults who have saved a lot or receive help from family members might still do well in these areas,” stressed Shah.

“However, for a lot of retirees living on a fixed budget, exploring places with greater senior-friendly amenities could result in a happier and more financially stable retirement.”

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This article originally appeared on GOBankingRates.com: Don’t Retire In These 5 Expensive Cities With Limited Resources for Seniors