WalletHub, a personal finance website, took a look at 150 of the largest US cities to determine which cities would be the best and the most difficult for retirees. Using 40 key metrics such as cost of living for a retired taxpayer, affordability, quality of life, health care, activities, weather, the number of people65+, the highest/lowest percentage of 65+ employed, etc., WalletHub came up with these findings:
Top 10 Best Cities for Retirees
- Orlando, Florida
- Tampa, Florida
- Miami, Florida
- Scottsdale, Arizona
- Atlanta, Georgia
- Salt Lake City, Utah
- Honolulu, Hawaii
- Denver, Colorado
- Austin, Texas
- Las Vegas, Nevada
10 Worst Cities for Retirees
- Newark, New Jersey
- Providence, Rhode Island
- San Bernardino, California
- Worcester, Massachusetts
- Detroit, Michigan
- Fresno, California
- Stockton, California
- Modesto, California
- Fontana, California
- Rancho Cucamonga, California
WalletHub defines affordability by
Cost of living
Taxpayer friendliness
Retired taxpayer friendliness
Annual cost of in-home services
Annual cost of adult day health centers
WalletHub’s definition of “activities” includes
Senior centers
Fishing/golf/bingo halls
Museums/theaters/music venues/art galleries
Adult volunteer activities
Restaurants
Recreation friendliness
WalletHub defines quality of life as
Share of population 65+
Elderly friendly labor market
Walkability
Number of 65+ living alone
Number of 65+ below poverty line
Mild weather
Crime
In terms of how retirees see themselves in the world today, the Employee Benefit Research Institute just released its 2017 Retirement Confidence Survey. Here are just a few of those results:
- 6 in 10 65+ feel somewhat confident they will have adequate finances with which live in their retirement years.
- 18% have a high level of confidence they will have adequate finances with which to live their retirement years.
- Nearly 4 in 10 65+ have, in fact, little or no retirement savings whatsoever!!!!!
- 4 in 10 anticipate retiring at age 70 as opposed to the “expected” age of 65.
