For many of us, retirement seems far off in the distance, but a frugal lifestyle may just be the answer to retiring as early as 40 years old. Of course, before daydreaming about reaching this incredible milestone, it's essential to come up with a retirement plan and following through with it, which may involve closely watching the purse strings. If you're one of the lucky few who get to step away from the office desk and begin a new life chapter at 40, these are the six best cities to do so, according to real-estate enterprise Redfin.
"It takes a lot of discipline to maintain such a frugal lifestyle, especially when you can afford not to. But the payoff, for some, to retire decades early might be well worth it," says Redfin chief economist Daryl Fairweather. Whether you love history or enjoy sunny weather all-year round, these six cities have everything you'll need for the best years ahead.
Honolulu is at the top of the list for the best places to retire early. Although the tropical paradise is both the capital and the largest city of this U.S. state, it's still considered a remote destination where you can truly relax. If you decide to retire here, you'll get the best of both worlds: A soothing atmosphere with shopping, dining, and nightlife only steps away at the Waikiki neighborhood.
For many of us, visiting Washington, D.C. is a must during the springtime when the cherry blossom trees begin to bloom. But it's also a great place to retire, thanks to affordable condos. With the capital of the country right at your fingertips, you'll have access to tons of history—and history in the making.
In the midwest, Chicago has a lot to offer for early retirees. Enjoy strolls through world-class museums, catch a show at one of the 200 local theaters or dine at a Michelin-star restaurant. And in case you still wanted to get in on the fun, Chicago also takes St. Patrick's Day seriously, dyeing its river green every year.
It's no surprise that Florida is one of the best places to retire—early or not—thanks to the great weather all-year round and the abundance of activities. Early retirees can rejoice and give up the snowbird lifestyle by settling down in Tampa. The TECO Streetcar keeps the coastal city true to its urban roots and it's difficult to pass up on the one-of-kind nightlife complete with fireworks.
Staying on the East coast of the United States is easy when Baltimore is an option as one of the best places to retire early. Only 40 miles away from Washington, D.C., the seaport is just as historical as the capital, with public statues and monuments everywhere you can imagine. Even if you're not a history buff, Maryland's signature crab dishes will have you packing your bags ASAP.
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