Its not too soon to start thinking about retiriement if you’re physically and fiscally fit for it. And if you think you’re not from a financial perspective, think again because the less expensive the retirement destination, the sooner you can enjoy it, according to WalletHub.
Retirement isn’t all about the money, though. Retirees want to live in a place that's safe and has access to good healthcare, especially with the Covid-19 pandemic taking its toll on the U.S. The ideal city will also have ample opportunities for leisure time, along with good weather.
Using 46 relevant metrics graded from 0 to 100, with 0 representing the most favorable conditions for retirement, WalletHub compared 182 U.S. cities across four key dimensions: affordability, activities, quality of life and healthcare. The weighted average was used to rank each city.
Here, in ascending order, are 2020’s top 10 best places to retire.
10. Denver, Colorado
Denver is a tax-friendly place, but retirees to the Mile High City will pay the same tax on wages as everyone else, even if they're seniors. Denver ranks 87th in affordability; 81st in healthcare; 46th in quality of life; and 10th in activities. Total Score: 56.53.
9. Jackson, Mississippi
With low property taxes and retirement income tax exemptions a-plenty, the City with Soul is kind to a retiree’s bank account. Jackson ranks 100th in activities; 90th in quality of life; 31st in healthcare; and fifth in affordability. Total Score: 56.65.
8. Minneapolis, Minnesota
If you still want to work in the Land of 10,000 Lakes, no worries because Minneapolis ranks fifth with the highest percentage of employed seniors. And that extra income could come in handy because it ranks 153rd in affordability. Elsewhere, Minneapolis ranks 42nd in quality of life; 9th in healthcare; and third in activities. Total Score: 56.89.
7. Casper, Wyoming
Once an oil boomtown, the Oil City is still a hub of cowboy culture, as well as a state-tax-exempt haven for retirees on Social Security. Casper ranks 79th in healthcare; 69th in activities; 20th in affordability; and sixth in quality of life. Total Score: 57.13.
6. Scottsdale, Arizona
You can find plenty of other retirees in Scottsdale, which ranks first with the highest percentage of seniors living there, and the weather’s great, too, ranking fourth overall in the study. Scottsdale ranks 66th in affordability; 45th in healthcare; 34th in activities; and second in quality of life. Total Score: 57.57.
5. Fort Lauderdale, Florida
A popular retirement destination for decades, Fort Lauderdale offers retirees year-round warm weather and close proximity to the urban excitement of cosmopolitan Miami. Fort Lauderdale ranks 72nd in quality of life; 53rd in affordability; 29th in healthcare; and 15th in activities. Total Score: 58.31.
4. Miami, Florida
Known as Magic City, Miami offers an abundance of recreational outlets for the young and young-at-heart. The city is tied for first with the most fishing facilities per capita. Miami ranks 106th in quality of life; 48th in affordability; 41st in healthcare; and sixth in activities. Total Score: 58.54.
3. Charleston, South Carolina
Since Charleston is tied for first with the most fishing facilities per capita, you’ll have plenty of opportunities to brag about the one that got away. Charleston ranks 59th in quality of life; 56th in healthcare; 29th in affordability; and 18th in activities. Total Score: 58.99.
2. Tampa, Florida
If you’re age 65 and buy a home in Tampa, you may qualify for a senior exemption on your property taxes, making this city an affordable bet for retirees. Tampa is also tied for first with most fishing facilities per capita. The city ranks 64th in healthcare 47th in quality of life; 18th in affordability; and 14th in activities. Total Score: 60.17.
1. Orlando, Florida
You’ll be the coolest grandparent in America if you retire to Orlando, the city Walt Disney helped make famous when he opened his namesake theme park here. But there are plenty of other reasons to love Orlando. The city ranks 70th in quality of life; 49th in healthcare; 13th in activities; and sixth in affordability. Total Score: 61.02.
