People used to consider retirement destinations for their good weather and the quality of the local golf courses. But that's changed, as financial pressures have altered the retirement outlook for many American senior citizens, according to a new report by WalletHub.
In its latest ranking of the best U.S. cities for retirement, the personal finance website gave points to areas that make it easier for retirees to find employment after entering their golden years.
The metric reflects a new reality for American retirees, many of whom are finding that their savings and Social Security are not enough, the website said.
WalletHub noted surveys showing that almost three-quarters of retirees say they expect to do some amount of work to supplement their income.
"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," Chip Lupo, a WalletHub analyst, said in the report.
The report, of course, also looked at traditional measures of importance to retirees, including the cost of living, taxes, quality of life, healthcare services and the availability of recreational activities.
The report looked at 180 cities and 45 key metrics, WalletHub said. The scores were then divvied up among four main categories: affordability, activities, healthcare and quality of life, which included the assessment of a city's labor market.
The following, in ascending order, are WalletHub's best U.S. cities for retirement.
10. Atlanta
Atlanta tied for first with the most museums per capita, and ranked sixth in the nation for recreational activities. The city, however, ranked only 120 for quality of life.
9. Casper, Wyo.
The city was judged the third-best in the nation for affordability and 29th for the quality of life. But it ranked 88th for healthcare.
8. St. Petersburg, Fla.
One of several Florida cities in the top 10, St. Petersburg's best feature was its quality of life, where it ranked 26th in the nation. The city tied for first for fishing facilities per capita.
7. Cincinnati
The city ranked fourth for the activities it provides for retirees. For affordability, however, it came in toward the bottom of the list at 123.
6. Scottsdale, Ariz.
The city, which tied for first for the highest percentage of residents age 65 or older, ranked third for quality of life and 21st for activities. It ranked only at 110 for affordability.
5. Fort Lauderdale, Fla.
The city ranked 13th for activities and 39th for healthcare.
4. Tampa, Fla.
The city ranked ninth for activities.
3. Minneapolis
The city, home to the Mayo Clinic, ranked sixth for healthcare. The report also lauded the city's labor market, saying, Minneapolis "has one of the most elderly-friendly labor markets in the country, meaning that it has a large percentage of jobs that are easy to perform even for elderly residents."
2. Miami
Miami's big selling point for retirees is activities, for which it ranked second in the nation. "Miami ranks at the top of the country when it comes to adult volunteer activities, art galleries and fishing facilities per capita, and it has the fifth-most museums and 11th-most recreation and senior centers," the report said.
1. Orlando, Fla.
Of all the Florida cities in the top 10, Orlando was tops in affordability, ranking ninth. A big part of that was because of taxes, the report said. "Orlando is one of the most tax-friendly cities, and Florida does not have an estate or inheritance tax (or even income tax)," the report noted.
The full report can be viewed here.
