Retiring in Minnesota

1 min readLast updated April 16, 2024by Kate Morgan

This article will take you through the main things you need to consider if you are retiring in Minnesota.

Minnesota, located in the Upper Midwest of the United States, is an increasingly popular retirement destination for Americans seeking a unique environment with access to a vibrant cultural scene, outdoor activities, and a diverse community. With its beautiful lakes, scenic parks, and thriving cities, Minnesota offers a retirement experience that attracts many retirees every year. According to data from the U.S. Census Bureau in 2020, Minnesota had a population of approximately 5.7 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.

What age can you retire in Minnesota?

Like many states, Minnesota 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 Minnesota: 

  • 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, it is important for individuals to start saving for retirement as early as possible. Many financial experts recommend saving at least 15% of your income for retirement. 

However, like any location, there are both pros and cons to retiring in the state. 

Why do people retire to Minnesota?

  • Diverse environment: Minnesota is known for its diverse population and thriving cultural scene, from its bustling cities to its beautiful parks and lakes. Retirees can enjoy living in a diverse environment that offers plenty of opportunities for exploration and cultural experiences. 

  • Outdoor activities: Minnesota is home to numerous lakes, forests, and parks, providing ample opportunities for outdoor activities such as hiking, camping, fishing, and boating. 

  • Cultural scene: Minnesota 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 Minnesota State Fair, the Twin Cities Jazz Festival, and the Art-A-Whirl festival. 

  • Healthcare: Minnesota is home to many highly rated hospitals and healthcare systems, making it an attractive destination for retirees who value access to quality healthcare. 

What puts people off retiring to Minnesota?

  • Cold weather: Minnesota's climate is known for its long, cold winters, which could be a concern for retirees who prefer warmer climates. 

  • Cost of living: Minnesota'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. 

  • Natural disasters: Minnesota is prone to natural disasters such as tornadoes, blizzards, and floods, which could be a concern for retirees living in certain areas. 

Best places to retire in Minnesota

If Minnesota is your chosen retirement state, here are some of the best places to retire in: 

  1. Minneapolis: Minneapolis is the largest city in Minnesota and offers a vibrant cultural scene, numerous parks and lakes, and a variety of housing options. It also has a strong healthcare system, making it an ideal location for retirees seeking easy access to medical care. 

  2. Rochester: Rochester is a small city located in southeastern Minnesota, home to the world-renowned Mayo Clinic. The city boasts a low crime rate, affordable housing, and a variety of recreational activities, including golfing, hiking, and biking. 

  3. Duluth: Duluth is a scenic city located on the shores of Lake Superior in northeastern Minnesota. It offers stunning views of the lake and surrounding forests, as well as a variety of outdoor recreational activities, including fishing, kayaking, and skiing. 

  4. St. Cloud: St. Cloud is a mid-sized city located in central Minnesota, offering a low cost of living, a strong healthcare system, and a variety of cultural and recreational activities. It's also home to St. Cloud State University, which offers a range of lifelong learning opportunities for retirees. 

  5. Mankato: Mankato is a small city located in southern Minnesota, offering a low cost of living, a strong healthcare system, and a variety of recreational activities, including golfing, hiking, and biking. The city is also home to Minnesota State University, which offers a range of lifelong learning opportunities for retirees. 

In conclusion, Minnesota has a huge amount to offer potential retirees including a vibrant culture, beautiful scenery and quality healthcare but other considerations include climate and cost of living. It's important to seek expert financial advice to weigh up all of the costs associated with retiring in Minnesota, 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. 

Content writer

Kate Morgan

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