If you live in Florida and find that retirement is on the horizon, a new study has good news for you: you don’t have to move out of the state to find a comfortable living arrangement after you’re done working full-time.
First off, according to WalletHub, the estimated retirement age is 65, though nearly three-quarters of people expect to continue working in some capacity after retiring. Others, however, hope to retire even younger at age 62.
Now about 61% of workers are confident they will have enough money to retire, but only 21% feel very confident, according to the digital finance platform’s report.
WalletHub analyst Chip Lupo says the best cities to do so are those that minimize taxes and expenses, while offering good opportunities for retirees to continue earning income through paid work.
Lupo says the top-ranked cities also provide high-quality healthcare services and a wide variety of enjoyable activities for retirees.
WalletHub evaluated more than 180 U.S. cities for retirement suitability, using 45 key metrics ranging from cost of living and tax policies to recreational opportunities and healthcare quality. These are the top-ranked cities:
Orlando, the Theme Park Capital of the World, ranks first.
Miami, the Magic City, ranks second.
Tampa, known as The Big Guava, ranks third.
Scottsdale, Arizona, and Casper, Wyoming, rank fourth and fifth, respectively.
Why does Orlando rank first for retirement?
According to WalletHub, Orlando lives up to its reputation as a haven for older adults because of its tax-friendly environment. It also ranks 21st for the number of gerontologists and 8th for home healthcare facilities per capita.
The report notes that while the cost of living is not particularly low, Orlando ranks 15th among the most affordable cities for in-home care services and 20th for adult day care centers among the more than 180 cities analyzed.
Why does Miami rank second for retirement?
According to WalletHub, Miami leads the nation in volunteer opportunities for older adults, art galleries, and fishing facilities per capita. It also ranks 17th in the number of museums and 11th in recreation and senior centers.
In addition, Florida does not impose estate, inheritance, or state income taxes, and Miami ranks among the cities with the lowest overall tax burdens.
Why does Tampa rank third?
According to WalletHub, Tampa is one of the most tax-friendly cities in the country and does not impose estate or inheritance taxes. The city also has the 19th-lowest property crime rate and the 9th-highest number of bingo halls per capita, making it an attractive destination for retirees.
WalletHub’s top 50 places to retire
See WalletHub’s full ranking of 180 cities here.
Overall Rank CityTotal Score Affordability Rank Activities Rank Quality of Life Rank Health Care Rank 1Orlando, FL63.3821777112Miami, FL59.4054691293Tampa, FL59.29411034894Scottsdale, AZ58.87114181355Casper, WY58.7936323656Atlanta, GA58.7356496527Minneapolis, MN57.9297889208Fort Lauderdale, FL57.92751364419Charleston, SC57.542926795910Pittsburgh, PA56.581122157711Madison, WI56.521104961912Las Vegas, NV56.491159716913Cape Coral, FL56.251472268214Wilmington, DE56.1871231531515Cincinnati, OH56.1810721016216St. Petersburg, FL55.944132368817Tempe, AZ55.4011447143018Sioux Falls, SD55.332814165119Denver, CO55.249411827020Richmond, VA55.0953341272221San Francisco, CA54.731721223922Pembroke Pines, FL54.6568102168023Austin, TX54.5645297111424Bismarck, ND54.357915528625Columbia, MD54.21130785826St. Louis, MO53.9240201762827Boise, ID53.868264137428Knoxville, TN53.4247713111929Columbia, SC53.001781819430Portland, ME52.8913422473231Hialeah, FL52.4954108277632San Diego, CA52.4815812154433Fargo, ND52.2743174110434Charleston, WV52.0923677514435Nashua, NH51.998999862736Salt Lake City, UT51.9399161558637Jacksonville, FL51.9096611411638St. Paul, MN51.8510240636339Los Angeles, CA51.8116015194840West Valley City, UT51.779682619141Virginia Beach, VA51.685793485742Akron, OH51.3364618511143New Orleans, LA51.2811171736744Juneau, AK51.20105511381845Colorado Springs, CO51.104796359746Washington, DC51.0114337810347San Antonio, TX50.90392813716348Cedar Rapids, IA50.89441544310749Chandler, AZ50.771149747750Dallas, TX50.566939119
This story was translated from Spanish with the help of a generative artificial intelligence tool. An NBC 6 editor reviewed the translation.