Florida has captured four of the top five spots on a new list of best places to retire in 2024, with Orlando topping the list for its purported tax friendliness and amenities for retirees.
WalletHub compared the “retiree-friendliness” of more than 180 US cities across 45 key metrics, including affordability, quality of life, healthcare and recreational activities. The Florida cities at the top of the list included Orlando at No. 1, followed by Miami at No, 2, Tampa at No. 4 and Fort Lauderdale at No. 5. Minneapolis broke up Florida’s representation in the top five, coming in at No. 3.
Orlando is one of the most tax-friendly cities, and Florida does not have an estate, inheritance or incomes tax, WalletHub said. Although the cost of living in the city isn’t particularly low, WalletHub said it is the ninth cheapest city for homemaker services and the 20th cheapest for adult day centers.
Other positives going for Orlando, according to the company, are that it ranked second-best city for recreation overall and has the highest number of gerontologists and home healthcare agencies per capita. It also has the 11th most hospitals for geriatrics, WalletHub said.
At No. 2, Miami ranks at the top of the list for adult volunteer activities, art galleries and fishing facilities per capita, and it has the fifth most museums and 11th most recreation and senior centers, according to WalletHub. It also is the fifth most walkable city in the country, along with access to public transportation, according to the company.
Rounding out the top three cities on the overall list, Minneapolis has one of the most older adult-friendly labor markets in the country, as many retirees choose to continue working for extra income, WalletHub said, noting that more than 22% of the working population in Minneapolis is aged more than 65 years.
Playing on its “Minnesota nice” reputation, Minneapolis ranked as the 29th most caring city in the nation and has the third lowest suicide rate among older adults, WalletHub said. It also has the sixth best hospital system and a high number of nursing homes and gerontologists per capita than other cities, according to list authors.
On the flip side, California captured four spots for the worst cities for retirees. San Bernardino led the way at No. 182, followed by Stockton at No. 181, Rancho Cucamonga at No. 180 and Bakersfield at No. 179. Newark, NJ, rounded out the bottom five worst cities for retirees at No. 178.
“It’s important to choose wisely when picking where to retire, as many retirees are on a fixed income. 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,” WalletHub Analyst Chip Lupo said in a statement. “In addition, the top cities provide high-quality healthcare and offer plenty of enjoyable activities for retirees.”
