Mar 10, 2023

Is Colorado a good place for my senior parents to retire?

Manny Cominsky

Colorado has become an increasingly popular choice for retirement and it's easy to see why. With a stunning natural environment, a wide range of amenities, excellent healthcare options, and an affordable cost of living, Colorado is a great place to live out your golden years. While it might be a little different than a traditional beach retirement to a state like Florida, there’s a reason so many seniors are making Colorado their retirement home.  

Colorado’s Beautiful Outdoors

Colorado has a wide range of amenities that make it an ideal place for retirees. From outdoor recreation to cultural activities, there is always something to do. The state is home to numerous parks, trails, and outdoor recreation areas, including national parks such as Rocky Mountain National Park and Mesa Verde National Park. There are also a number of cultural activities available in Colorado, including museums, art galleries, and theaters. Some of our favorite museums in Colorado include the Denver Art Museum and the Colorado Shakespeare Festival. The Garden of the Gods in Colorado Springs is rated the #1 city park in the United States and offers interactive experiences, Jeep and Segway tours, and stunning views. From prehistoric dinosaurs to the future of flight, Colorado has museums that will interest retirees and younger generations alike. Additionally, Colorado is home to a number of excellent restaurants, shops, and entertainment venues, so you'll never be bored. 

One of the main draws of Colorado is its stunning natural environment. The state is home to the Rocky Mountains, which offer some of the most beautiful scenery in the country. Additionally, there are numerous parks and recreation areas throughout the state, including state parks, national forests, and wildlife areas. Colorado also has a diverse range of climates, from alpine to desert, so you can choose the environment that best suits your preferences. Whether you enjoy skiing, hiking, or simply taking in the scenery, Colorado has something for everyone.

Retiring in Colorado means plenty of healthy, outdoor activity year round.

Colorado is a short distance to some of the most popular destinations in the western United States, such as Utah's national parks, Las Vegas, and the Grand Canyon. This feature makes the state a convenient home base for retirees who want to explore the region. Colorado residents are close to the west coast, making it easy to vacation and visit the sunny beaches of California whenever they desire to take a break and soak up the sun. 

Retiring in Colorado means experiencing all four seasons every year, with nearly 300 days of sunshine and plenty of snow for skiing. The state's high elevation and interior geography create a cool, dry, and invigorating climate that's perfect for outdoor activities like hiking, skiing, and more. Whether you're picking wildflowers in the spring or hiking a mountain in the summer, Colorado has something for everyone.

Colorado has low retirement taxes

Colorado’s stunning natural beauty isn’t the only thing that makes it a great state for retirement. Colorado also has incredibly friendly taxes for retirees. One of the main benefits for retirees in Colorado is that retirees can deduct between $20,000 to $24,000 (depending on their age) from their retirement income in state taxes. So while Colorado does tax social security (unlike other states such as Arizona), because of Colorado’s generous retirement income tax deduction, many seniors’ income from sources like Social Security or pensions is nearly totally tax-free. 

Talk to a Colorado retirement planner to find out how Colorado's low retirement taxes could help you.

In addition to this deduction for retirement income, Colorado retirees also enjoy some of the lowest property taxes in the country with the average effective property tax rate in Colorado being just 0.48%. What’s more, many Colorado seniors end up paying even lower property taxes due to the Colorado senior property tax exemption. Under the Colorado senior property tax exemption, which applies to Colorado seniors who are at least 65 years old and who have owned and occupied the house as a primary residence for at least 10 straight years, the first 50% of the first $200,000 in home value is considered exempt. Finally, Colorado also has an incredibly low sales tax. 

Overall, with its incredibly friendly tax burden and low cost of living, Colorado makes for a very cost-effective retirement destination. 

Colorado’s great retirement living options

Along with being affordable, Colorado also has tons of amazing senior housing options for retirees. In terms of senior living communities, there is a wide range of options in Colorado, including independent living, assisted living, and memory care facilities. These communities offer a variety of amenities and services, including housekeeping, meal preparation, and transportation. Some of the best senior living communities in Colorado include Vi at Highlands Ranch, The Meridian Lakewood, and Holly Creek Retirement Community. These communities offer a range of amenities and services, including fitness centers, pools, and social activities. 

For retirees who enjoy dining out, Colorado offers a diverse and vibrant culinary scene. They are known for their farm-to-table movement that celebrates local and sustainable agriculture. With over 235 craft breweries, high-elevation vineyards, and award-winning restaurants, Colorado offers an unparalleled culinary experience. Four of the top 50 brewing companies in the country are located in Colorado, and Coors is the largest single brewery in the world. Additionally, eighteen restaurants have earned four or five diamonds from AAA restaurant ratings.

Great healthcare for seniors

Colorado is also home to some of the best healthcare facilities in the country, with several top-ranked hospitals and medical centers, including the University of Colorado Hospital, UCHealth Memorial Hospital, and Children's Hospital Colorado. These facilities provide high-quality care in a wide range of medical specialties, and they have received national recognition for their patient outcomes and clinical excellence. Furthermore, The state has a wide range of healthcare options available, including home healthcare, hospice care, and nursing homes. Colorado has a strong emphasis on wellness and preventative care, which can help you stay healthy and active throughout your retirement years. If you have any specific healthcare needs, Colorado is likely to have a provider that can meet them. 

Overall, Colorado is a great place to retire for a number of reasons. With its stunning natural environment, excellent healthcare options, and affordable cost of living, it offers a high quality of life for retirees. Additionally, the state has a wide range of amenities and services available, including senior living communities and healthcare options. Whether you are looking for a peaceful retirement in a small town or an active retirement in a larger city, Colorado has something to offer.

To learn more about how Sunbound can help make paying for senior living and senior care more affordable for you or your senior loved one, send us an email at or request more information on Sunbound. Sunbound is the best way to pay for senior living and senior care, and we’re on a mission to make senior living and senior care more affordable for everyone.

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