Retiring in Colorado

1 min readLast updated December 7, 2023by Kate Morgan

Find out more about age-related considerations, discover the best places to live, and explore the pros and cons of retirement in Colorado.

According to data from the U.S. Census Bureau, in 2022, Colorado had a population of approximately 5.8 million people, with over 15% of the population being over the age of 65, making it one of the top states with a large retirement population.

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Find out what retiring in Colorado could mean for you.


  • Colorado has a large retirement population (more than 15%).

  • Colorado offers pros such as natural beauty and outdoor activities.

  • The state has cons, such as a high cost of living and heavy traffic.

  • Grand Junction is one of the best places to retire in Colorado.

  • Speak to a financial advisor about saving for Colorado retirement.

What are the pros and cons of retiring in Colorado?

While the Centennial State is popular with many retirees, it’s important to be aware of factors that some people find discouraging. Here are the pros and cons of retiring in Colorado:

The pros of retiring in Colorado

The positive factors that might encourage you to consider spending your retirement in Colorado include:

  • 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.

The cons of retiring in Colorado

The main cons that deter some retirees include:

  • 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.

If you're unsure about where to move to retire, a financial advisor can help. We can match you with an advisor who is best suited to help you plan your retirement.

What are the best places to retire in Colorado?

If the Centennial State is your chosen retirement state, here are some of the best places for Colorado retirement communities:

  1. 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.

  2. 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.

  3. Denver: Denver is the largest city in Colorado and offers a wide variety of cultural attractions, including museums, theaters, and music venues. It also provides 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.

  4. 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.

  5. 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.

What age can you retire in Colorado?

There is no legally mandated Colorado retirement age. Provided that individuals are able to support themselves financially, they can retire whenever they please. However, there are some age-related benefits and considerations for retirees in Colorado, and it’s important to be aware of these:

  • Social Security benefits: The earliest age at which you can begin receiving Social Security benefits is 62, but if you delay taking benefits, your monthly payments will increase. Full retirement age (FRA) is between 66 and 67, depending on your birth year. Delaying benefits until after FRA can result in even higher monthly payments.

  • Medicare eligibility: Medicare eligibility begins at age 65, regardless of retirement status. However, if you choose to retire before age 65, you will need to find alternative healthcare coverage until you become eligible for Medicare.

  • Age discrimination: It is illegal for employers to discriminate against employees or job applicants based on age.

  • Retirement savings: Regardless of retirement age, individuals need to start saving for retirement as early as possible. Many financial experts recommend saving at least 15% of your income for retirement. You could check out the average retirement savings in the US here.

Is Colorado a good place to retire?

Colorado offers a range of benefits for potential retirees, including a mild climate, beautiful scenery, and a vibrant cultural scene. However, this is all offset by a higher cost of living. In addition to potentially paying more to maintain the lifestyle you want to enjoy during your retirement in Colorado, you also need to take insurance and property taxes into account.

Get expert financial advice from an SEC-regulated advisor and make informed decisions regarding your retirement goals. Visit Unbiased to learn more about investment and retirement savings options, and let us match you with the advisor who is best suited to help you plan for your future.

Content writer

Kate Morgan

Kate has written for leading publications and blue chip companies over the last 20 years.

Want to retire in Colorado?

A financial advisor can help you plan and realize your dream retirement.