WalletHub recently released its list of the best and worst places to retire in 2024, with Orlando, Florida, taking the top spot as the best city to retire. The rankings were based on various factors such as affordability, availability of activities, quality of life, and healthcare options in 182 highly populated U.S. cities. Orlando scored high due to its wide array of activities for retirees, including art galleries, fishing facilities, and music venues. Additionally, the city offers programs for residents age 55 and up, such as game nights, trips, and dance classes.
One of the reasons why so many Florida cities ranked highly on the list is due to the state’s lack of state income tax, which means retirement income from sources like 401(k)s, IRAs, and Social Security benefits are not taxed at the state level. Orlando, specifically, ranked 9th for affordability, with a cost of living only slightly higher than the state average and on par with the national average. Miami, another Florida city, ranked as the second-best place to retire but scored lower for affordability, with a cost of living nearly 20% higher than the national average.
When choosing a retirement destination, it’s important to consider factors beyond just affordability. Retirees should think about what activities they enjoy, proximity to family, and other priorities they want to focus on during their post-work years. Jonathon Ferguson, a financial capability specialist, emphasizes the importance of considering how retirees want to spend their time in retirement, who they want to spend time with, what activities they want to participate in, and where they want to spend their retirement. It’s essential to incorporate positive elements from their career experience into their retirement lifestyle.
WalletHub’s rankings also took into account factors like the availability of music venues, bingo halls, museums, and adult volunteer activities in various cities. Quality of life, including the share of the population over the age of 65, a city’s walkability, and weather, was another important criteria. Health care options, such as the number of health-care facilities, quality of public health systems, and life expectancy, played a role in determining the best cities for retirement in 2024.
In addition to Orlando, other top cities for retirement according to WalletHub include Miami, Minneapolis, Tampa, Fort Lauderdale, Scottsdale, Cincinnati, St. Petersburg, Casper, and Atlanta. These cities offer a range of benefits and amenities for retirees, from affordable living costs to a variety of activities and community programs. It’s essential for retirees to carefully consider what factors are important to them when choosing a retirement destination to ensure they have a fulfilling and enjoyable experience in their post-work years.
