New Report Ranks the Best Cities To Retire in 2024

Florida Claims 4 Spots On New Best Cities To Retire List

Part of the American dream is a comfortable and safe retirement.

Photo portrait of pretty retired female look camera smile wear trendy blue outfit isolated on pink color background.Photo byImage Credit: Roman Samborskyi/Shutterstock.

After decades of hard work, we all hope for financial security in retirement. However, many Americans aren’t confident about achieving a worry-free retirement. In fact, only 21% of workers feel very confident they’ll have enough money to retire comfortably, while about 68% are only somewhat confident. This uncertainty has led over half of the workforce to expect to retire at 65 or older, with nearly three-quarters anticipating the need to continue working even after retirement.

To help Americans plan for an affordable retirement while maintaining a high quality of life, WalletHub analyzed the retiree-friendliness of over 180 U.S. cities using 45 key metrics. Our research spans factors like 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, is the best place to retire, living up to its reputation as a haven for seniors. One big reason for this is the lack of taxes, as Orlando is one of the most tax-friendly cities, and Florida does not have an estate or inheritance tax (or even income tax). In addition, while Orlando doesn’t have a particularly low cost of living, it is the 9th cheapest city for homemaker services and the 20th cheapest for adult day health care out of the more than 180 cities in our study.

In addition, Orlando provides many recreational activities for retirees, ranking as the second-best city for recreation overall. It has an exceptionally high number of music venues, fishing facilities, art galleries, and adult volunteer activities.

Finally, Orlando ranks at the top of the country in terms of gerontologists and home health care facilities per capita. It also has the 11th-best hospitals for geriatrics, allowing elderly residents to receive quality care.

Miami, FL

Miami, FL, is the second-best place to retire, in large part because it has an abundance of popular activities for retirees. For example, Miami ranks at the top of the country when it comes to adult volunteer activities, art galleries, and fishing facilities per capita, and it has the fifth-most museums and 11th-most recreation and senior centers.

Tax-friendliness is another good reason to retire in Miami. Located in Florida, it has no estate, inheritance, or income taxes and ranks among the cheapest cities for taxes.

In addition, Miami is the fifth-most walkable city in the country, and the vast majority of residents have access to quality public transportation within walking distance of their homes.

Minneapolis, MN

Minneapolis is the third-best place to retire, and it has one of the most elderly-friendly labor markets in the country. This means that a large percentage of jobs are easy to perform, even for elderly residents. Many retired people choose to continue to work for some extra income or to have something to keep them occupied. Minneapolis has plenty of opportunities to do that since over 22% of the working population is over 65.

Minneapolis also provides a friendly environment for retirees, ranking as the 29th-most caring city in the U.S. It has the 6th-best hospital system, along with many nursing homes and gerontologists per capita. Retirees also have good mental health, as Minneapolis has the third-lowest suicide rate for people ages 65 and older.

Read More:

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• 12 Common Retirement Mistakes Everyone Makes
• 15 Things To Keep In Mind if Retirement Is on the Horizon