With fewer than three in 10 workers reporting that they are “very confident” they will have enough money for retirement, the personal-finance website WalletHub this week released its comprehensive report on 2022’s Best & Worst Places to Retire.
To help Americans plan for a comfortable retirement without breaking the bank, WalletHub compared more than 180 U.S. cities across 46 key measures of affordability, quality of life, health care and availability of recreational activities. The data set ranges from the cost of living to retired taxpayer-friendliness to the state’s health infrastructure.
When all the numbers were crunched, Charleston, S.C., came out as the overall “best city to retire” for 2022.
The Holy City, known among other things for having the oldest museum in the U.S., had an overall high score of 58.97, ranking 21st in affordability, 15th in activities, 75th in quality of life, and 48th in health care.
As the largest city in South Carolina with a population of roughly 156,000, Charleston also fared well on the WalletHub list because of its weather, low crime rate, low levels of poverty and laws that prohibit elder abuse.
Charleston just edged out Orlando for the top spot. Orlando had an overall score of 58.23, ranking 24th in affordability, 16th in activities, 77th in quality of life and 53rd in health care.
Cincinnati (57.88 overall score) topped two more Florida cities—Miami (57.37) and Fort Lauderdale (57.21)—for the third spot.
Looking at the bottom of the rankings, Bridgeport, Conn., was ranked last of 182 cities with a total score of 37.21. Despite ranking an impressive 16th for healthcare, Bridgeport got dinged for ranked 179th in affordability, 164th in activities, and 149th in quality of life.
10 Best Cities to Retire
1. Charleston, SC
2. Orlando, FL
3. Cincinnati, OH
4. Miami, FL
5. Fort Lauderdale, FL
6. San Francisco, CA
7. Scottsdale, AZ
8. Wilmington, DE
9. Tampa, FL
10. Salt Lake City, UT
10 Worst Cities to Retire
173. Lubbock, TX
174. Wichita, KS
175. Baltimore, MD
176. Vancouver, WA
177. Detroit, MI
178. Stockton, CA
179. Rancho Cucamonga, CA
180. San Bernardino, CA
181. Newark, NJ
182. Bridgeport, CT
Best vs. Worst
In taking a deeper dive into the WalletHub metrics, a few more interesting statistics were revealed:
- Pearl City, Hawaii, has the highest share of the population aged 65 and older, 25.3% percent, which is 3.2 times higher than in Irving, Texas, the city with the lowest at 8% percent.
- Brownsville, Texas, has the lowest adjusted cost-of-living index for retirees, 74.81, which is 2.6 times lower than in San Francisco, the city with the highest at 194.51.
- Plano, Texas, has the highest share of workers aged 65 and older, 26.94%, which is 2.3 times higher than in Gulfport, Miss., the city with the lowest at 11.67%.
- St. Louis has the most home health care facilities (per 100,000 residents), 77.78, which is 41.4 times more than in Fontana, Calif., the city with the fewest at 1.88.
Key factors in choosing where to retire
WalletHub also asked some experts about what financial factors retirees need to take into consideration when deciding where to retire.
“The cost of living and taxes are two of the top financial considerations when choosing a place to live in retirement. However, these are variables and can change dramatically over the years depending on what happens to the local, regional, and national economies,” said Tamara L. Wolske, Program Director & Assistant Professor in Aging Studies, University of Indianapolis; President, Indiana Geriatrics Society. “For example, you may have your mortgage paid off, but gentrification in your area (or housing inflation with an influx of new residents) increases taxes and costs beyond what’s affordable with your retirement income. Recent retirees tend to choose where to live based on their lifestyle to enjoy their new freedom. Those over age 80 will often live close by or with family to have and/or provide extra support between the generations.”
Jacquelyn Kung, CEO, Senior Care at Activated Insights; Fellow, Health and Aging Policy Fellows Program, Columbia University Medical Center, noted that many retirees are choosing to remain in the workforce at some level.
“If that is the case for you and you cannot work virtually, one factor might be how easy it is to find a job locally. The other factor that eventually becomes financial is one of transportation. How walkable is a place, or how close to public transportation? This could affect both your long-term health (good years) as well as a home care aide should you need one in your long-term care needs.”
To view the full report and full ranking of cities, visit: https://wallethub.com/edu/best-places-to-retire/6165
SEE ALSO:
• Florida Best, New Jersey Worst for 2022 Retirement: WalletHub