Retiring in Colorado
Colorado, located in the western United States, is a popular retirement destination for many Americans seeking a beautiful environment with access to outdoor activities, cultural events, and a comfortable climate. With its stunning mountains, scenic landscapes, and bustling cities, Colorado offers a unique retirement experience that attracts many retirees every year. According to data from the U.S. Census Bureau in 2020, Colorado had a population of approximately 5.8 million people, with over 14% of the population being over the age of 65, making it one of the top states with a large retirement population.
What age can you retire in Colorado?
Like many states, Colorado has no specific retirement age that is mandated by law. This means that individuals are free to retire whenever they choose, as long as they are able to financially support themselves. However, there are some age-related benefits and considerations for retirees in Colorado:
Why do people retire to Colorado?
Beautiful environment: Colorado is known for its breathtaking natural environment, with scenic mountain ranges, forests, and lakes. Retirees can enjoy living in a beautiful environment that offers plenty of opportunities for exploration and outdoor activities.
Comfortable climate: Colorado's climate varies greatly depending on the region, but many areas have a comfortable climate with mild winters and warm summers. This makes it an attractive destination for retirees who want to avoid extreme weather conditions.
Outdoor activities: Colorado is home to numerous national parks, forests, and ski resorts, providing ample opportunities for outdoor activities such as hiking, skiing, fishing, and camping.
Cultural scene: Colorado has a vibrant cultural scene, with numerous museums, galleries, and performing arts venues. The state hosts several festivals and events throughout the year, including the Colorado Shakespeare Festival, the Telluride Film Festival, and the Denver Arts Festival.
What puts people off retiring to Colorado?
Cost of living: Colorado's cost of living is generally higher than the national average, which could be a concern for retirees on a fixed income. Housing and healthcare costs, in particular, are higher than in many other states.
Traffic: Colorado is known for its heavy traffic, particularly in and around the major cities of Denver and Colorado Springs.
Natural disasters: Colorado is prone to natural disasters such as wildfires and floods, which could be a concern for retirees living in certain areas.
Best places to retire in Colorado
If Colorado is your chosen retirement state, here are some of the best places to retire in:
Colorado Springs: This city is located at the base of Pikes Peak and offers a mild climate, a variety of outdoor activities, and a thriving cultural scene. Colorado Springs is also home to several military bases and hospitals, making it a popular destination for retired military personnel.
Boulder: Boulder is a picturesque college town located at the foothills of the Rocky Mountains. It offers easy access to hiking and skiing, a lively arts and music scene, and a strong focus on health and wellness. Boulder also boasts a high quality of life and a strong sense of community.
Denver: Denver is the largest city in Colorado and offers a wide variety of cultural attractions, including museums, theaters, and music venues. It also offers easy access to the mountains for skiing and hiking. While the cost of living in Denver can be higher than some other Colorado cities, it also offers a variety of retirement communities and senior living options.
Fort Collins: This college town offers a high quality of life, a strong sense of community, and a variety of cultural and outdoor activities. It also boasts a low crime rate, a growing economy, and a range of housing options.
Grand Junction: This city is located on the western slope of the Rocky Mountains and offers a mild climate, a variety of outdoor activities, and a growing arts and cultural scene. It is also home to several healthcare facilities, making it a popular destination for retirees in need of medical care.
In conclusion, Colorado offers a range of benefits for potential retirees including a mild climate, beautiful scenery and a vibrant cultural scene, though this is all offset by a higher cost of living. It's important to seek expert financial advice to weigh up all of the costs associated with retiring in Colorado, including property taxes, insurance, and living expenses, in order to make an informed decision about whether the state is the right choice for your retirement.
Kate has written for leading publications and blue chip companies over the last 20 years.