Population: 86,751
Cost of living: 87
Median home price: $230,000
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
College perk: Residents age 60 and older can take classes at the University of Arkansas, tuition-free.
Looking for an active yet funky college town with a bit of southern hospitality? You will feel right at home in Fayetteville. A vibrant, economically and culturally diverse mecca in the Ozarks, Fayetteville attracts a variety of people from around the country. Josh Raney, director of the Osher Lifelong Learning Institute at the University of Arkansas, says retirees follow their children—mid-career professionals who may work for local Fortune 500 companies such as Walmart, Tyson Foods and JB Hunt Transport Services. “Retirees come here to retire and take care of the grandkids,” he says. They are also attracted by the diverse and active arts and culture scene, as well as a variety of sports and recreational activities, including more than 30 miles of trails for hiking, biking and running.
A major driver of the downtown region’s economy is the University of Arkansas. Founded in 1871, U of A’s Fayetteville campus is the flagship of the state university system, with 27,000 students enrolled across 10 colleges and schools that offer more than 210 academic programs.
Arkansans age 60 and older can enroll in for-credit undergraduate and graduate courses tuition-free (based on space availability). Raney says that retirees are active in university events as well as outdoor programs through his institute.
Residents seeking health care can go to the four-star Mercy Hospital Northwest Arkansas, located 21 miles away in Rogers, Ark.
Housing options range from condos downtown, where a two-bedroom, 1,056-square-foot condo/townhome goes for $115,000, to homes west of the city near Savoy, where a three-bedroom, 1,760-square-foot house sells for $372,500. Retirement communities, such as Grand Village at Clear Creek, are gaining popularity.
Social Security benefits aren’t taxed in Arkansas, and up to $6,000 of retirement income, including IRA distributions, is exempt from state income taxes. However, Arkansas imposes a 6.5% sales tax, and localities can add as much as 5.13%. Food is also taxed by the state at 1.5%, and localities can add their own taxes.
For population figures, we used the most recent U.S. Census Bureau data. Cost-of-living data comes from the Council for Community and Economic Research (100 represents the national median). Median home prices were provided by Redfin, Zillow and local associations of Realtors.
-
Come as You Are: Wealth Management for Gen XGen X is stuck in the middle of kids and aging parents, but retirement's not far off. Time to prioritize, with help from Nirvana, The Eagles and David Bowie.
-
New Job? Time to Start a 401(k) PlanWhether you're starting a new job or have never opened a 401(k) account, it's time! Here's how to open an account in five steps.
-
Medicare Basics: 11 Things You Need to KnowMedicare There's Medicare Part A, Part B, Part D, Medigap plans, Medicare Advantage plans and so on. We sort out the confusion about signing up for Medicare — and much more.
-
Six of the Worst Assets to Inheritinheritance Leaving these assets to your loved ones may be more trouble than it’s worth. Here's how to avoid adding to their grief after you're gone.
-
403(b) Contribution Limits for 2024: Good News for Teachersretirement plans Teachers and nonprofit workers can contribute more to a 403(b) retirement plan in 2024 than they could in 2023.
-
SEP IRA Contribution Limits for 2024SEP IRA A good option for small business owners, SEP IRAs allow individual annual contributions of as much as $69,000 a year.
-
Roth IRA Contribution Limits for 2024Roth IRAs Roth IRA contribution limits have gone up for 2024. Here's what you need to know.
-
SIMPLE IRA Contribution Limits for 2024simple IRA The SIMPLE IRA contribution limit increased by $500 for 2024 and workers at small businesses can contribute up to $16,000 or $19,500 if 50 or over.
-
457 Contribution Limits for 2024retirement plans State and local government workers can contribute more to their 457 plans in 2024 than in 2023.
-
Roth 401(k) Contribution Limits for 2024retirement plans The Roth 401(k) contribution limit for 2024 is increasing, and workers who are 50 and older can save even more.
