Miami ranked as the fourth-best city for retirees this year in the United States, according to a report by WalletHub.
The personal finance company ranked the best and worst cities for retirement by tracking “45 key metrics,” including the cost of living, health infrastructure and retired “taxpayer friendliness.”
Three of the five cities WalletHub considers the top spots for retirees were in Florida — Orlando at No. 1, Miami at No. 4 and Tampa at No. 5, with Scottsdale, Arizona, and Minneapolis, Minnesota, taking second and third place, respectively. Fort Lauderdale also ranked relatively highly at No. 7.
“It’s important to choose wisely when picking where to retire, as many retirees are on a fixed income,” said Chip Lupo, an analyst with WalletHub. “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.”
Why Does Miami Rank High for Retirees?
To create their rankings, WalletHub evaluated 182 cities, including the 150 most populated cities in the United States, along with two of the most populated in each state. The company ranked four characteristics — affordability, activities, quality of life and available healthcare.
Miami scored a 58.63 overall. It had an affordability rank of 76, an activities rank of 5, a quality of life rank of 94 and a healthcare rank of 26.
Fort Lauderdale, seventh overall, had a total score of 57.49. Its affordability rank was 79, with an activities rank of 14, a quality of life rank of 60 and a healthcare rank of 47.
WalletHub’s Top 10 Cities to Retire To
- Orlando, Florida
- Scottsdale, Arizona
- Minneapolis, Minnesota
- Miami, Florida
- Tampa, Florida
- Atlanta, Georgia
- Fort Lauderdale, Florida
- Cincinnati, Ohio
- Madison, Wisconsin
- Casper, Wyoming
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