Retiring in Wyoming: what you need to know

Is Wyoming a good place to retire?

According to data from the U.S. Census Bureau in 2024, Wyoming had a population of approximately 588,000 people, with over 19% of the population being 65 years of age or older. 

That said, if you’re not a “people person,” Wyoming could offer some post-career solitude.

Its peaceful and picturesque environment with access to outdoor activities, a low cost of living, and a strong sense of community are just some of its draws. With its rugged landscapes, wide-open spaces, and friendly people, Wyoming offers a unique retirement experience that attracts many retirees every year.

At what age can you retire in Wyoming?

There’s no mandated retirement age in Wyoming. 

This means that individuals are free to retire whenever they choose, as long as they can financially support themselves. However, there are some age-related benefits and considerations for retirees in Wyoming: 

• 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.

Best places to retire in Wyoming

If Wyoming is your chosen retirement state, here are some of the top retirement destinations: 

• Jackson: Perched in Teton County, Jackson (also known as Jackson Hole) is surrounded by mountains and offers a wide range of outdoor activities, including hiking, fishing, and skiing. The town also has a vibrant arts scene and numerous galleries and museums. 

• Laramie: This college town, located in Albany County, is home to the University of Wyoming and offers a low cost of living, a lively downtown area, and numerous parks and trails. 

• Cody: Cody is known for its western heritage and is home to the Buffalo Bill Center of the West, which showcases the history and culture of the American West. Cody also offers easy access to Yellowstone National Park. 

• Sheridan: Located in Sheridan County, Sheridan has a historic downtown area, and numerous outdoor activities, including hiking and skiing. 

• Green River: This town, located in Sweetwater County, likewise has a low cost of living, a small-town atmosphere, and easy access to outdoor activities such as hiking, fishing, and boating. 

• Casper: This city, located in Natrona County, offers a low cost of living and easy access to outdoor activities such as skiing and fishing. 

What are the pros and cons of retiring in Wyoming?

As always, it’s important to assess the pros and cons of retiring to a specific state.

Pros of retiring in Wyoming

Here are some of the things that might draw retirees to Wyoming:

• Natural beauty: Wyoming is known for its breathtaking natural beauty, including Yellowstone National Park, Grand Teton National Park, and the Rocky Mountains. Retirees can enjoy living in a serene and picturesque environment that offers plenty of opportunities for outdoor activities such as hiking, camping, fishing, and skiing. 

• Low cost of living: Wyoming's cost of living is generally lower than the national average, which can be a major benefit for retirees on a fixed income. Housing and healthcare costs are also relatively affordable compared to other states. With the exception of the Jackson area.

• Sense of community: Wyoming has a strong sense of community, with friendly and welcoming people who take care of each other. Retirees can enjoy a peaceful and supportive environment where they can make new friends and get involved in local activities and events. 

Cons to retiring in Wyoming

Here are some of the disadvantages of retiring in Wyoming:

• Harsh weather conditions: Wyoming's climate can be harsh and unpredictable, with cold winters and hot summers. This may be a concern for retirees who are not used to extreme weather conditions. 

• Limited healthcare options: Wyoming's rural nature means that healthcare options may be limited in some areas, which could be a concern for retirees with chronic health conditions. 

• Distance from major cities: Wyoming's small population and remote location mean that it can be far from major cities and cultural attractions. This may be a concern for retirees who are used to living in more urban areas. Note, too, that it’s not uncommon for the Interstates to be shut down for periods of time during the winter, effectively marooning residents in certain areas.

The bottom line

Wyoming offers a range of retirement lifestyle options, featuring a vibrant arts scene, numerous outdoor activities, and a strong sense of community. However, retirees should also be prepared for Wyoming’s remote location and the challenges that may accompany it.

It's important to seek expert financial advice to weigh up all of the costs associated with retiring in Wyoming, 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 the right advisor for your needs today.