A roundup of the best cities to retire finds one consistent ingredient, low taxes. Whether it’s correlation or causation is a subject for another debate, but those at the top are generally from lower-tax states (say, Florida) than those at the bottom (no surprise, Cali and the Northeast).
WalletHub notes that a lack of confidence and savings means retirement dollars will have to stretch further, and lists the places where it can happen.
“After toiling in the workplace for decades, it seems only natural to expect financial security in our golden years,” the credit and consumer research site says. “But few of us can look forward to a cushy retirement.
It cites Employee Benefit Research Institute’s 2017 Retirement Confidence Survey, in which six in 10 workers reported feeling at least somewhat confident that they’ll have adequate finances to retire comfortably, but only 18 percent reported a high level of confidence.
“Nearly four in 10, in fact, have little or no retirement savings whatsoever,” it adds. “Many are even worried about covering basic living expenses once they leave the workforce.”
If such a large proportion of American workers cannot grow a nest egg for their future, what other options provide a pathway to a comfortable retirement, it rightly asks?
We’ll go out on a limb a say a 401k, but WalletHub argues that for some, the only solution is to keep working.
“The EBRI survey found that four in 10 workers today expect to retire at age 70, as opposed to the median expected retirement age of 65. The alternative? Relocate to an area where you can stretch your dollar without sacrificing your lifestyle.”
WalletHub compared the retiree-friendliness of the 150 largest U.S. cities across 40 key metrics. The data set ranges from cost of living to retired taxpayer-friendliness to the availability of recreational activities.
Best Cities to Retire
- Orlando, FL
- Tampa, FL
- Miami, FL
- Scottsdale, AZ
- Atlanta, GA
- Salt Lake City, UT
- Honolulu, HI
- Denver, CO
- Austin, TX
- Las Vegas, NV
Worst Cities to Retire
- Rancho Cucamonga, CA
- Fontana, CA
- Modesto, CA
- Stockton, CA
- Fresno, CA
- Detroit, MI
- Worcester, MA
- San Bernardino, CA
- Providence, RI
- Newark, NJ
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
