Top 5 Cities for Retirees in 2024

A comfortable and secure retirement is a core part of the American dream. After decades of hard work, everyone hopes for financial stability during their golden years. Yet, many Americans are uncertain about their financial futures. In fact, only 21% of workers are very confident they’ll have enough savings to retire comfortably, while 68% are only somewhat confident. This lack of confidence means that more than half of the workforce expects to retire at age 65 or later, and nearly three-quarters anticipate needing to work even after retiring.

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To help Americans plan for an affordable retirement while maintaining a high quality of life, WalletHub assessed over 180 U.S. cities based on 45 key metrics that affect retirees. Our analysis considered factors like the cost of living, tax policies, recreational opportunities, and healthcare quality.

Top 5 Cities for Retirees

1. Orlando, FL
2. Miami, FL
3. Minneapolis, MN
4. Tampa, FL
5. Fort Lauderdale, FL

Orlando, FL

Orlando, FL, takes the top spot as the best city for retirees, largely due to its tax-friendly environment. Florida’s lack of estate, inheritance, and income taxes makes it an attractive destination for retirees. While the overall cost of living isn’t the lowest, Orlando ranks 9th for affordable homemaker services and 20th for adult day health care among the cities in our study.

In addition to its financial benefits, Orlando offers numerous recreational activities, ranking second overall for recreation. The city is rich in cultural and leisure options, boasting a high number of music venues, fishing facilities, art galleries, and volunteer opportunities for adults.

Healthcare is another strong point for Orlando, which ranks at the top for its number of gerontologists and home health care facilities per capita. It also has the 11th-best hospitals for geriatrics, ensuring retirees have access to high-quality care.

Miami, FL

Miami, FL, is the second-best city for retirees, thanks to its wide array of activities and tax advantages. It ranks highly for adult volunteer activities, art galleries, fishing facilities, museums, and senior centers.

Like Orlando, Miami benefits from Florida’s tax-friendly policies, with no estate, inheritance, or income taxes, making it one of the cheapest cities for taxes. Additionally, Miami is the fifth-most walkable city in the U.S., and most residents enjoy easy access to public transportation.

Minneapolis, MN

Minneapolis, MN, secures the third spot as one of the best places to retire, particularly for those interested in staying in the workforce. The city has one of the most elderly-friendly labor markets, with many jobs accessible to older residents. Over 22% of the working population in Minneapolis is over 65, providing ample opportunities for retirees to earn extra income or stay engaged.

Minneapolis also ranks as the 29th-most caring city in the U.S., with the 6th-best hospital system and numerous nursing homes and gerontologists per capita. It also boasts a supportive environment for retirees' mental health, with the third-lowest suicide rate for people aged 65 and older.

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