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These are the best – and worst – cities for retirement, study finds
By Jeremy Tanner,
1 day ago
(NEXSTAR) – So many people focus on when to retire – but where they start their golden years shouldn’t be overlooked.
People are living longer and with forecasts of a U.S. retirement crisis looming , affordability is one of the top factors in a new study by WalletHub on the best and worst places to retire. Activities, quality of life and health care rounded out the grading process.
Living up to its reputation, Florida dominated the top five, taking four spots. Orlando wast number 1 overall, thanks largely to its affordability (9th out of 200) and plentiful options for active retirees (16th). WalletHub points out that, while Orlando’s cost of living isn’t dirt cheap, homemaker services and adult day health care were ranked 9th and 20th, respectively. Florida is also a tax-friendly state, and Orlando is one of the cheapest cities for taxes, according to Wallethub.
When it comes to planning for retirement, author and Rutgers Distinguished Professor Emerita Dr. Barbara O’Neill says the following are the most important: “Proximity to family and friends, local living costs and features (e.g., low crime rate, high-quality hospitals, and proximity to airports), tax structure (nine states have no state income tax: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming), and weather (some people want to get away from cold winter weather, ice, and snow).
Miami took the second spot for some of the same reasons that Orlando did, such as relative affordability (54 of 200) and a plethora of activities (2 of 200). Magic City is also extremely walkable with access to public transportation.
Minneapolis took the third spot thanks to its numerous activities (7) and excellent health care (6). WalletHub found that the local job market is especially open to seniors, who can choose to work for some extra income or to stay occupied.
WalletHub found these the following 25 cities to be the worst in the U.S. when it comes to retirement:
Overall Rank
City
Total Score
Affordability Rank
Activities Rank
Quality of Life Rank
Health Care Rank
158
Worcester, MA
42.26
146
118
121
79
159
Montgomery, AL
42.17
11
155
164
181
160
Fort Smith, AR
41.96
31
160
159
170
161
Chula Vista, CA
41.79
156
163
11
89
162
Greensboro, NC
41.72
53
127
179
144
163
Moreno Valley, CA
41.23
132
180
103
153
164
Vancouver, WA
41.19
155
94
143
60
165
Santa Rosa, CA
40.68
176
105
16
127
166
Modesto, CA
40.62
122
181
69
169
167
Spokane, WA
40.53
130
150
155
102
168
Tacoma, WA
40.52
158
68
150
99
169
Warwick, RI
40.35
148
117
136
95
170
Ontario, CA
40.24
137
159
113
148
171
Pearl City, HI
39.98
180
164
1
101
172
Riverside, CA
39.73
135
135
130
140
173
Fontana, CA
39.10
136
174
93
157
174
Wichita, KS
38.98
107
136
166
165
175
Bridgeport, CT
38.48
175
154
153
19
176
Fresno, CA
38.40
108
175
140
162
177
Detroit, MI
38.27
129
101
182
152
178
Newark, NJ
38.18
159
87
163
118
179
Bakersfield, CA
37.41
109
182
123
168
180
Rancho Cucamonga, CA
37.26
151
177
85
143
181
Stockton, CA
36.92
134
176
133
145
182
San Bernardino, CA
35.71
126
172
172
172
(Credit: WalletHub)
For many nearing retirement age, the recent volatility in the stock market has left them concerned about what their 401K nest egg might look like when they finally start to cash out, and a place like Brownsville, Texas, the most affordable out of the 200 cities, might start to look appealing.
“There are a lot of folks who just don’t have enough money put away,” Jason Athas, a manager of educational programs at Debt Management Credit Counseling Corp., a Florida-based nonprofit that provides debt relief and counseling services, told the AARP . “Credit card debt is one of the biggest problems seniors have today.”
If money’s not an issue, retirees who just want the greatest number of activities to fill their days might consider San Francisco, which WalletHub ranked number 1 in that category.
As for quality of life and health care, Pearl City, Hawaii and New Haven, Connecticut took the top honors, respectively.
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