A recent study has identified the best city in the United States for retirees, and it happens to be located in the Sunshine State of Florida.
According to a 2023 Gallup poll, only 43 percent of pre-retirement Americans are confident in their ability to maintain a comfortable lifestyle when they eventually retire. Furthermore, a separate Gallup poll focusing on financial concerns revealed that the greatest worry for Americans is their financial security during retirement, with 42 percent expressing significant concerns on this front.
While gauging a comfortable retirement is subjective and dependent on various personal factors, selecting an ideal retirement destination can significantly impact one’s retirement experience. A fresh study conducted by WalletHub has pinpointed a Florida city as the premier retirement spot in the entire country.
And the coveted title goes to Tampa.
WalletHub’s analysis encompassed 180 cities throughout the United States, evaluating them across a spectrum of 45 key metrics. These metrics spanned factors such as the cost of living, taxation, healthcare infrastructure, the availability of recreational and senior facilities, the percentage of the population aged over 65, and even the prevalence of book clubs in each locale. WalletHub then synthesized these metrics to determine an overall score for each city, considering that retirees often live on fixed incomes, where lower expenses translate to a more favorable retirement destination.
Tampa secured the top position with an impressive score of 59.93, narrowly edging out Scottsdale, Arizona, which came in a close second with a score of 59.87. Tampa also stood out for its wealth of activities for retirees, ranking fifth overall in this category. Additionally, it received high marks for its overall quality of life (ranking 26th) and affordability (occupying the 40th position).
At the opposite end of the spectrum, Stockton, California, found itself at the bottom of the list with an overall score of just 35.33. Stockton ranked 180th for activities, 175th for healthcare, and 130th for quality of life.
Colin M. Slabach, a clinical assistant professor at New York University, emphasized the importance of taking proactive steps to ensure a smooth retirement. He advised against leaving one’s financial well-being to chance, particularly when living on a fixed income during retirement. Slabach underscored the need to optimize one’s assets to align with lifestyle goals, recommending the implementation of a comprehensive budget and ongoing monitoring of expenditures as foundational steps toward a secure retirement.
For the full findings, you can visit wallethub.com.