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.
Best Places to Retire
Despite having a high-cost-of-living, Miami ranked second as a best place to retire, largely because of the surplus of activities for seniors. WalletHub found that Miami is a leading city in offering adult volunteer activities, art galleries, and fishing facilities. It also placed fifth among the cities with the most museums, and eleventh for most recreational and senior centers. Being the fifth-most walkable city in the U.S. with quality public transportation, retirees can spend an entire day participating in activities without needing to drive or get stuck in traffic.
Like Orlando, retirees are also not subject to estate, inheritance, or income tax as they live in Florida.
With more retirees heading back to work part-time, or as some choose a phased retirement, Minneapolis ranked No. 3 thanks to its elderly-friendly labor market. The city boasts a 22% working population over the age of 55 and has the sixth-best hospital system.
Outside of the top five, cities in Arizona, Ohio, Wyoming, and Georgia placed within the top 10 places for retirees. Below is the full list of the top findings.
- Orlando
- Miami
- Minneapolis
- Tampa
- Fort Lauderdale
- Scottsdale, AZ
- Cincinnati, OH
- St. Petersburg, FL
- Casper, WY
- Atlanta, GA
Now for the worst places to retire. Read on for a deeper analysis and full list of the cities retirees are avoiding.
Worst Places to Retire
The 10 worst places to retire ranked consistently low on all four rankings. Seven out of the 10 worst cities are in California, and each had among the lowest scores for affordability.
Still, other cities outpaced California in terms of affordability. Bridgeport in Connecticut ranked as among the last for affordability—at 175 out of 182 cities. Newark, N.J. also placed 159th.
Other areas, like Wichita, KS, and Detroit, MI had higher affordability rankings than cities in California or on the East Coast, but had diminished scores in quality of life and healthcare services. Detroit specifically placed last in terms of quality of life.
The worst ranking city was San Bernardino, CA, which while only placing 126th in affordability, ranked a solid 172 across activities, quality of life, and healthcare.
Below is a full list of the top 10 worst cities for retirees.
- San Bernardino, CA
- Stockton, CA
- Rancho Cucamonga, CA
- Bakersfield, CA
- Newark, NJ
- Detroit, MI
- Fresno, CA
- Bridgeport, CA
- Wichita, KS
- Fontana, CA
To view the full report and your city’s rank, visit: https://wallethub.com/edu/best-places-to-retire/6165.