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According to a new study by Fidelity, three-quarters of Americans are hopeful about retiring on their terms. This period, commonly known as the "golden years," begins around age 65 years of age. Ideally, at this juncture, you will have the financial flexibility and freedom to do the things you've always wanted — this includes focusing on your passions, reconnecting with loved ones, exploring new interests, traveling to dream destinations, and forming new memories. While many choose coastal states like California or Florida for retirement, Minnesota is an excellent state to consider given its exquisite landscape, which features more than 10,000 lakes, an outstanding healthcare system that consistently ranks near the top, and welcoming vibrant communities. In addition, the cost of living is below average, an issue many Americans are acutely conscious of, especially in later years of life, given that many seniors depend on fixed incomes. This article will explore Minnesota's six most affordable retirement towns.

Little Falls

This charming town offers a relaxed lifestyle, with the added bonus of a dazzling river that flows through it. In addition, it flaunts numerous museums, state parks, and a prominent zoo that you will not want to miss out on. A short 6-minute drive away is the Charles A. Lindbergh State Park, an ideal spot for picnicking, camping, and hiking. Furthermore, it amalgamates modern amenities such as shelters while also boasting untamed landscapes in other areas — giving you the best of both º£½ÇÉçÇøs.

To encounter exotic wildlife, head to the Pine Grove Zoo. Here, you can see a variety of animals, including wolves, bears, and even zebras. Little Falls also features several museums. Step back in time and learn about Minnesota's military history at the Minnesota Military Museum, or explore the childhood home of aviation legend Charles Lindbergh at the Charles Lindbergh House and Museum.

Finally, immerse yourself and learn about the history of freshwater fishing at the Minnesota Fishing Museum and Hall of Fame, where you can observe over 20,000 artifacts. And for all your healthcare needs, St. Gabriel's Hospital is conveniently located in the city, with an average wait time of just 20 minutes for emergency visits. If Little Falls has charmed you and you're considering relocating here, the typical listing price of homes currently sits at an attractive $253.9K in a buyers' market as of February 2024.

Albert Lea

This tight-knit community, named after topographer Albert Lea, scored a B+ for livability and an A+ for cost of living according to Citytistics. As per Zillow, the average rent here lists for just $1,160, which is approximately $890 lower than the national average. The city is minutes away from Myre-Big Island State Park, an excellent spot to hike, canoe, camp, and visit during the fall to capture once-in-a-lifetime views of the colorful oak trees and groves.

To complement your cultural inclination, the Albert Lea Civic Music Association hosts live performances throughout the winter season and beyond, featuring big-time names and new upcoming artists. Another point of interest is the Freeborn County Historical Museum, which features exhibitions, an art gallery, a research library, and archives that preserve the history of the area. Finally, residents of Albert Lea love celebrating their summers and host five popular festivities, including Wind Down Wednesday, Thursdays on Fountain, and July Jamboree — a week of lively performances, good food, and parades.

Bemidji

Surrounded by 400 lakes, forests, and parks, this nature lover's paradise boasts an advanced network of snowmobile and cross-country ski trails. Bemidji hosts a thrilling dragon boat race during summer months, has excellent spots for fishing, and offers a variety of yacht rental services for stylish lake exploration. And during late February or early March, Bemidji hosts an annual event known as Winterfest, where residents can participate in polar plunges, hockey games, and polar walks. For everyone's convenience, the festival lasts for a whole week to give everyone ample time to join in on the fun.

According to Zumper, the median rent here was $1,325 as of February 2024, a 34% discount from the national average. This allows you to stretch your income on the finer things in life—like catching a symphony performance at the Bemidji Symphony Orchestra, exploring an art gallery at the Watermark Art Center, and last but not least, some fine dining at the Tutto Bene restaurant.

Crookston

Despite its under-the-radar status, Crookstown boasts a lively commerce district, a picturesque landscape that unfolds along the waters of the Red Lake River, and several historic late 19th and 20th century buildings. What's more, Crookston features a cheap housing market, with median listings coming in at $184.5K according to Realtor.

Another perk of living in Crookston is its thriving culinary scene, which boasts numerous small business restaurants, cafes, and coffee shops on top of your run-of-the-mill fast food chains. Finally, to escape the noise from everyday life, head 18 miles east to the Glacial Ridge National Wildlife Refuge, where you can see a wide array of mammals, including butterflies, amphibians, and majestic bald eagles, in one of the most extensive prairie wetlands in the nation.

Hutchinson

With a population of just 15,000 residents and a strong sense of community, this small town is an ideal place for seniors seeking an affordable and friendly place to call home. Hutchinson features boutique shops, art galleries, and multiple dining options. One of the most popular attractions in the area is the Luce Line Trail, a 63-mile-long trail with tons of scenery that bikers, hikers, or those looking for a relaxing walk can enjoy at their own pace. To soak up the sun, consider visiting the Hutchinson Family Aquatic Center, which has several amenities, including a lap pool, a lazy river, and a zipline. For a more relaxing option, visit the historic State Theater to catch a movie. Built in 1937, the theater features old-fashioned art deco design and has a seating capacity of 850.

Ely

Prominent Smithsonian Magazine ranked Ely as one of the best 15 small towns to visit a few years ago, citing its proximity to hundreds of lakes and rivers. To get a sense of the area and its wildlife, visit the North American Bear Center to learn about the 13,000 black bears that call Minnesota home. Alternatively, explore the International Wolf Center, a research and education center committed to preserving wolf populations — they exhibit rare arctic gray wolves to witness and educate patrons about the importance of wolves in the ecosystem.

Another popular enterprise in the area that focuses on the great outdoors is the Dorothy Molter Museum, which works to inspire the next generation of Minnesotans to be good stewards of the land while upholding Dorothy Moller's legacy and values. Planning everything on your own can be overwhelming, but luckily, the Voyageur North Canoe Outfitters is here to help you. They specialize in providing all the necessary equipment and supplies you need and even assist clients in customizing a special journey tailored to their outdoor adventure. As per Zillow, the current average rent in Ely is $972, but keep in mind that rental prices can change and fluctuate over time.

In conclusion, the North Star State provides a multitude of cost-effective retirement options for seniors looking to enjoy their golden years while saving a buck. These towns provide welcoming communities, natural beauty, and plenty of fun activities to suit your lifestyle.