There’s a lot of planning that goes into retirement, especially when it comes to figuring out ways to save and how much you should be tucking away. But outside of the financial details, where you choose to spend your post-professional life can also be an essential consideration. Picking a place with the right affordability, services, and overall happiness can make it even easier to enjoy your senior years comfortably. And while many places could fit the bill, a new study has revealed that Orlando is the best place to retire, thanks in part to it being “one of the most tax-friendly cities” in the U.S.
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The latest data comes from personal financial website WalletHub, which examined the retiree friendliness of more than 180 metropolitan areas across the U.S. using 45 different data points. Categories like affordability included adjusted cost of living and taxpayer friendlines; activities included the number of senior centers, golf courses, and book clubs per capita; quality of life covered walk score, share of population over 65, crime rates, and mild weather; and healthcare took into account things like family medicine physicians, dentists, and healthcare facilities per capita. Each group received a 100-point score that was then weighted to determine the final rankings.
Orlando managed to earn the top spot with an overall score of 61.49, coming in ninth overall for affordability and 16th for retiree-friendly activities. But it wasn’t the only Florida locale to break the top five: Miami was ranked the second best city in the U.S. to retire, clocking in just behind its inland counterpart with an overall score of 61.47 and coming in second nationwide for activities.
Minneapolis was the sole city in the top five not located in the Sunshine State, coming in at number three with a score of 59.63 and earning the sixth and seventh spot nationwide for healthcare and activities, respectively. Tampa made it to the number four spot with a score of 59.61, thanks partially to high marks for activities. And Fort Lauderdale rounded out the top five with a score of 59.47, performing best in the activities category at 13th in the U.S.
The study also found that while 68 percent of Americans surveyed said they were somewhat confident they would have enough saved up to live comfortably after retiring, only 21 percent are very confident. And of course, the sudden change in income makes it even more essential to consider
“It’s important to choose wisely when picking where to retire, as many retirees are on a fixed income,” said Chip Lupo, an analyst with WalletHub. “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. In addition, the top cities provide high-quality health care and offer plenty of enjoyable activities for retirees.”
So, which other cities managed to top the list? Read on to see which other locales could make for a comfortable retirement destination.
The Best Places to Retire in the U.S.
- Orlando, Florida
- Miami, Florida
- Minneapolis, Minnesota
- Tampa, Florida
- Fort Lauderdale, Florida
- Scottsdale, Arizona
- Cincinnati, Ohio
- St. Petersburg, Florida
- Casper, Wyoming
- Atlanta, Georgia
- Las Vegas, Nevada
- Pittsburgh, Pennsylvania
- Wilmington, Delaware
- Denver, Colorado
- Madison, Wisconsin
