Retiring in Iowa: a guide

Is Iowa a good place to retire?

Iowa may be a great option for retirees, though there are things to take into consideration, such as how rural the state is and the corresponding lack of services and job opportunities. 

However, the state certainly is one to consider if you value a peaceful, affordable lifestyle and being closer to nature while still having access to cultural and recreational amenities.

According to data from the U.S. Census Bureau, in 2024, Iowa had a population of approximately 3.24 million people, with almost 19% of the population being over the age of 65. 

At what age can you retire in Iowa?

There’s no set retirement age in Iowa, or any US state. 

As long as you have the means to support yourself financially, you can retire at any age in the state. 

However, there are some age-related benefits and considerations for retirees in Iowa that might want to make you wait until you reach a certain age:

• 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.

What are the pros and cons of retiring in Iowa?

If you’re thinking about spending your retirement in Iowa, you should know the pros and cons.

The pros of retiring in Iowa

The main pros of retiring in Iowa include:

• Affordability: Iowa's cost of living is generally lower than the national average, which is a huge advantage for retirees on a fixed income. Housing and healthcare costs are also lower than in many other states, making it a very attractive destination for retirees.

• Outdoor activities: Iowa is home to numerous state parks, lakes, and trails, providing ample opportunities for outdoor activities such as hiking, fishing, and camping. The state is also known for its beautiful scenic drives and relaxing countryside.

• Friendly community: Iowans are known for their welcoming and friendly nature, making it easy for retirees to feel at home and make new friends. The state is also home to many retirement communities that offer various services and activities for seniors.

• Midwestern culture: Iowa has numerous museums, theaters, and performing arts venues. The state hosts several festivals and events throughout the year, including the Iowa State Fair, the Cedar Rapids Freedom Festival, and the Des Moines Arts Festival.

The cons of retiring in Iowa

The cons you should be aware of include:

• Weather: Iowa has a four-season climate, with hot summers and cold winters. The state is also prone to tornadoes and severe thunderstorms.

• Limited public transportation: Iowa's public transportation system is not as extensive as in other states, which could be a disadvantage for retirees who do not drive or prefer not to drive. This makes retirement in Iowa a less attractive option for many.

• Limited job opportunities: Iowa's job market is not as robust as in other states, which could be a concern for retirees who want to work part-time or continue working after retirement. However, there are many opportunities for volunteer work and community involvement. 

If you’re still unsure about where to retire, it’s wise to seek expert advice. Explore our article on the top financial advisors for more insight. When you are ready, connect with a regulated advisor below for a personalized financial plan.

Where are some top places to retire in Iowa?

If the pros outweigh the cons and you are still happy to consider spending your golden years in the Hawkeye State, you should also consider the best places to retire in Iowa:

• Des Moines: As the capital and largest city of Iowa, Des Moines has a vibrant downtown area with cultural events and activities, museums, parks, and trails. The city also boasts numerous healthcare facilities and a low cost of living.

• Cedar Rapids: This city in Eastern Iowa is known for its top-notch healthcare system, abundant outdoor recreation opportunities, and cultural amenities. Cedar Rapids is home to a variety of festivals, museums, and theaters, as well as a lively downtown area.

• Ames: Home to Iowa State University, Ames is a college town that offers an active and intellectual lifestyle. The city has a low crime rate, affordable housing, and a range of recreational activities, including parks, golf courses, and hiking trails.

• Iowa City: Located in Eastern Iowa, Iowa City is a vibrant college town with a rich cultural and intellectual atmosphere. The city offers a variety of museums, galleries, and performing arts venues, as well as excellent healthcare facilities, making it one of the best places to retire in Iowa.

• West Des Moines: This suburb of Des Moines is known for its safe and family-friendly environment, as well as its low cost of living. West Des Moines offers numerous parks and trails, a variety of shopping and dining options, and a strong sense of community.

The bottom line

Iowa can be a great place to retire, given that you’ve considered some of the drawbacks. A slower pace of life and lower cost of living may be the most attractive elements to the Hawkeye State when it’s all said and done. 

Weigh up all the costs of retiring in Iowa with the help of a trustworthy, SEC-regulated financial advisor. 

Learn more about retirement at Unbiased, and let us match you with an advisor who will work with you to create a bespoke plan and offer you expert financial advice for life's biggest financial decisions.