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Best Cities, States & Places

Why Colorado Springs Is a Great Place to Retire

Nestled in the Rocky Mountains, this city offers an incredible outdoors without sacrificing its vibrant metropolitan culture.

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Population:
465,101

Nearest large city:
Denver

What $300,000 will buy:
3-bedroom, 2-bath remodeled Victorian home near downtown

SLIDE SHOW: See Our Picks for 10 Great Places to Retire, 2017

When Richard King Brown moved to Colorado Springs from New York City, he immediately fell in love with the area’s natural beauty, including the crisp blue skies and snow-capped mountains. Now, 14 years later, he still makes a point of getting out for a five-mile walk, along with his wife, Mary, at least three evenings a week.

Even if you’re accustomed to life in a bigger city, you won’t be bored in Colorado Springs. The historic, walkable Old Colorado City neighborhood is home to numerous shops and restaurants. The city boasts an active and eclectic arts scene, with options ranging from art shows and theatrical performances to regional premieres and original works. As you stroll the city’s tree-lined streets, keep an eye out for the more than 50 pieces of public art, or pop into any of numerous art galleries.

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See Also: 10 Best States to Protect Your Retirement Nest Egg From Taxes

The second-largest city in Colorado is a haven for nature lovers, with more than 9,000 acres of parkland, 105 miles of urban trails and 160 miles of park trails. On the city’s northwestern edge, explore the Garden of the Gods and hike any of its 15 miles of trails. From much of the city, you can enjoy a view of Pike’s Peak, which is only 12 miles away.

Although housing prices have increased in recent years, Colorado Springs is more affordable than Denver, an hour to the north. The city’s economy is largely driven by military personnel assigned to the Air Force Academy and several bases in the area, but young professionals and retirees are also moving in.

Colorado imposes a flat income tax of 4.63%, and the state offers taxpayers 55 and older generous tax exclusions on retirement income. Colorado doesn’t have inheritance or estate taxes. Residents of Colorado Springs pay a combined state and city sales tax rate of 8.25%.

See Also: The State-by-State Guide to Taxes on Retirees