The Employee Benefit Research Institute tells us in its 2018 Retirement Confidence Survey that two in three workers reported “some” confidence they’d have enough money to live “comfortably” when they retire. Only 17% of workers reported they were “very” confident they’d have enough money when they retire.
What to do to improve those confidence levels? Two options… one, keep working, according to Gallup Polling. Today’s average retirement age is now 66 whereas it was 60 in 1995. And two, move to an area where your can stretch your money without having to sacrifice your lifestyle.
WalletHub dove into the relocation option by comparing the retiree friendliness of 182 cities (150 of the country’s most populated cities and at least two of the most populated cities in each state) across 46 key metrics. Bundled together, WalletHub concentrated on four key dimensions: affordability (cost of living, tax friendliness, housing costs, etc.), activities (recreational, cultural, educational, etc.) quality of life (weather, walkability, percentage of retired people among overall population, employment opportunities, etc.) and health care.
Each dimension was assigned 25 points for a total sum of 100 points for a perfect score.
WalletHub’s 10 Best Places To Retire in 2018:
- Orlando, FLA 60.09 points
- Scottsdale, AZ 59.36 points
- Tampa, FLA 58.48
- Denver CO 58.24
- Fort Lauderdale FL 57.83
- Charleston SC 57.20
- Miami FL 56.50
- Austin TX 55.78
- Cape Coral FL 55.48
- Tempe, AZ 55.28
WalletHub’s 10 Worst Places to Retire in 2018:
- Fresno CA 40.54
- Modesto CA 39.99
- Jersey City NJ 39.19
- Bakersfield CA 38.40
- Providence RI 37.80
- Stockton CA 36.40
- Baltimore MD 35.84
- Warwick RI 35.71
- Bridgeport CT 34.83
- Newark NJ 33.86
GoBankingRates.com also chimed in about the 10 Most Dollar Stretching States for Social Security Recipients who collect an average of $1,295.08 in monthly payments.
- Arkansas – median rent of $949, overall monthly expenses $1,497.08
- West Virginia – median rent of $808; overall monthly expenses of $1,563.36
- Oklahoma – median rent of $934; overall monthly expenses of $1,551.53
- Alabama – median rent of $993; overall monthly expenses of $1,545.72
- Mississippi – median rent of $1,053; overall monthly expenses of $1,508.14
- Missouri – median rent of $1,034; overall monthly expenses of $1,607.01
- Kansas – median rent of $1,039; overall monthly expenses of $1,607.14
- Kentucky – median rent of $1,079; overall monthly expenses of $1,568.54
- Tennessee – median rent of $1,142; overall monthly expenses of $1,516.38
- Iowa – median rent of $1.047; overall monthly expenses of $1,614.53