Connecticut – Retirement Guide

Connecticut   Retirement Guide

The words, “cheap place to retire” are not what spring to mind for most when they consider Connecticut as a place to retire. To be sure, the state’s average cost of living is a staggering 31 percent higher than the national average, and the median home price is more than $220,000, also above the national average. The state is known for being home to a well-monied population, particularly in towns like Greenwich, which a number of high-powered and high-earning Wall Street figures call home.

Still, not all towns are as pricey as Greenwich can be, and Connecticut’s many charms and natural beauty make it a retirement destination well worth considering.

A large swath of Connecticut’s southern border is coastline, and the state is divided by waterways, including the Long Island Sound and the Connecticut River. This means beach lovers can enjoy the state’s windswept beaches, while boaters can take advantage of the coastal location and river and sound.

Pros: Scenic beaches, waterways and mountains; proximity to New York City
Con: High cost of living

At a Glance:
Best For: Water lovers
Population: 3,590,347
Cost of Living: 31% higher than national average
Median Home Cost: $ 223,100
Unemployment: 8.2%
Top State Income Tax: 6.7%

The state also ranks high for natural beauty, and outdoors lovers can find themselves in proximity to scenic mountains and farms. Retirees can choose a rural area for the retirement home, or choose to be located near the Metro-North rail service which takes commuters into New York City. Retirees with an itch to explore the cultural wonders of Manhattan are no more than an easy train ride away from the city.

Photo by U.S. Fish and Wildlife Service Northeast Region via Flickr. All statistics were up to date as of publication. See these sources for the most current data.