This article looks at the best places to retire in Rhode Island. If you wish to skip our analysis of retirement concerns for Gen Zs & Millennials and pros and cons of retirement in Rhode Island, you may go directly to the 5 Best Places to Retire in Rhode Island.
Retirement Savings: A Concern for All Generations
Planning your retirement isn’t something you can put off for long, even if you’re in the adolescent stages of your career. Charles Schwab Corporation (NYSE: SCHW) estimates that even those aged under 30 need to be savings 9-13% of their income in order to secure a comfortable retirement. The reason for this is that retirement continues to become more expensive and uncertain with each passing year, and it is likely that younger generations are the ones who will face the greatest impact.
According to CEO of BlackRock, Inc. (NYSE: BLK), older generations are guilty of giving preference to their own well being at the expense of younger generations, especially in the context of retirement.
“It’s no wonder younger generations, Millennials and Gen Z, are so economically anxious. They believe my generation — the Baby Boomers — have focused on their own financial well-being to the detriment of who comes next. And in the case of retirement, they’re right.”
– Larry Fink, CEO and Chairman, BlackRock, Inc. (NYSE: BLK)
Despite being at a high risk of financial insecurity in retirement, studies show that Millennials and Gen Zs are struggling to salvage any form of savings for their retirement. A survey by Charles Schwab Corporation (NYSE: SCHW) shows that 88% of Millennials and 99% of Gen Zs say they are facing obstacles to saving for a comfortable retirement. At the same time, Charles Schwab Corporation (NYSE: SCHW) reports that most Gen Z respondents plan on retiring by the age of 61, an ambitious target given their inability to muster up savings.
Conversely, CEO of BlackRock, Inc. (NYSE: BLK) argued for the need to extend retirement age, citing risks of depleting social security funds as one of the many challenges that might be passed on to future retirees. Apart from making the social security system more sustainable, delaying retirement can help achieve a more comfortable retirement. Our article on Best Places to Retire in Utah highlights how delaying retirement can help attain higher benefits and accumulate a deeper nest egg for your golden years.
Retiring in the Snow Belt
Whilst extending your career can help secure a more comfortable retirement, one of the most crucial aspects of retirement is choosing the right destination. Factors such as tax friendliness and cost of living can have a significant impact on retirement expenses, while quality of living, weather, and proximity to loved ones can affect your mental and physical well-being. Our article on Best Places to Retire in the South reveals that many retirees are choosing to move away from states in the Northeast, instead choosing to venture towards the Sun Belt, where states are considered to be more tax-friendly, affordable, and offer a more pleasant weather.
However, while some retirees in the Northeast choose to relocate to the South, others may wish to remain close to home, even after retirement. Factors such as being close to family, preferring cooler temperatures, or other preferential conditions can deter retirees from relocating to the Sun Belt. Instead, these retirees might find it feasible to pick a destination that allows them to secure a comfortable retirement without the hassle of moving hundreds of miles. Our article on 15 Cities in the Northeast to Retire on $3000 a Month provides valuable insights in this regard.
Pros and Cons of Retiring in Rhode Island
Those having their hearts set on retiring in the Northeast might find that Rhode Island is one of the best states to retire in. According to Redfin Corporation (NASDAQ: RDFN), Rhode Island has a median home price of $463,000. This is significantly lower than the nearby states of Massachusetts and New York, which Redfin Corporation (NASDAQ: RDFN) reports have a median home price of $619,300 and $513,700 respectively.
In addition, Rhode Island has excellent healthcare, and the Ocean State was featured in our list of States with the Best Healthcare in the US. Rhode Island also ranked at number 15 in our list of States With the Healthiest Populations. Its close proximity to NYC and Boston allows residents to have access to world class entertainment and recreation, whilst also offering a more affordable housing and cost of living.
On the downside, Rhode Island is one of the states that tax social security in 2024, although there are exemptions to this tax. Similarly, all income withdrawals and pension/ 401k benefits are also eligible for taxation, making Rhode Island bad to retire in terms of tax-friendliness. Rhode Island also has an average cost of living 10.7% higher than the US average.
However, like any other state, there are plenty of spots where you can retire in Rhode Island on a budget, whilst also finding the right balance of comfort and entertainment. Join us as we look at the best places to retire in Rhode Island.
15 Best Places to Retire in Rhode Island
Methodology
To develop our list of best places to retire in Rhode Island, we initially picked out the most recommended places to retire in Rhode Island on the internet. We used 10+ sources including The Travel, World Atlas, and Movoto to develop a shortlist. Further research was narrowed down to these places only.
Among these best places to retire in Rhode Island, we developed a scorecard using metrics such as livability scores, cost of living, and median home prices. Livability and Cost of Living scores were sourced from our IM index, while median home prices were obtained from Redfin Corporation (NASDAQ: RDFN). By standardizing these metrics on a linear scale, each place was scored, based on which we sorted our list in a descending order. The top 15 places were chosen as the best places to retire in Rhode Island.
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 15 Best Places to Retire in Rhode Island.
15. Newport
Insider Monkey Score: 10.76
IM Livability: 77
Median Home Price: $737,500
IM Cost of Living: 122.2
Although Newport is the most expensive place on our list, it also happens to have one of the best livability scores. The city is located on Aquidneck Island and has one of the best accesses to beachfront properties in the state. Apart from its breathtaking coastal landscapes, it has a rich history dating back to the colonial era which residents can explore by visiting historical landmarks such the Breakers mansion, the Marble House, or the Elms mansion.
14. Central Falls
Insider Monkey Score: 11.19
IM Livability: 69
Median Home Price: $492,500
IM Cost of Living: 106.9
Central Falls is one of the smallest cities in Rhode Island, with an area of just 1.3 square miles, yet one of the most densely populated areas in the state. In terms of recreation, residents can enjoy river tours or visit the River Island Park. Central Falls has a cost of living lower than the state average, although home prices are less affordable in comparison to other best places to retire in Rhode Island.
13. Johnston
Insider Monkey Score: 11.74
IM Livability: 69
Median Home Price: $427,500
IM Cost of Living: 109.9
Johnston is located in central Rhode Island, West of Providence and is one of the best places to retire in Rhode Island. Its median home price is close to the US median of $411,000. Johnston is considered a gateway to the Snake Den State Park, where residents can spend their days exploring its many trails. Johnston is also home to the Verde Vineyard, a perfect excursion for wine enthusiasts.
12. Woonsocket
Insider Monkey Score: 11.75
IM Livability: 66
Median Home Price: $376,250
IM Cost of Living: 102.4
Woonsocket was once a colonial village that played a pivotal role in the American Industrial Revolution as it featured several textile mills along the Blackwater River. Currently, the town houses several prominent manufacturing setups, including CVS Health. Although Woonsocket has the lowest livability score in our list, retirees would be thrilled to hear that its median home price is significantly lower than the state and national medians, and a cost of living just 2.4% higher than the national average.
11. Greenville
Insider Monkey Score: 11.82
IM Livability: 69
Median Home Price: $410,000
IM Cost of Living: 108.8
Greenville is a village located on the outskirts of Smithfield and is one of the best places to retire in Rhode Island for a reclusive lifestyle. Greenville offers a close-knit and tranquil community with access to plenty of adventure. It is located in close proximity to the Wolf Hill Forest Reserve, as well as Slack Reservoir. One of the advantages of living in Greenville is that residents have access to all the amenities of Smithfield, whilst being able to maintain a peaceful retirement.
10. Lincoln
Insider Monkey Score: 11.95
IM Livability: 69
Median Home Price: $439,900
IM Cost of Living: 107.9
The town of Lincoln is one of the best places to retire in Rhode Island if you wish to get a taste of the great outdoors. Not only does it have access to some of the best nature in the area, it also offers a variety of adventures in the form of trails, picnic spots, water-based excursions and so on. Lincoln is home to both the Lincoln Woods State Park and the Blackstone River State Park, meaning residents can regularly enjoy excursions such as canoeing, swimming, and fishing. In addition, the Bally’s Twin River casino offers the chance to double down on the fun.
9. Coventry
Insider Monkey Score: 12.76
IM Livability: 68
Median Home Price: $360,000
IM Cost of Living: 105
Coventry is one of the largest towns in Rhode Island, located near the state’s border with Connecticut. Those looking for the best place to retire in Connecticut might find this town enticing due to its blend of big city amenities and small city affection. While the town center offers many eateries, it does lack modern recreation. However, to make up for its contemporary attractions, Coventry offers plenty of picturesque spots such as the Audubon Maxwell Mays Wildlife Refuge and Tiogue Lake.
8. Westerly
Insider Monkey Score: 12.97
IM Livability: 72
Median Home Price: $399,900
IM Cost of Living: 115.7
If you’re disappointed by the lack of beach towns in the list, Westerly might be the perfect Rhode Island town to retire in. Westerly offers access to both riverfront and beachfront real estate, making it a perfect destination to enjoy the summers. Misquamicut Beach is one of the most popular beaches in Rhode Island, and home to the Atlantic Beach Park. Although the cost of living in the town is higher than the state average, it is one of the most fulfilling destinations to spend your golden years.
7. East Providence
Insider Monkey Score: 13.09
IM Livability: 72
Median Home Price: $485,000
IM Cost of Living: 109.4
Located across the river from the state capital of Providence, East Providence is a bustling city which is popular for its variety of recreation. The city is home to a yacht club, waterfront parks, and indoor trampoline parks. If you’re a fan of stand up, the Comedy Connection club hosts regular shows that attract people from all around the city. East Providence is located just a few miles from Massachusetts, making it an affordable alternative to the best places to retire in Massachusetts.
6. Warren
Insider Monkey Score: 13.47
IM Livability: 72
Median Home Price: $415,000
IM Cost of Living: 111.9
Warren is a small town offering a wide range of excursions to its residents. The town offers access to waterfront recreation and communities, with the Warren Town Beach being a shallow, family friendly spot to spend your days. Moreover, Warren is popular for its culinary scene, as there is a diverse range of restaurants, bars, and diners, attracting people from all around the region. Since it is a small town, it offers the chance for residents to have a close, intimate connection which residents of most cities and larger towns are deprived of.
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Disclosure: none. 15 Best Places to Retire in Rhode Island is originally published on Insider Monkey.