When it comes to retiring, timing is typically a huge concern among many. However, a good question to also ask is: where do I retire? Thanks to WalletHub, we have the answers! Here are the best places in the country to retire.
After working for decades, it’s expected that we enjoy our golden years in financial security and immense relaxation. But, unfortunately, not many folks can enjoy such a comfortable retirement. Whether it be the timing or affordability, it can be pretty tough to retire in this day and age. From statistics gathered by the Employee Benefit Research Institute’s 2017 Retirement Confidence Survey, about six out of 10 workers felt somewhat confident in their finances to retire in comfort, with four in 10 having little to no retirement savings. Not to mention that many expect to retire at age 70 instead of 65, which is the median age of retirement.
So, what exactly is the solution? Actually, it’s a bit simpler than you might think. Move to an area where your dollar can be stretched without having to sacrifice your lifestyle. Now, we realize that not everyone can afford to move to certain areas of the country, but that’s why WalletHub recently conducted a study to figure out the best and worst places in the United States to retire.
By analyzing 150 of the largest cities in the country across 40 metrics, WalletHub looked at everything from affordability to activities, overall quality of life, and health care. Each of the four dimensions were graded on a 100-point scale. You can view a breakdown of the dimensions below.
Without further ado, let’s jump into the remainder of the results!
Coming in at the No. 1 spot is Orlando, Florida. With a total score of 59.93, the city ranked at No. 8 for Affordability, 14 for Activities, 112 for Quality of Life, and 13 for Health Care. At the opposite end of the rankings is Newark, New Jersey, at No. 150 — 116 for Affordability, 108 for Activities, 150 for Quality of Life, and 145 for Health Care.
Results found that Denver was one of the best cities in the country for people to retire. We even made it into the top 10, ranking at No. 8 out of 150. As far as affordability goes, Denver came in at 103. We also ranked at No. 18 for Activities, 34 for Quality of Life, and 21 for Health Care. So, if you’re on the route to retiring soon, you may want to stay in the Denver metro area.
Colorado Springs and Aurora also made the list, ranking at No. 25 and 88, respectively. The fact that three of Colorado’s largest cities cracked the top 100 is certainly impressive. You can view the remainder of the results here. Who knows? Maybe you’ll find the perfect area to retire in.
What are your thoughts on WalletHub’s results? Were you surprised to see where Denver, Colorado Springs, and Aurora ranked against the other cities in the country? Are you of retirement age? Also, do you think the median age of retirement will shift, either higher or lower, in the coming years? Let us know in the comments below.