Connect with us

Portland, Oregon Local News

3 Washington cities rank among the worst for retirement: study

[ad_1]

(NEXSTAR) – So many people focus on when to retire – but where they start their golden years shouldn’t be overlooked.

People are living longer and with forecasts of a U.S. retirement crisis looming, affordability is one of the top factors in a new study by WalletHub on the best and worst places to retire. Activities, quality of life and health care rounded out the grading process.

Living up to its reputation, Florida dominated the top five, taking four spots. Orlando wast number 1 overall, thanks largely to its affordability (9th out of 200) and plentiful options for active retirees (16th). WalletHub points out that, while Orlando’s cost of living isn’t dirt cheap, homemaker services and adult day health care were ranked 9th and 20th, respectively. Florida is also a tax-friendly state, and Orlando is one of the cheapest cities for taxes, according to Wallethub.

When it comes to planning for retirement, author and Rutgers Distinguished Professor Emerita Dr. Barbara O’Neill says the following are the most important: “Proximity to family and friends, local living costs and features (e.g., low crime rate, high-quality hospitals, and proximity to airports), tax structure (nine states have no state income tax: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming), and weather (some people want to get away from cold winter weather, ice, and snow). 

Miami took the second spot for some of the same reasons that Orlando did, such as relative affordability (54 of 200) and a plethora of activities (2 of 200). Magic City is also extremely walkable with access to public transportation.

Minneapolis took the third spot thanks to its numerous activities (7) and excellent health care (6). WalletHub found that the local job market is especially open to seniors, who can choose to work for some extra income or to stay occupied.

See the top 25 cities in which to retire below:

Overall Rank  City Total Score Affordability Rank Activities Rank Quality of Life Rank Health Care Rank
1 Orlando, FL 61.49 9 16 74 35
2 Miami, FL 61.47 56 2 89 27
3 Minneapolis, MN 59.63 93 7 79 6
4 Tampa, FL 59.61 40 9 28 93
5 Fort Lauderdale, FL 59.47 59 13 48 39
6 Scottsdale, AZ 59.32 110 21 3 31
7 Cincinnati, OH 58.17 123 4 70 29
8 St. Petersburg, FL 57.84 40 31 26 55
9 Casper, WY 57.63 3 72 29 88
10 Atlanta, GA 57.34 70 6 120 43
11 Las Vegas, NV 57.33 15 5 111 149
12 Pittsburgh, PA 57.01 121 24 44 7
13 Wilmington, DE 56.68 69 23 139 12
14 Denver, CO 55.96 91 8 99 57
15 Madison, WI 55.80 118 44 7 30
16 Charleston, SC 55.70 42 25 66 111
17 Richmond, VA 55.02 68 35 118 17
17 Pembroke Pines, FL 55.02 58 91 17 54
19 Sioux Falls, SD 54.80 34 151 61 3
20 Cape Coral, FL 54.52 23 73 18 122
21 Tempe, AZ 54.22 110 46 36 42
22 St. Louis, MO 54.18 43 18 181 41
23 Cheyenne, WY 53.96 2 142 54 104
24 Austin, TX 53.89 55 28 71 107
25 Columbia, MD 53.83 138 79 4 5
(WalletHub)

See the WalletHub website for the complete list.

WalletHub found these the following 25 cities to be the worst in the U.S. when it comes to retirement:

Overall Rank City Total Score Affordability Rank Activities Rank Quality of Life Rank Health Care Rank
158 Worcester, MA 42.26 146 118 121 79
159 Montgomery, AL 42.17 11 155 164 181
160 Fort Smith, AR 41.96 31 160 159 170
161 Chula Vista, CA 41.79 156 163 11 89
162 Greensboro, NC 41.72 53 127 179 144
163 Moreno Valley, CA 41.23 132 180 103 153
164 Vancouver, WA 41.19 155 94 143 60
165 Santa Rosa, CA 40.68 176 105 16 127
166 Modesto, CA 40.62 122 181 69 169
167 Spokane, WA 40.53 130 150 155 102
168 Tacoma, WA 40.52 158 68 150 99
169 Warwick, RI 40.35 148 117 136 95
170 Ontario, CA 40.24 137 159 113 148
171 Pearl City, HI 39.98 180 164 1 101
172 Riverside, CA 39.73 135 135 130 140
173 Fontana, CA 39.10 136 174 93 157
174 Wichita, KS 38.98 107 136 166 165
175 Bridgeport, CT 38.48 175 154 153 19
176 Fresno, CA 38.40 108 175 140 162
177 Detroit, MI 38.27 129 101 182 152
178 Newark, NJ 38.18 159 87 163 118
179 Bakersfield, CA 37.41 109 182 123 168
180 Rancho Cucamonga, CA 37.26 151 177 85 143
181 Stockton, CA 36.92 134 176 133 145
182 San Bernardino, CA 35.71 126 172 172 172
(Credit: WalletHub)

For many nearing retirement age, the recent volatility in the stock market has left them concerned about what their 401K nest egg might look like when they finally start to cash out, and a place like Brownsville, Texas, the most affordable out of the 200 cities, might start to look appealing.

“There are a lot of folks who just don’t have enough money put away,” Jason Athas, a manager of educational programs at Debt Management Credit Counseling Corp., a Florida-based nonprofit that provides debt relief and counseling services, told the AARP. “Credit card debt is one of the biggest problems seniors have today.”

If money’s not an issue, retirees who just want the greatest number of activities to fill their days might consider San Francisco, which WalletHub ranked number 1 in that category.

As for quality of life and health care, Pearl City, Hawaii and New Haven, Connecticut took the top honors, respectively.

For more on the methodology behind the study, see the WalletHub website.

[ad_2]

Jeremy Tanner

Source link

Related Topics: