Topping the list of the most affordable city in Colorado is Federal Heights, a suburb of Denver. Residents enjoy restaurants, coffee shops, and parks and take advantage of family-friendly activities. Colorado has a flat tax rate of 4.63%, one of the country's lowest. Marginal Income Tax Rates. Free Retirement Calculator: When Can You Retire? Over Half of Americans Are Missing Out on Free Money — Are You One of Them? The mild climate still brings nearly 300 days of sunshine per year while still managing to fill ski resorts with a blanket of snow. Located in the Rocky Mountains south of Colorado Springs and north of Pueblo, Canon City has a population of 30,000, and a cost of living that is 9 percent lower than the national average. Retire to Alabama when you’re 65 or older, and you pay no property taxes. For those looking to escape the increasing traffic of the Mile High City, but still reap the benefits of living in a large city, retire in Fort Collins. Here are some of the best places in Colorado to retire, in no particular order: Fort Collins, CO Pedestrian Mall View – Old Town Fort Collins, CO. Photo: Joe Wolf. It falls close to the national median of 100 with a 2014 index of 101.3. Listed above are the most affordable places to live in Colorado with a population of more than 5,000 people. Retirement Income Exemptions. Tax Burden: Total state/local tax burden in Colorado of 8.9% is lower than average, 35th highest in the nation. Colorado's cost of living is above the national average, it is the 36th lowest in the country. Taxes. 2020 Best Places to Retire in Colorado About this List Explore the best places to retire in the U.S. based on number of retirees, weather, and access to healthcare and entertainment. Many popular retirement destinations feature one or two seasons per year but to retire in Colorado means experiencing all four seasons every year. What you are left with is a "Cost of Living Index" by taking the average rank of each of these metrics for each city. To calculate the most affordable cities in Colorado, the cost of living index for each city was calculated, then … These cities have the lowest cost of living in all of Colorado. Total expenditures: $100,207 20% comfort buffer: $25,052 Cost of a comfortable retirement annually: $125,259 More From GOBankingRates. — Click Here to Find Out While Colorado ranks above average for cost of living, its cost of living index – a number derived by the Council of Community and Economic Research – isn't that much higher than average. Hawaii. So we used that cost of living index in order to rank all of the 76 places in Colorado that have more than 5,000 people. Housing is affordable, and the economy is stable. Due in part to its increasing popularity, the cost of living in the immediate Denver area is higher than the national average. 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