Choosing where to retire is an important decision. After a lifetime of hard work and saving, you deserve to have the security of knowing that you’re settling in a location that offers financial security, a high quality of life, and exciting activities.
When it comes to the best cities for retirees, some locations have a clear lead on others. WalletHub, a personal finance website, recently released its analysis of the country’s best and worst retirement destinations. The rankings prioritized several factors – including how a changing economy may impact soon-to-be-retirees in the United States.
While 68% of workers say that they are somewhat confident that they have enough money to retire on, only 21% say they are very confident, according to a recent study by the Employee Benefit Research Institute (EBRI) and Greenwald Research.
“As a result, the best cities for retired people are those that minimize taxes and expenses, as well as have good opportunities for retirees to continue paid work for extra income, if they choose to do so,” said WalletHub analyst Chip Lupo, in a statement. “In addition, the top cities provide high-quality health care and offer plenty of enjoyable activities for retirees.”
The study analyzed 45 metrics – including availability of adult volunteer activities, walkability, and the quality of public hospital systems – which were sorted into four dimensions: affordability, activities, quality of life, and health care.
Perhaps not surprisingly, sunny Florida cities dominated the list of the best cities for retirees. But there are some snowy exceptions to this rule. Minneapolis, Minnesota, for example, ranked in the top five best cities due to its elderly-friendly labor market and high number of nursing homes and gerontologists per capita.
Continue reading to learn more about the five best and five worst American cities for retirees.
