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Expert on retirement savings
Indira Venkat serves as the Senior Vice President of Research at AARP, she joins LiveNOW from FOX to discuss a recent survey that found more than 20% of adults ages 50 and older have no retirement savings. Venkat explains how Americans are worried about covering basic expenses.
If you’re trying to figure out where to settle down and retire, you may want to consider one of these cities.
A new study by WalletHub ranked 180 U.S. cities to determine the best cities to retire to in 2024.
The cities were compared across four key dimensions: affordability, activities, quality of life and healthcare.
"It’s important to choose wisely when picking where to retire, as many retirees are on a fixed income," Chip Lupo, an analyst at WalletHub said. "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. In addition, the top cities provide high-quality health care and offer plenty of enjoyable activities for retirees."
Orlando, Miami ranked best cities to retire
The study found that Orlando, Florida was the best place to retire, living up to its reputation as a haven for seniors.
One big reason for this ranking was the lack of taxes, as the state does not have an estate, inheritance or income tax. Orlando also ranked as the second-best city for recreational activities, and had the 11th-best hospitals for geriatrics, allowing elderly residents to receive quality care.
FILE: Two men play pickle ball on August 24, 2021. (Credit: Raychel Brightman/Newsday RM via Getty Images)
Similarly, Miami ranked as the second-best place to retire, in large part because of its tax-friendliness and its abundance of activities popular with retirees.
On top of that, Miami was also ranked the fifth-most walkable city in the country, and the vast majority of residents have access to public transportation within walking distance of their homes.
In addition, WalletHub ranked Minneapolis, Minnesota; Tampa and Fort. Lauderdale, Florida; and Scottsdale, Arizona as top retirement cities.
Top 10 cities for retirement
1. Orlando, FL
2. Miami, FL
3. Minneapolis, MN
4. Tampa, FL
5. Fort Lauderdale, FL
6. Scottsdale, AZ
7. Cincinnati, OH
8. St. Petersburg, FL
9. Casper, WY
10. Atlanta, GA
See the full rankings here.
In contrast, the company ranked four California cities as the worst cities to retire in: San Bernardino, Stockton, Rancho Cucamonga, and Bakersfield.
Following these cities in the ranking was Newark, New Jersey and Detroit, Michigan.
10 worst cities to retire
- San Bernardino, CA
- Stockton, CA
- Rancho Cucamonga, CA
- Bakersfield, CA
- Newark, NJ
- Detroit, MI
- Fresno, CA
- Bridgeport, CT
- Wichita, KS
- Fontana, CA
Another recent study ranks top retirement states
Another new study from Bankrate ranked all 50 U.S. states to determine the best states to retire in 2024.
This study found that Delaware was the best state to retire in 2024, moving up from 2nd place last year.
RELATED: Best places to retire in 2024 revealed in new study
The Midwest and South also claimed the remaining best states to retire for the second year in a row. West Virginia moved up from third place last year into the second spot overall this year and ranked first in affordability for the second year in a row. Additionally, Georgia and South Carolina jumped into the top five this year, driven by their better scores in the affordability and weather categories, followed by Missouri, rounding out the top five.