Best and Worst U.S. Cities to Retire in 2024: WalletHub
WalletHub is out again with their latest ranking on the best and worst cities to retire to in the nation
One southeastern state is once again dominating WalletHub’s latest list of best and worst places to retire.
Four Florida cities came in at the top five, with Orlando ranking as the top U.S. destination for retirees as Miami followed second. Tampa—which claimed the No. 1 spot in 2023—fell behind at No. 4 while Fort Lauderdale placed fifth. Minneapolis was the only non-Floridian city to place within the top five, at No. 3.
WalletHub credits Orlando’s affordability, primarily due to a lack of taxes, for the reason why many seniors flock to the city. Retirees also enjoy zero estate, inheritance, and income tax, as the state of Florida does not tax on these.
Orlando is also the ninth-cheapest city for homemaker services, and the 20th-cheapest for adult day health care out of all cities in WalletHub’s study. The city is a leading ranker for gerontologists and home healthcare facilities, and also placed 11th in the best hospitals for geriatrics.
“It’s important to choose wisely when picking where to retire, as many retirees are on a fixed income,” said Chip Lupo, a WalletHub analyst, in the findings. “As a result, the best cities for retired people are those that minimize taxes and expenses, as well as have good opportunities for retirees to continue paid work for extra income, if they choose to do so. In addition, the top cities provide high-quality health care and offer plenty of enjoyable activities for retirees.”
WalletHub compared the retirement-friendliness of 182 cities across four key dimensions: affordability, activities, quality of life, and healthcare. While the financial aspects of retirement are vital for seniors to consider, experts say they must match their lifestyle priorities.
“Ultimately, money is just a tool to help people live the lives that bring them joy,” said Jonathon Ferguson, a financial capability specialist at the University of Wisconsin-Madison. “For this reason, the money plan should follow the life plan. Instead of defining retirement by the departure from their previous experience, they should consider, in detail, how they want to spend time in retirement.”
See the next pages for a deeper dive on the best places to retire, and also some of the worst cities to live out retirement.