Upcoming retirees willing to relocate may want to consider setting up their post-career base in Florida, according to a recent study that determined the best cities to live in on a fixed retirement income.
The methodology used by Wallethub, a personal finance website, employed 45 metrics, and their ultimate list put 5 Florida cities in the top 10. Californian cities were not able to break the top 35.
Best States to Live
Wallethub also conducted a broader study in January which looked at the best states to live, using similar metrics.
Florida came out top here, just ahead of Colorado and Virginia, largely due to its abundance of post-retirement activities, such as art galleries, music venues, and golf courses.
Retirement Prospects
Americans remain pessimistic regarding early retirement prospects, according to a survey by the Employee Benefit Research Institute.
In January 2024, they found that fewer than half of US residents expect to retire before the age of 65, and around three quarters expect to have to do some form of work post-career.
Opportunities for Work
As a result, Wallethub not only includes such metrics as affordability, but also the level of employment opportunities for seniors.
Typically, these would be easier to perform, and enable retirees to work for extra income or to keep on a fixed schedule.
Reasoning Behind Study
One of the central bases of the study is that it has to take into account the fact that retirees have a limited, fixed income from their pensions.
According to Chip Lupo, an analyst at Wallethub, this means that “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.”
Other Metrics
However, taxes and employment opportunities were far from the only metrics taken into account when determining the best places to retire.
The personal income website also looked at affordability, activities, quality of life, and health care costs, among others.
Unit of Analysis
Wallethub’s focus was on 182 cities across the country, so several smaller cities and towns that may have retirement opportunities will not have made the cut.
Californian cities round out the bottom 4 of the list, with Wallethub’s methodology determining San Bernardino as the worst city to retire.
Number 3: Minneapolis
Minneapolis comes in at number 3, and makes it there by virtue of a number of related factors that determine its retiree-friendly environment.
One of the factors that placed it high up the list was its older-aged job market. Over 22% of the working population are 65 or older.
Number 2: Miami
Miami sits in 2nd place, with its panoply of retiree activities, and the availability of public transportation and walking facilities.
Miami, per capita, of the cities included, contains the highest amount of art galleries and fishing facilities.
Number 1: Orlando
And finally, Orlando hits top spot, and a large part of this is due to its low taxes, recreation options, and relatively low cost of living.
The top 10 of Wallethub’s list is rounded out by Tampa, Fort Lauderdale (both Florida), Scottsdale, Arizona, Cincinnati, Ohio, St Petersburg, Florida, Casper, Wyoming, and Atlanta, Georgia.
