In this article, we will take a look at 20 expensive places to retire that are worth it. If you wish to skip our detailed analysis on retiring rich and the most expensive places to retire to, you may go to 5 Expensive Places to Retire That Are Worth It.
When it comes to wealthiest cities in the world, New York emerges at the top with over 340,000 millionaires. Tokyo, and of course San Francisco’s Bay Area follow the lead, with 290,300 and 285,000 millionaires respectively. But do these millionaires prefer these cities for retirement, or do they have second-homes elsewhere? Read on to find out.
Retiring Rich
Retirement is a multifaceted term carrying diverse connotations for retirees. For those without substantial savings, downgrading lifestyles and relying on social security is largely what reaps retirement. Such individuals, or even those with moderate nest eggs, end up facing the decision of rejoining the workforce, or worse, emulating the paths of their less fortunate counterparts. Conversely, the affluent tend to embrace a more autonomous working lifestyle in this period, instead of completely relinquishing their professional pursuits.
For such affluent retirees, money still comes from investments, businesses built, and ventures started. They pay taxes and build on their wealth while enjoying a slower pace of life. However, CNBC notes that becoming such a high-net-worth individual may seem farfetched for 74% of US adults. The impossible dream takes more than making a good salary or diverse income streams. In fact, CNBC reveals that retirement investing plays a significant role in the portfolios of the elite.
Morgan Stanley (NYSE:MS), The Charles Schwab Corporation (NYSE:SCHW), and Bank of America Corporation (NYSE:BAC) are few financial institutions offering individuals with retirement accounts for their golden years. Many high-net-worth individuals have contributed as much as 55% of their wealth through such retirement accounts. Michelle Brownstein, a certified financial planner and vice president of Empower Private Client Group working with high-net-worth clients, reveals that
“The strategies needed to get rich are different from the ones required to stay rich and eventually earn on your money”.
Therefore, a diversified investment portfolio can go a long way in expanding wealth. Maxing out your retirement account can also help your money grow through the magic of compound interest. For those who are employers themselves, companies such as Morgan Stanley (NYSE:MS), The Charles Schwab Corporation (NYSE:SCHW), and Bank of America Corporation (NYSE:BAC) offer traditional and Roth IRAs to allow you and your employees to start saving.
Expensive Places to Retire to
A complex question every potential retiree faces when nearing retirement is where they should be retiring to. Many affordable options have been popping up over the years, from the sunny state of Florida to Mexico, the Caribbean, and Central America. The average retiree finds affordable options to help make the most of their retirement income.
However, not everyone tends to think this way. For the rich retirees, the top priority isn’t affordability; it’s luxury. Due to this reason, this time, we’ve been rounding up on the most expensive cities to retire to, such as New York, Paris, Nice, and Monaco City, to see which ones classify as the best places for the affluent to retire to.
Not only are these some of the best places to retire if you’re rich, but also the best options for retirees to socialize with like-minded individuals. For those who wish to stay in the States, Ney York’s Big Apple, New York City, is home to the most number of millionaires in the world. This fact grants it the title of the wealthiest city in the world, according to a report by Henley & Partners.
CNBC has also crowned New York as the most expensive state to retire in, followed by New Jersey, Vermont, Massachusetts, and Maryland. California is also an expensive state to live in. Wealthy individuals love to retire to such places, offering them the best of shopping, dining, and other form of leisure. There are many expensive retirement communities for the wealthy in other parts of the states too, such as Promontory Club in Utah, White Sands at La Jolla, La Jolla, California, and The Clare in Chicago.
Wherever you choose to retire, you must start saving immediately and have enough savings in your retirement accounts. Morgan Stanley (NYSE:MS), The Charles Schwab Corporation (NYSE:SCHW), and Bank of America Corporation (NYSE:BAC) not only offer retirement accounts but also offer a range of resources to help you maximize your retirement savings.
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Methodology
To compile the list of expensive places to retire that are worth it, we began by checking out the most expensive countries in the world. We narrowed our parameters to top retirement choices for the affluent, their seasonal hotpots, and the wealthiest cities where the centi-millionaires are buying their primary and secondary homes. Henley & Partners and other sources, helped us make the list.
Centi-millionaires refers to individuals with investable wealth of USD 100 million or more. Next, we crosschecked our list with what users were raving over various forums and assessed them on factors such as modern amenities, beaches and golf courses, and luxurious properties.
After scoring them individually on these factors, we totaled our scores and ranked the places in ascending order from the least to the most scores.
Here are the most expensive places to retire that are worth it.
20. Park City, Utah, USA
Insider Monkey Score: 26
One of the wealthiest small urban areas of the US, Park City is home to wealthy retirees and millionaires with second homes. Residents get to enjoy the marvelous mountain life in the summers, as well as enjoy skiing in the winters. Catch celebrities and other elites from around the world at the annual Sundance Film Festival, a major cultural appeal of Park City. From luxurious resorts, charming boutique shops, and exquisite fine dining establishments to top-notch medical facilities, the city offers everything an affluent retiree could desire.
19. Villefranche-sur-Mer, France
Insider Monkey Score: 30
This quaint seaside town, Villefranche-sur-Mer, is located on the French Riviera, less than a half hour away from Nice. Associated with exclusivity and luxury, Villefranche-sur-Mer is favored by celebrities, high-profile individuals, and all sorts of elite. It is also revered for its gastronomy, and residents like to engage in gourmet dining experiences, savoring the exquisite flavors of the Mediterranean cuisine. Villefranche-sur-Mer also offers the most luxurious real-estate properties, allowing retirees with an opportunity to live in grandeur.
18. Saint Tropez, France
Insider Monkey Score:32
A gleaming jewel on the Côte d’Azur, Saint Tropez is one of the most expensive places to retire that are worth it. A wealth of recreational pursuits await the affluent in Saint Tropez, from world-class golf courses, sailing and yachting activities in the coastal vistas, or getting warm in the sun-kissed beaches. The culinary escapades in Saint Tropez are exclusive, offering the best of gourmet food and fine dining.
17. Monaco City, Monaco
Insider Monkey Score: 33
Monaco is another one of the most expensive places to retire. Enjoying a beautiful Mediterranean climate, well-developed healthcare, and a luxurious lifestyle is certainly a dream for the retiree seeking extravagance. The place boasts countless upscale restaurants, high-end shopping, and cultural events that entertain residents. Real estate options are exclusive, with retirees having plenty of options to suit their needs.
16. Antibes, France
Insider Monkey Score: 42
Retirees who seek sophistication and charm can choose Antibes, France; enjoying a prestigious location on the French Riviera. Retirees get to experience an exclusive lifestyle, a sophisticated social scene, and fine gourmet dining in the city. They also have a chance to indulge in intellectual pursuits through the many historical sites, museums, and art galleries. Lastly, the real estate is quite exclusive, and the affluent retiree can find an opulent residence to spend their golden years.
15. Lugano, Switzerland
Insider Monkey Score: 43
The picturesque Swiss town of Lugano, Switzerland, is home to many millionaires who live in the city or have second homes for spending vacations. Retirees get to enjoy the highest quality of life here, with panoramic views of the Swiss Alps and scenic sights of Lake Lugano offering them a beautiful escapade. The city is also culturally rich, multilingual, and secure for its residents. An affluent expat community has slowly developed over the years, offering retirees the chance to socialize with like-minded individuals.
14. Lisbon, Portugal
Insider Monkey Score: 46
Lisbon is no longer the affordable city it used to be, owing to rising taxes, tourism, and wealthy retirees moving there. According to Henley & Partners, over 35 centi-millionaires live as permanent residents in Lisbon, and more than 150 more centi-millionaires pop in to spend their vacations. Plenty of upscale real estate options are available for the affluent, offering lavish living spaces according to individual needs. Healthcare is also high-quality, while the infrastructure is excellent.
13. Paris, France
Insider Monkey Score: 48
Quintessential French lifestyle, luxury shopping, and architectural marvels make Paris, France, another expensive place that is worth retiring to. Dine in expensive Michelin-starred restaurants, explore the diverse cultural scenes, and live in luxurious mansions in the prestigious neighborhoods of Paris. Residents get to enjoy living with like-minded individuals from around the world here.
12. Cannes, France
Insider Monkey Score: 49
Retirees get to enjoy an active lifestyle in Cannes, France, on the beautiful French Riviera. This prestigious retirement destination attracts the affluent worldwide, offering them an exclusive and sophisticated lifestyle. Upscale villas and elegant apartments come with scenic views of the sea, marinas, and yachting facilities are abounding, and there is a diverse international community to socialize with. All these factors make Cannes one of the best places for rich retirees.
11. Saint Jean Cap Ferrat, France
Insider Monkey Score: 50
The French Riviera is overflowing with prestigious options for the affluent retirees, and another addition to our list is Saint Jean Cap Ferrat, one of the top luxury places for retirement. Offering a picturesque coastline, a peaceful Mediterranean lifestyle, and plentiful recreational opportunities, Saint Jean Cap Ferrat can be a beautiful place to call home. It is already home to Russian oligarchs and Hollywood A-listers and is one of the most expensive locations in the world.
10. West Palm Beach, Florida USA
Insider Monkey Score: 50
One of the wealthiest cities in Palm Beach County, West Palm Beach offers retirees the best of amenities, real estate, and lifestyle. It is also a golfer’s paradise, a beach hub, and offers plentiful modern amenities for retirees. Numerous luxurious waterfront residences, high-end condos, and gated communities are available for retirees to choose from. The healthcare system is also robust, and overall the active lifestyle makes it an attractive destination for retirees.
9. Zurich, Switzerland
Insider Monkey Score: 51
One of the best cities for the wealthy, Zurich offers retirees the highest quality of life, the lowest crime rate, and a diverse expat community. The healthcare system is top-notch, the international airport is well-connected to various European destinations, and the cultural scene is extremely vibrant. Its beautiful location on the shores of Lake Zurich, surrounded by the Swiss Alps, offers retirees a chance to enjoy nature and indulge in plentiful activities as well.
8. Holland Village, Singapore
Insider Monkey Score: 52
This prestigious and upscale neighborhood in Holland Village, Singapore, is one of the most expensive places to retire that is worth it. The vibrant Holland “V” is a lively destination for international dining and nightlife. There are plentiful parks and green locations, a range of amenities, and a world-class healthcare system. It is also one of the safest cities in the world, so retirees can stay with a relaxed peace of mind.
7. Boca Raton, Florida, USA
Insider Monkey Score: 53
The affluent city of Boca Raton is another expensive place worth retiring to. Home to upscale and exclusive neighborhoods, the city offers a warm climate, beautiful beaches, and many recreational opportunities. The city also houses world-class museums, designer boutiques, and fine dining establishments. It is one of the most expensive places to retire that are worth it.
6. Mornington Peninsula, Australia
Insider Monkey Score: 54
Australia’s popular retirement spot, Mornington Peninsula, is an expensive place worth retiring to. White sandy beaches, picturesque views of Port Phillip Bay and the Bass Strait, wineries, and lots of golf make it an attractive retirement destination. Luxurious spas, wellness retreats, and natural hot springs are also good additions for retirees.
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Disclosure. None. 20 Expensive Places to Retire That Are Worth It is originally published in Insider Monkey.