The decision of when and where to retire is a deeply personal choice that varies from individual to individual. However, certain factors play a crucial role in determining the suitability of a city for retirement, such as access to healthcare services, recreational amenities, and affordability. WalletHub, a personal finance site, conducted a study ranking over 180 U.S. cities based on these metrics to provide insights into the best and worst places for retirees.
In light of the increasing cost of living and the prevalence of fixed incomes among retirees, affordability emerges as a key consideration when selecting a location to spend one's retirement years. With inflation impacting the financial stability of retirees, choosing a tax-friendly state with elder-friendly labor markets becomes essential. Cities like Orlando, Florida, have emerged as top choices for retirees due to their tax-friendly environment, which includes no estate, inheritance, or income taxes, making it easier for individuals on fixed incomes. Additionally, Orlando offers affordable homemaker and adult health care services, coupled with a plethora of recreational opportunities suitable for older adults.
Orlando's ranking as the best city for retirees is supported by its provision of top-notch healthcare services, access to diverse recreational activities such as music venues, fishing facilities, arts venues, and volunteer opportunities. Another city that stands out for retirees is Minneapolis, Minnesota, which boasts a strong, elder-friendly labor market, offering opportunities for retirees to engage in paid work for additional income or to foster a sense of community. The study also highlights that a significant portion of middle-income Americans plan to continue working post the age of 65, either to supplement their income or for social engagement.