Choosing where to retire is one of the most significant decisions in anyone’s life. Factors such as the cost of living, the climate, and the quality of the community are determining factors when deciding the ideal place to spend your golden years. In the United States, the number of people reaching retirement age is growing rapidly. This year, approximately 4.1 million of American citizens and legal residents are expected to turn 65 years old any soon, the average retirement age, making this decision even more relevant.
A key factor for many is affordability. According to analyst Alex Gailey, the reality is that many Americans feel they haven’t saved enough for retirement, so moving somewhere more affordable could be an effective way to stretch their savings in this economy. With this in mind, several studies have ranked the best and worst cities to retire in, considering aspects such as cost of living, quality of the health system, climate, crime and general well-being.
Key Factors for Choosing Where to Retire in the USA
As you can see, choosing the right place to retire depends on various important factors. Affordability is key, especially for those who feel they haven’t saved enough. But in addition, the climate, the quality of health services, recreational opportunities and safety play a crucial role.
At the end of the day, there is no single place that is perfect for everyone, so everyone should look for where the sun best warms them. Each person has different priorities and needs. Therefore, it is essential to evaluate all the options and decide what is most critical to you in this new stage of life. It’s not just about where to live, but how you want to enjoy your retirement years.
Are You Looking for an Affordable Retirement? Keep Reading
If your goal is to retire without running out of savings, there are some places in the United States that allow you to do so without sacrificing quality of life. More than 180 cities across the country were analyzed, comparing everything from costs of living and local taxes to recreation opportunities and healthcare, to find the ideal destinations for retirees who want to make the most of their savings.
While it’s no surprise that Florida is a popular destination among retirees, some of the cities that stand out on the 2024 lists aren’t as well-known. Orlando, for example, tops many shortlist as the best city to retire, but it is not alone in the ranking. Three other Florida cities also rank among the top spots: Fort Lauderdale, Tampa, and Miami.
Why Is This Southern City the Number One in the United States
Orlando is much more than theme parks and tourists. This city offers a unique combination of benefits that make it a paradise for retirees. For starters, Florida has no state income tax, meaning retirees can enjoy their income without that added burden. Additionally, there are no estate or inheritance taxes, which is a great relief for those who want to leave something to their loved ones.
In terms of health, Orlando stands out with some of the best geriatric hospitals in the country, ensuring quality medical care. In fact, the city ranks first in home health care. There are also plenty of recreational activities to keep you active and entertained: from fishing to art galleries to volunteer opportunities.
Miami, a Cosmopolitan Alternative for Retirees Looking for Vibrant Life
Miami, which occupies second place, is another favorite destination for retirees. The city is recognized for its cultural life and its recreational offering. Miami is the eleventh city with the most recreation centers and services for seniors and the fifth with the most museums. Additionally, it is one of the most walkable cities in the country and has an accessible public transportation system, which is a major advantage for those who prefer not to drive.
From a financial point of view, Miami is also attractive. Like all of Florida, it imposes no income, estate or inheritance taxes, meaning residents can enjoy their retirement income without heavy tax burdens. In addition to this, the city offers a multicultural atmosphere and a wide variety of dining and entertainment options.
Minneapolis: Cold, but Cozy and Very Welcoming
Minneapolis may not be the first place you think of when you think of where to retire, but this city surprises by coming in at third place on the 2024 list. Despite its colder climate, Minneapolis offers a job market that is friendly to older adults employees. This is ideal for those who want to stay busy or earn a little extra money in retirement.
Minneapolis also has an excellent healthcare system, with numerous nursing homes and doctors specializing in geriatrics. Additionally, it is considered one of the most hospitable and welcoming cities in the country, meaning that retirees feel welcomed and supported by the community. In short, even though Minneapolis is a cold place, its warm community atmosphere makes up for it.
