Deciding where to spend one’s golden years is a very personal and subjective decision, yet some characteristics make some places in the United States objectively better than others for retirees.
With that in mind, researchers from the personal finance website WalletHub evaluated more than 180 locations in the United States. They ranked them based on quality of life indicators such as health care services and recreational possibilities to create a new list of the best and worst destinations for retirees.
Since many retirees live on fixed incomes and inflation is raising the cost of living, affordability is an important factor to consider when deciding where to spend one’s retirement years.
“A lot of retirees are living on fixed incomes, so the best states for retirees are taxpayer-friendly and even have elder-friendly labor markets,” said Chip Lupo, author of WalletHub’s research on the best and worst locations to retire, to CBS MoneyWatch.
Orlando, Florida received high grades on the tax front, propelling it to first place. Although the cost of living is expensive, it is a tax-friendly city in a state that does not levy estate, inheritance, or income taxes. Half of the top ten best cities on WalletHub’s list are in Florida, which has long been popular with retirees.
According to Lupo, homemaker and adult health care services in Orlando are also reasonably priced, and the city provides excellent health care to older Americans.
According to the rating, Orlando also offers a variety of recreational alternatives for seniors, such as music venues, fishing facilities, arts venues, and volunteer activities.
Minneapolis, Minnesota, finished third on the list, sandwiched between Miami and Tampa, Florida.
Minneapolis received great scores for providing numerous chances for retirees to earn extra money while also building community.
“It has a very strong, elder-friendly labor market, whether you want to work to supplement your income or to have something to do after you retire,” Lupo told me. “Some people have to keep doing something to stay busy or as the social network to get out there and mingle.”
According to research conducted by the Transamerica Center for Retirement Studies and the Transamerica Institute, over half of middle-income Americans who are now employed intend to continue working after the age of 65.
According to WalletHub, California has six of the top ten worst states for retirement. With few senior-friendly events and community centers, they all received low ratings for recreational opportunities. They were also chastised for their lack of access to high-quality, cheap health care.
Best Cities to Retire
- Orlando, Fla.
- Miami, Fla.
- Minneapolis, Minn.
- Tampa, Fla.
- Fort Lauderdale, Fla.
- Scottsdale, Ariz.
- Cincinnati, Ohio
- St. Petersburg, Fla.
- Casper, Wyo.
- Atlanta, Ga.
Worst Cities to Retire
- San Bernardino, Calif.
- Stockton, Calif.
- Rancho Cucamonga, Calif.
- Bakersfield, Calif.
- Newark, N.J.
- Detroit, Mich.
- Fresno, Calif.
- Bridgeport, Conn.
- Wichita, Kan.
- Fontana, Calif.