Looking to retire without draining your life savings? WalletHub is here with all the info you need. They’ve crunched the numbers on more than 180 U.S. cities, comparing everything from living costs and tax laws to recreational activities and healthcare to find out where retirees can really make the most of their golden years without burning through their nest egg.
To no one's surprise, Florida dominates the top retirement cities in 2024, though some dark horses make an appearance on the list. Leading the charge is sunny Orlando, crowned the best city to retire. Joining it in the top 10 are three other Florida hotspots: Fort Lauderdale, Tampa, and Miami.
So, how did Orlando make the number-one spot? This city is not just theme parks and tourists. With no state income tax, no estate or inheritance taxes, some of the best geriatric hospitals in the country and ranking number one for home healthcare, Orlando is a haven for retirees. Plus, there are plenty of leisure activities like fishing, art galleries, and volunteer opportunities.
Fellow Florida fave Miami takes the number two spot. It’s number 11 on the list for recreation and senior centers, number five for museums and it’s the fifth most walkable city, featuring plenty of public transportation. It’s also easy on the wallet, enjoying Florida’s low takes and lack of income, estate and inheritance taxes.
Rounding out the top three is Minneapolis. Yeah, it’s a bit colder, but it’s one of the most "elderly-friendly labor markets" in the U.S. That’s right—whether you want to stay busy or bring in a little extra cash, there are plenty of senior-friendly job options. Minneapolis also boasts a top-notch healthcare system and loads of nursing homes and gerontologists. Plus, it ranks as one of the most caring cities, so retirees feel right at home.
How much money do you need to retire comfortably in the U.S.?
This number is relative to your earnings and the age at which you want to retire. Some financial websites say one should have 10 to 12 times their final working salary or a multiple of a specific annual figure saved by retirement in order to live comfortably. For instance, it could be three times what you make at the age of 40. It's important to consider financial goals and potential expenses when calculating this sum.
Ten best cities to retire in the U.S., according to WalletHub
- Orlando, Florida
- Miami, Florida
- Minneapolis, Minnesota
- Tampa, Florida
- Fort Lauderdale, Florida
- Scottsdale, Arizona
- Cincinnati, Ohio
- St. Petersburg, Florida
- Casper, Wyoming
- Atlanta, Georgia