Where a person decides to retire is a very important decision in their life. Affordability, climate, and community are essential factors retirees should consider when considering where to settle, especially if they are relocating. The number of U.S. citizens who are retired and those expected to do so is increasing. This year alone, a record 4.1 million people in the United States are expected to turn 65, the average retirement age.
“The reality is that most Americans feel like they haven’t saved for retirement, which means affordability is key,” said Bankrate analyst Alex Gailey. “Moving somewhere more affordable could be an effective way for future retirees to make the most of their retirement savings in this economy.” Here we tell you which are the five best and the five worst states to retire, according to specialists. Among the most important factors are affordability, general well-being, cost and quality of health care, climate, and crime.
We All Want to Retire Without Spending All Our Savings
Here is everything you need to know to achieve a fulfilling retirement. The data comes from an analysis of over 180 U.S. cities, comparing factors like living costs, tax laws, recreation, and healthcare, to determine where retirees can make the most of their golden years while protecting their retirement savings.
It’s surprising, but Florida dominates the top spots for retirement in 2024. Leading the list is sunny Orlando, which claims the title as the best city for retirees. Joining it are other well-known Florida cities like Fort Lauderdale, Tampa, and Miami.
How a Southern City Got to the First Place
This city is not just theme parks, tourists, and fun. With no state income taxes applied to estates or inheritances, with some of the best nursing hospitals in the entire United States and first place in home health care, Orlando is, in short, a paradise for retirees. Added to this are various alternatives for leisure activities such as fishing, art galleries and volunteering opportunities.
Miami, another of Florida’s favorite cities, takes second place. It is number 11 on the list for recreation and senior centers, number five for museums, and the fifth most walkable city, with many public transportation options. It is also a good economic city, as it has Florida’s low taxes and enjoys the absence of income, estate, and inheritance taxes.
Rounding out the top three spots is the city of Minneapolis. Yes, it is a little colder, but it is one of the most “age-friendly” labor markets in the United States. That’s right, whether you want to stay busy or earn some extra money, there are several job options that are suitable for seniors. Minneapolis also has a first-class healthcare system and a large number of nursing homes and gerontologists. In addition, it is classified as one of the most supportive cities, so retirees feel at home.