Most people have a dream retirement location where they will retreat to for the rest of their lives after working for many years. Although some locations might seem like the perfect spot, there is a possibility that they may be unrealistic for retirement. Some cities are considered to be the “best” and “worst” for retirement.
In determining which cities are the “best” and “worst,” the cost of living is a major factor. Other factors taken into consideration include crime rate, quality health care, weather, and whether or not the state that the city is located in taxes Social Security benefits.
The cost of living is the annual spending for a comfortable retirement and is arguably the most significant factor of these. Less than one-quarter of Americans are confident that they’ll have enough money to retire comfortably and many expect to delay retirement until at least age 65 years old.
In order to determine which cities in the United States are the best for retirement, WalletHub ranked 182 cities by retiree-friendliness, comparing the cities across 46 key metrics such as cost of living, tax-friendliness, recreational activities, and quality of local healthcare.
The ten best cities to retire in the United States are:
- Orlando, FL
- Tampa, FL
- Scottsdale, AZ
- Charleston, SC
- Miami, FL
- Denver, CO
- Fort Lauderdale, FL
- Cape Coral, FL
- Minneapolis, MN
- Cheyenne, WY
According to WalletHub, Orlando is the best cities to retire in. Orlando is ranked ninth for affordability and 11th for activities. Orlando includes low tax rates, tax breaks for senior citizens, and warm weather on top of plenty of golfing. Five out of the top 10 cities are located in Florida for many of the same reasons. Real estate in Orlando is affordable, with the median home listing at $245,000, 7% below the national average.
Deciding on a place to retire can help one determine how much money needs to be put into a retirement fund and estimate at what age he/she can retire comfortably – or vice versa. People can decide how much they want to retire with, which will then help them choose a destination that is within their budget. Some people want to retire on $40,000/year and others want to retire on $90,000/year, and those looking to retire on less per year should choose a destination that ranks low on WalletHub’s list.