Retiring in North Dakota: what to know

Is North Dakota a good place to retire?

North Dakota, located in the northern Midwest, may not be the first state that comes to mind for retirement, but it offers its own unique benefits for retirees seeking a quieter and more affordable lifestyle. 

With its vast prairies, friendly communities, and low cost of living, North Dakota may be a hidden gem for retirees looking to enjoy their golden years in a peaceful and low-cost environment.

According to data from the U.S. Census Bureau in 2024, North Dakota had a population of approximately 800,000 people, with 17% of the population over the age of 65. So, retirees: You’ll have plenty of company if you decide to retire in North Dakota.

If you need help getting ready for retirement and don’t know where to start, we can connect you to a financial advisor perfectly suited to meet your needs and help you plan the perfect retirement. Find out more here.

What is the retirement age in North Dakota?

There’s no retirement age in North Dakota, but there are some federal guidelines to be aware of:

• 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. You could check out the average retirement savings in the US.

What are some top places to retire in North Dakota?

As noted, North Dakota is one of the most rural states in the US. But some hubs could be attractive to retirees:

• Bismarck: Bismarck is the capital city of North Dakota and a great place for retirees who want to enjoy the amenities of a small city. It has a population of around 73,000 people and is known for its friendly residents, low crime rate, and excellent healthcare system. The cost of living is also relatively affordable compared to other cities in the country. 

• Fargo: Fargo is the largest city in North Dakota, with a population of around 125,000 people. It offers a wide variety of cultural and recreational activities, including museums, theaters, parks, and golf courses. It's also home to North Dakota State University, which offers lifelong learning opportunities for retirees. 

• Grand Forks: Grand Forks is a college town located in the northeastern part of the state, with a population of around 57,000 people. It has a low cost of living, excellent healthcare facilities, and plenty of recreational opportunities, including parks, lakes, and golf courses. 

• Minot: Minot is a city in north-central North Dakota, with a population of around 47,000 people. It's home to Minot State University, which offers a variety of educational opportunities for retirees. The city also has a low crime rate, affordable cost of living, and a wide range of cultural and recreational activities. 

• Valley City: Valley City is a small town located in southeastern North Dakota, with a population of around 6,500 people. It's known for its charming downtown area, historic buildings, and beautiful natural scenery. It's a great place for retirees who want to enjoy a slower pace of life and a strong sense of community. 

What are the pros and cons of retiring in North Dakota?

Here are some of the advantages of retiring in North Dakota:

• Affordability: North Dakota has a relatively low cost of living compared to many other states, making it an attractive destination for retirees on a fixed income. Housing, healthcare, and other expenses are generally more affordable in North Dakota than in other regions. 

• Peaceful environment: North Dakota's rural landscape offers retirees a peaceful and quiet environment to enjoy their retirement years. The state's small towns and close-knit communities provide a welcoming and friendly atmosphere. 

• Outdoor activities: North Dakota offers a wide range of outdoor activities, including fishing, hunting, hiking, and skiing. The state is home to several National and state parks and scenic areas, such as Theodore Roosevelt National Park, which offers stunning views of the Badlands. 

• Quality healthcare: North Dakota has a high-quality healthcare system, with several hospitals and medical centers throughout the state. Although healthcare may be many hours’ drive away, depending on where you live.

Disadvantages to retiring in North Dakota

Some of the cons to retiring in North Dakota include:

• Harsh winters: North Dakota's winters can be harsh, with sub-zero temperatures and heavy snowfall. This may be a concern for retirees who prefer milder weather conditions. 

• Limited cultural scene: North Dakota's small towns and rural areas may not offer the same level of cultural activities and events as larger cities. Retirees who enjoy cultural experiences may find themselves lacking options in North Dakota. 

• Distance: North Dakota's remote location may make it difficult for retirees who have family and friends in other parts of the country to visit or receive visitors easily. 

The bottom line

North Dakota may not be as culturally rich as other states, but it offers potential retirees a high quality of life, low cost of living, and a strong sense of community.

It's important to seek expert financial advice to weigh up all of the costs associated with retiring in North Dakota, 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. 

Find your financial advisor with Unbiased.