This article takes a look at the 20 best river towns for retirement in the US. If you wish to skip our detailed analysis on saving struggles and riverside havens, you may go to 5 Best River Towns for Retirement in the US.
From Savings Struggles to Riverside Havens
According to data from New York Life, Americans believe they will be able to retire by the age of 64. However, only 21% of the individuals surveyed have a retirement strategy that can help them get there. With a historic surge in Americans reaching the age of 65 this year, the impending Peak 65 period and the broader wave of boomer retirements are poised to significantly impact the economy. This demographic shift is anticipated to exacerbate challenges such as the depletion of the social security fund, escalating healthcare costs, and a potential strain on crucial resources. As of today, many Americans now find themselves grappling with the challenge of navigating the so-called golden years without a clear survival plan. Alarming insights from BlackRock, Inc. (NYSE:BLK) underscore the prevailing unease, marking retirement confidence at its lowest point in history.
"So we've been doing this survey read on retirement for eight years and this is the lowest it's ever been. So what's driving this? Well, it's really the market environment. I think anybody who lived through last year, with both stocks and bonds being down, it was just a really hard year. And I think people are reflecting that in terms of their confidence in retirement."
BlackRock, Inc. (NYSE:BLK) further notes that out of those surveyed, only 56% feel they are on track towards retirement. This percentage was 63% in 2022, and 68% back in 2021. Consequently, workers are adopting stringent methods to get their savings on track, with many going as far as postponing retirement.
Amid these challenges, a glimmer of hope emerges from Bank of America Corporation (NYSE:BAC)'s Retirement and Personal Wealth Solutions. Bank of America Retirement and Personal Wealth Solutions, in collaboration with the Bank of America Institute, unveiled their fourth quarter 2023 Participant Pulse (MAP6212241). The report reveals a notable 15% surge in average 401(k) account balances, reaching $86,280 by the end of 2023. This is not only because the value of their investments has increased, but also because participants are now contributing higher to their plans.
"We were encouraged to see more plan participants taking positive actions in their accounts in the fourth quarter. These insights offer signs that people are prioritizing their retirement savings, with more employees increasing their contribution rates and fewer taking hardship distributions."
The analysis, conducted in collaboration with the Bank of America Corporation (NYSE:BAC) Institute, also revealed a decrease in withdrawals among the 4 million participants included in the study. These statistics imply that there is finally an increased awareness amongst potential retirees about retirement savings and the need for a substantial nest egg to survive those golden years.
As retirees become more vigilant in their savings strategies, the allure of realizing retirement dreams in idyllic locales becomes increasingly attainable. While some gravitate towards the tranquility of the best mountain towns, others find themselves captivated by the allure of charming riverside communities. Choosing a riverside town for retirement can be especially appealing to seniors considering it offers the perfect blend of charm and tranquility, making it an ideal and serene haven for your post-career chapter. Regardless of the chosen destination, a common thread emerges – substantial savings are paramount for affording a relocation that aligns with one's retirement aspirations. With that said, let’s explore some of the best river towns for retirement in the US.
To compile the list of best river towns for retirement in the US, we have used several sources such as Southern Living, US News Money, The Travel, and forums such as Reddit and Quora. After compiling an exhaustive list, we ranked them on factors such as the cost of living index, median home price, livability, and amenities. Places were ranked on each factor and scores were summed up to generate a unique Insider Monkey Score. Finally, the river towns were arranged in ascending order from the lowest to the highest scores. It is important to note that before making a decision, retirees should visit the potential destination in question, assess local amenities and the community, and determine how well the city aligns with their retirement goals and lifestyle preferences.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
Here are the best river towns for retirement in the US:
20. Wilmington, North Carolina
Insider Monkey Score: 19
Cost of Living Index: 98.1
Median Home Price: $425,000
Livability Score: 70
Perched on the eastern shore of the Cape Fear River, Wilmington steals the show with its picturesque waterfront, cultural attractions, and historical charm. Healthcare facilities are well-regarded here, and there are tons of places to explore and things to do. This is the place where coastal allure meets vibrant festivals, watersports, breweries, wine shops, and an array of dining options, ensuring every moment is lively and engaging.
19. Blue Ridge, Georgia
Insider Monkey Score: 22
Cost of Living Index: 101.9
Median Home Price: $720,000
Livability Score: 71
Nestled within the breathtaking embrace of the majestic Blue Ridge Mountains, this charming mountain town effortlessly doubles as an idyllic river haven for seniors. It sits along the Toccoa River, offering retirees all the necessary amenities they need to spend their golden years. There is a charming downtown brimming with shops, restaurants, and fun antique stores too.
18. Goldsboro, North Carolina
Insider Monkey Score: 23
Cost of Living Index: 82.2
Median Home Price: $185,000
Livability Score: 63
The best thing about river towns such as Goldsboro is the plenty of water fun they bring along. For seniors, Goldsboro's location along the Neuse River means tree canopies, wildlife, and lots of paddling.
17. Portsmouth, New Hampshire
Insider Monkey Score: 25
Cost of Living Index: 118.9
Median Home Price: $750,000
Livability Score: 85
Though Portsmouth might demand a bit more from your wallet, it undeniably ranks among the best river towns for retirement in the US. This seacoast town is located on the banks of the Piscataqua River, offering retirees numerous cultural attractions, a charming downtown, a scenic location, and a strong sense of community.
16. Helen, Georgia
Insider Monkey Score: 25
Cost of Living Index: 86.2
Median Home Price: $434,000
Livability Score: 70
Continuing our exploration, we arrive at Helen, nestled in the embrace of the Blue Ridge Mountains. Helen is best known for its beautiful Alpine architecture, trout fishing, and natural beauty. The Bavarian Alpine model of a village has the Chattahoochee River flowing through its heart; offering scenic views, a peaceful ambiance, and lots to do.
15. Townsend, Tennessee
Insider Monkey Score: 26
Cost of Living Index: 92.4
Median Home Price: $490,000
Livability Score: 71
This “Gateway to the Smokies” makes for one of the best river towns for retirement in the US with good reason. Retirees love this town for its proximity to the peaceful Little River, offering a range of outdoor activities such as fishing, kayaking, and riverside strolls along the way.
14. Bradenton, Florida
Insider Monkey Score: 28
Cost of Living Index: 104.6
Median Home Price: $345,000
Livability Score: 80
Everyone knows about Jacksonville and Palm Beach but little know that Bradenton is also a good pick for those wishing to retire in the sunshine state of Florida. From its excellent healthcare services to its mild climate and proximity to Gulf Coast beaches, this is one of the best places to retire near the water.
13. Monroe-West Monroe, Louisiana
Insider Monkey Score: 29
Cost of Living Index: 84.3
Median Home Price: $242,000
Livability Score: 69
Nestled on the banks of the Ouachita River and Bayou Desiard, Monroe-West Monroe is truly among the best small towns to retire in the US. Thanks to their breathtaking scenery, an abundance of shops and galleries, and hundreds of locally owned restaurants, the twin cities deserve a place on our list.
12. Stillwater, Minnesota
Insider Monkey Score: 30
Cost of Living Index: 110.4
Median Home Price: $381,000
Livability Score: 83
Our next find for the best river towns for retirement in the US is Stillwater, Minnesota. Nestled along the scenic St. Croix River, this town proves to be an outstanding choice for retirement owing to its captivating blend of historic charm and natural beauty. With affordable home prices and a commendable livability score, this locale solidifies its position as an excellent choice.
11. St. Augustine, Florida
Insider Monkey Score: 31
Cost of Living Index: 110.9
Median Home Price: $474,000
Livability Score: 85
Our next pick from the Sunshine State, St. Augustine is hailed as an ideal river town owing to its coastal beauty, historical charm, and moderate climate. Situated along the scenic Matanzas River, retirees get to enjoy an active, social community and lots of adventures.
10. Paducah, Kentucky
Insider Monkey Score: 32
Cost of Living Index: 77
Median Home Price: $275,000
Livability Score: 67
Located at the confluence of the Tennessee and Ohio Rivers, Paducah is revered for its charming downtown, rich arts and cultural scene, as well as diverse amenities.
9. Eureka Springs, Arkansas
Insider Monkey Score: 33
Cost of Living Index: 76.3
Median Home Price: $300,000
Livability Score: 66
Another exceptional river town amidst the Ozark mountains, Eureka Springs is around fifteen minutes away from the White River. The town boasts a thriving arts scene, preserved Victorian architecture, and its famous mineral water springs.
8. Chattanooga, Tennessee
Insider Monkey Score: 33
Cost of Living Index: 89.7
Median Home Price: $315,000
Livability Score: 74
If you wish to say it right, it’s not “Chattnooga”, but Chadda-nooga. Regardless of how you spell it, Chattanooga is one of the best river towns for retirement in the US. Boasting a lower-than-average cost of living, affordable home prices, and a good livability score, life in this town can be quite fulfilling and serene.
7. Savannah, Georgia
Insider Monkey Score: 34
Cost of Living Index: 90.2
Median Home Price: $335,000
Livability Score: 79
Often hailed as one of the best places to retire in the US, Savannah in Georgia ticks all the boxes when it comes to retirement. Graced by the beautiful Savannah River, the town offers the best of Southern charm and riverside allure.
6. Hannibal, Missouri
Insider Monkey Score: 35
Cost of Living Index: 77.6
Median Home Price: $147,000
Livability Score: 71
Next up on our list of best river towns is Hannibal, Missouri. Situated along the Mississippi River, Hannibal offers an amazing rivertown experience to retirees. Seniors appreciate it for its diverse recreational opportunities, cultural charm, as well as history.
