Retiring in Ohio

1 min readLast updated April 26, 2024by Kate Morgan

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

Ohio, located in the Midwest region of the United States, is a popular retirement destination for many Americans seeking a quiet and affordable environment with access to various cultural and outdoor activities. With its beautiful scenery, vibrant cities, and friendly communities, Ohio offers a unique retirement experience that attracts many retirees every year.

According to data from the U.S. Census Bureau in 2020, Ohio had a population of approximately 11.7 million people, with over 16% 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 Ohio?

Like many states, Ohio 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 Ohio: 

  • 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 Ohio?

  • Affordability: Ohio is known for its low cost of living, making it an attractive destination for retirees on a fixed income. Housing and healthcare costs, in particular, are lower than in many other states. 

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

  • Cultural scene: Ohio 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 Cleveland International Film Festival, the Ohio Renaissance Festival, and the Columbus Arts Festival. 

  • Friendly communities: Ohio is known for its friendly and welcoming communities, making it an ideal place for retirees who want to live in a supportive environment. 

What puts people off retiring to Ohio?

  • Weather: Ohio experiences all four seasons, including cold winters and hot summers, which could be a concern for retirees who prefer a more moderate climate. 

  • Limited access to coastline: Ohio is landlocked and does not have a coastline, which could be a drawback for retirees who enjoy beach activities. 

  • Limited public transportation: Ohio's public transportation system is limited compared to other states, which could be a concern for retirees who do not want to drive.

Best places to retire in Ohio

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

  1. Dublin: Located in the Columbus metropolitan area, Dublin is a charming city with a low crime rate, excellent schools, and plenty of recreational opportunities. It has a thriving downtown area with shops, restaurants, and parks. 

  2. Westlake: Westlake is a suburb of Cleveland that offers a mix of urban and suburban living. It has a low cost of living, good schools, and access to Lake Erie. The city is also home to Crocker Park, an outdoor shopping and dining destination. 

  3. Beavercreek: Beavercreek is a suburb of Dayton that is known for its low crime rate and excellent schools. It has a strong sense of community and plenty of parks and outdoor spaces. The city is also home to The Mall at Fairfield Commons, a popular shopping destination. 

  4. Mason: Located in the Cincinnati metropolitan area, Mason is a family-friendly city with good schools and a low crime rate. It has a variety of shopping and dining options, as well as Kings Island amusement park. 

  5. Granville: Granville is a small town located east of Columbus. It has a charming downtown area with shops and restaurants, as well as a strong sense of community. The town is also home to Denison University. 

In conclusion, Ohio is a popular retirement destination thanks to its lower cost of living and welcoming retirement community but other considerations include limited public transportation and seasonal extremes of weather. It's important to seek expert financial advice to weigh up all of the costs associated with retiring in Ohio, 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.