5 Awesome Places To Retire on $8,000 a Month or Less

If you have significant retirement savings to provide for a comfortable retirement, you may have an above-average budget and plenty of choices for where to spend your golden years. And if you're interested in finding the best places to retire at $8,000 per month, you have countless options from coast to coast.

When you understand your ideal budget, climate and other lifestyle factors, you can make a short list of the best potential destinations for retirement. Weather, taxes and local amenities are important to enjoying your retirement lifestyle. Here's a look at some of the best places to retire with $8,000 per month or less.

The Best Places To Retire on $8,000 Per Month

1. Best for Year-Round Outdoor Recreation: Boulder, Colorado
2. Best for Ocean Access: Miami, Florida
3. Best for a Mild Climate: San Diego, California
4. Best for Exploring Your City: Portland, Oregon
5. Best for History Buffs: Richmond, Virginia

1. For Year-Round Outdoor Recreation: Broomfield, Colorado

• Cost of living: 18% above the national average¹
• Median home price: $720,075¹
• Median monthly rent: $2,196¹
• Metro population: 2,985,871²
• State taxes: 4.4% income tax; Social Security may be deductible³

Why retire in Broomfield?

Broomfield is located between Denver and Boulder, offering easy access to big-city amenities and small-city charm. In the summer, residents can tap into a large network of hiking trails and bike paths. In the winter months, world-class ski resorts are just a short drive away.

The cost of living is above the national average, driven by housing prices. However, with an $8,000 monthly budget, rent is affordable. While most income is taxed, Social Security is fully deductible when you reach age 65, and the flat income tax is much lower than in many other states.³ Whether you want to jump on your bike or strap on your skis, Broomfield is a wonderful location to call home.

2. For Ocean Access: Miami, Florida

• Cost of living: 21% above the national average⁴
• Median home price: $721,478⁴
• Median monthly rent: $2,201⁴
• Metro population: 6,139,340²
• State taxes: No state income tax³

Why retire in Miami?

Miami is located in one of the warmest and sunniest parts of the United States, and residents have quick access to a long list of beaches, including Miami's famous South Beach, luxurious Bal Harbour and the namesake Miami Beach. The city is also home to a port of call on the sprawling Intracoastal Waterway, perfect for boating and water-based recreation.

Florida has no state income tax, so Social Security income and retirement plan withdrawals won't be subject to state taxes.³ Living costs are 21% above the national average,⁴ but with a $8,000 monthly budget, retirees should be able to enjoy the Southern Florida lifestyle comfortably. There are plenty of weekend getaways nearby and enough going on locally to keep boredom at bay.

3. For a Mild Climate: San Diego, California

• Cost of living: 44% above the national average⁵
• Median home price: $1,091,279⁵
• Median monthly rent: $3,329⁵
• Metro population: 3,276,208²
• State taxes: 1% to 14.4%; Social Security isn't taxable³

Why retire in San Diego?

San Diego is a beautiful city on the California coast, with beaches and a comfortable climate year-round. It's never too hot or too cold for the most part, making it ideal for retirees seeking a mild climate without major temperature swings. It's excellent for surfing, wildlife viewing, cycling, hiking and other outdoor recreation.

While the cost to buy a home may be prohibitive, the median rent comfortably fits within an $8,000 monthly retirement budget. Taxes can be high depending on your income, but Social Security benefits are not subject to state income tax.³ The region is packed with state and national parks, and other big cities like Los Angeles and Las Vegas are within driving distance if you're in the mood for a short road trip.

4. For Exploring Your City: Portland, Oregon

• Cost of living: 20% above the national average⁶
• Median home price: $735,683⁶
• Median monthly rent: $2,244⁶
• Metro population: 2,509,489²
• State taxes: 4.75% to 9.9%; Social Security isn't taxable³

Why retire in Portland?

There's a saying that Portland is the place where young people go to retire. But "Stumptown" can also be an excellent choice for Americans after wrapping up their primary working years. While it's more expensive than the national average, Portland is one of the more affordable large cities on the West Coast.

The city offers an incredible combination of opportunities for urban explorers, including restaurants, coffee roasteries, breweries, wineries, distilleries, museums, parks and theaters. It's also very friendly to cyclists and has wide-reaching public transportation. If you can handle the months of rainy weather, there's always something fun to do in and around Portland.

MORE PLACES TO RETIRE FOR: $1,500, $3,000, $4,000, $5,000 or $6,000 per month

5. For History Buffs: Richmond, Virginia

• Cost of living: 4% below the national average⁷
• Median home price: $418,291⁷
• Median monthly rent: $1,276⁷
• Metro population: 1,339,182²
• State taxes: 2% to 5.75%; Social Security isn't taxable³

Why retire in Richmond?

Richmond is one of the oldest cities in the United States and offers incredible access to historical sites and museums. Its roots go back to the colonial era, and highlights include glimpses into the early U.S. economy, local and nearby connections to eight former presidents⁸ and its role as the capital of Virginia since 1780.⁹

In addition to history, the city houses a wide selection of restaurants, nearby access to wineries, parks and museums, and college-friendly neighborhoods around Virginia Commonwealth University. Residents should prepare for hot, humid summers and cool winters. Richmond is reasonably priced, with a cost of living just below the national average. For retirees interested in history and museums, it's a fun city that's also centrally located on the East Coast.

Live a Wonderful Retirement on $8,000 Per Month

When you manage your budget well, you can easily navigate your finances in retirement on $8,000 per month, even in cities with above-average costs. As long as you maintain a healthy emergency fund, you should be able to manage the ebbs and flows of your personal finances with ease. And when you pick a top destination for retirees, you may fall in love with the culture and recreational opportunities of a new hometown.

READ MORE: What's the Median Retirement Savings by Age?