Orlando is the best place to retire in 2024, study concludes

MIAMI — As the baby boomer generation continues to transition into retirement, the landscape of America’s cities is evolving to meet the needs of an aging population. An annual comprehensive study by WalletHub is shedding light on the best – and worst – places for retirees to call home, considering a wide array of factors from affordability to healthcare quality. And as it turns out, Orlando, Fla., the home of the “happiest place on Earth,” is also crowned the top spot to retire in the U.S.

The Sunshine State Dominates

It comes as little surprise that Florida cities dominate the top of the list, with Orlando claiming the coveted number one spot. The city famous for its theme parks and eternal summer offers retirees far more than just Mickey Mouse and roller coasters. Orlando’s appeal lies in its unique combination of tax-friendliness, affordable healthcare, and abundant recreational activities.

“It’s important to choose wisely when picking where to retire, as many retirees are on a fixed income,” notes Chip Lupo, a WalletHub analyst. “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.”

Orlando excels in these areas, particularly in its tax policies. Florida’s lack of state income tax, estate tax, or inheritance tax makes it a financial haven for retirees. But it’s not just about keeping more money in your pocket; it’s about how far that money can go. Orlando ranks 9th out of over 180 cities (full list at bottom of post) for affordability of homemaker services and 20th for adult day health care costs.

The city also shines when it comes to healthcare, boasting the highest number of gerontologists and home health care facilities per capita in the study. For retirees concerned about maintaining their health and independence, this robust healthcare infrastructure provides peace of mind.

But retirement isn’t just about financial security and health – it’s also about enjoyment and fulfillment. Here, too, Orlando delivers. The city ranks second overall for recreational activities, with a particularly high number of music venues, fishing facilities, art galleries, and adult volunteer opportunities. This combination of entertainment options and chances to give back to the community creates a rich, engaging environment for retirees.

Miami: A Cultural Paradise for Retirees

Hot on Orlando’s heels is Miami, claiming the second spot in the rankings. While it shares many of the tax benefits of its northern neighbor, Miami distinguishes itself with its vibrant cultural scene and outdoor activities.

Miami tops the national rankings for adult volunteer activities, art galleries, and fishing facilities per capita. It also boasts the fifth-highest number of museums and the 11th-highest number of recreation and senior centers. For retirees looking to stay active and engaged, Miami offers an unparalleled array of options.

The city’s walkability is another significant draw. Ranking as the fifth-most walkable city in the country, Miami allows retirees to maintain an active lifestyle while reducing reliance on cars. This pedestrian-friendly environment, combined with excellent public transportation, makes it easy for seniors to maintain their independence and mobility.

Breaking the Mold: Minneapolis

While Florida’s dominance in the top rankings isn’t surprising, the third-place finish of Minneapolis, Minnesota, challenges conventional wisdom about retirement destinations. This Midwestern city proves that retiree-friendly doesn’t always mean year-round warm weather.

Minneapolis stands out for its elderly-friendly labor market. With over 22% of the working population aged 65 or older, the city offers ample opportunities for retirees who wish to continue working, either out of financial necessity or personal fulfillment.

The city also excels in healthcare, ranking 6th overall for its hospital system. It boasts a high number of nursing homes and gerontologists per capita, ensuring that retirees have access to quality care as they age. Mental health is another strong point for Minneapolis, which has the third-lowest suicide rate for people aged 65 and older.

These strengths contribute to Minneapolis ranking as the 29th most caring city in the U.S., highlighting the supportive community environment it offers to retirees.

The Top 10 Retirement Cities

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

This diverse list showcases that there’s no one-size-fits-all approach to retirement. From the beaches of Florida to the cultural richness of Minneapolis, retirees have a wide range of options to suit their individual preferences and needs.

The Challenges: America’s Least Retiree-Friendly Cities

While it’s important to celebrate the cities that excel in accommodating retirees, it’s equally crucial to understand the challenges faced by those at the bottom of the list. Here are the 10 lowest-ranking cities for retirees:

173. Fontana, CA
174. Wichita, KS
175. Bridgeport, CT
176. Fresno, CA
177. Detroit, MI
178. Newark, NJ
179. Bakersfield, CA
180. Rancho Cucamonga, CA
181. Stockton, CA
182. San Bernardino, CA

These cities struggle with various issues, from high costs of living and unfavorable tax situations to inadequate healthcare systems and limited recreational opportunities for seniors. Their presence at the bottom of the list serves as a reminder of the work that still needs to be done to make all American cities more accommodating to an aging population.

The Bigger Picture: Retirement Planning in America

Beyond ranking cities, the WalletHub study reveals some concerning trends about retirement readiness in America. Nearly half of American households have no retirement savings at all, a statistic that could lead to significant social and economic challenges in the coming years.

Jonathon Ferguson, a Financial Capability Specialist at the University of Wisconsin-Madison, weighs in on the potential consequences: “This could lead to greater dependence on public programs such as social security retirement benefits, increased poverty rates among the elderly, enhanced caretaking and financial responsibilities by younger generations, etc.”

Ferguson emphasizes the importance of early and comprehensive retirement planning. “Not building their financial retirement plan on the basis of a very well thought out non-financial retirement plan,” he notes, is one of the biggest mistakes people make when planning for retirement. “Ultimately, money is just a tool to help people live the lives that bring them joy. For this reason, the money plan should follow the life plan.”

He advises soon-to-be retirees to consider in detail how they want to spend their time in retirement. “Who will they spend time with? What activities will they participate in? Where will they spend time in retirement (specific locations)? What positive components of their career/job experience will they miss and how can they build these into their retirement experience?”

Living on a Fixed Income

For those already in or approaching retirement, living on a fixed income presents its own set of challenges. Ferguson offers some practical advice: “Those who have developed strong budgeting skills over time will benefit during retirement. It’s important for retirees to understand how their fixed income amount covers necessities (food, healthcare, transportation, etc.) and discretionary expenses.”

He also stresses the importance of having a financial cushion. “For retirees who have been fortunate to amass significant personal savings, it is important to have adequate funds readily available. Ideally, 1 year’s worth of living expenses (or more) in a ‘rainy day’ account can be helpful during tough times but also can provide a strong sense of comfort and security during good financial times.”

Looking to the Future

As America’s population continues to age, the importance of creating retiree-friendly communities will only grow. This study provides valuable insights not just for individuals planning their retirement, but also for policymakers and city planners looking to attract and support an older population.

The cities at the top of this list offer examples of best practices – from tax policies that allow retirees to keep more of their savings, to robust healthcare systems that cater to an aging population, to abundant recreational and volunteer opportunities that promote active, engaged retirement living.

At the same time, the cities at the bottom of the list highlight areas for improvement and serve as a call to action for local governments to better accommodate the needs of older residents.

As we look to the future, it’s clear that retirement in America is evolving. Whether you dream of sunny Florida beaches, the cultural richness of a city like Minneapolis, or somewhere in between, the key is to start planning early, consider all aspects of retirement life, and choose a destination that aligns with your personal vision of the golden years. After all, retirement isn’t just about leaving work behind – it’s about embarking on a new, exciting chapter of life.

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
26	Bismarck, ND	53.10	87	147	33	16
27	Akron, OH	53.08	48	59	100	47
28	Columbia, SC	53.02	27	92	68	77
29	Hialeah, FL	52.82	56	96	22	58
30	Virginia Beach, VA	52.76	60	80	40	37
31	St. Paul, MN	52.72	94	32	86	66
32	Philadelphia, PA	52.63	124	33	64	45
33	Rapid City, SD	52.43	47	109	161	10
34	Nashua, NH	52.39	96	103	105	9
35	West Valley City, UT	52.38	99	51	84	73
36	San Francisco, CA	52.31	173	1	41	78
37	Missoula, MT	52.09	125	39	167	4
38	San Diego, CA	52.05	156	12	10	87
39	Boise, ID	51.83	84	62	14	125
40	Portland, ME	51.70	131	22	58	82
41	Knoxville, TN	51.66	5	77	137	138
42	Glendale, CA	51.58	162	47	6	15
43	Salt Lake City, UT	51.50	99	10	165	96
44	Juneau, AK	51.50	90	53	116	36
45	Los Angeles, CA	51.41	160	17	15	52
46	Washington, DC	51.38	153	3	60	74
47	Jacksonville, FL	51.04	30	67	101	112
48	Tallahassee, FL	51.03	10	126	77	123
49	Cleveland, OH	50.94	83	55	154	20
50	Raleigh, NC	50.89	67	69	80	56
51	Reno, NV	50.87	37	66	43	155
52	San Antonio, TX	50.85	26	34	135	164
53	Fargo, ND	50.79	38	169	122	28
54	Overland Park, KS	50.77	127	123	57	26
55	Durham, NC	50.40	54	121	115	13
56	Long Beach, CA	50.30	160	29	19	40
57	Huntington Beach, CA	50.26	164	30	37	21
58	Dallas, TX	50.12	75	49	124	90
59	Charleston, WV	50.09	21	71	95	163
60	Henderson, NV	50.02	15	133	13	160
61	Birmingham, AL	49.90	29	43	169	132
62	Brownsville, TX	49.86	1	178	83	158
63	Jackson, MS	49.68	20	97	145	134
64	Port St. Lucie, FL	49.61	24	152	81	105
65	Colorado Springs, CO	49.44	74	106	39	81
66	Chandler, AZ	49.28	110	102	38	53
67	Lexington-Fayette, KY	49.23	104	146	9	34
68	Columbus, OH	49.19	103	93	45	50
69	New Orleans, LA	49.15	119	11	170	137
70	Norfolk, VA	49.09	60	82	109	65
71	Louisville, KY	49.06	106	57	59	113
72	Fort Worth, TX	49.05	45	78	56	151
73	Portland, OR	49.02	145	15	96	103
73	Irvine, CA	49.02	164	50	25	11
75	Manchester, NH	49.02	101	145	73	22
76	Grand Rapids, MI	48.87	98	61	114	100
77	Dover, DE	48.83	50	95	176	64
78	Chesapeake, VA	48.82	60	161	34	44
79	Cedar Rapids, IA	48.79	72	156	47	106
80	Honolulu, HI	48.78	180	14	2	61
81	Tucson, AZ	48.76	82	37	90	161
82	Plano, TX	48.74	95	99	31	86
83	Little Rock, AR	48.64	51	122	160	46
84	Chattanooga, TN	48.48	14	131	156	126
85	Phoenix, AZ	48.40	110	42	108	115
86	Gilbert, AZ	48.15	110	124	30	69
87	Milwaukee, WI	48.06	86	41	175	72
88	Peoria, AZ	48.06	110	107	62	92
89	Anchorage, AK	47.98	77	89	92	98
89	Mobile, AL	47.98	19	86	142	166
91	North Las Vegas, NV	47.83	15	140	78	156
92	Sacramento, CA	47.81	140	36	35	121
93	Grand Prairie, TX	47.64	78	141	42	117
94	Boston, MA	47.61	179	27	24	18
95	Houston, TX	47.50	35	52	168	154
96	Chicago, IL	47.50	143	20	127	91
97	Nampa, ID	47.40	84	166	21	141
98	Las Cruces, NM	47.29	65	148	75	147
99	Garden Grove, CA	47.22	164	64	32	32
100	Albuquerque, NM	47.13	71	60	148	124
101	Garland, TX	47.07	78	128	51	128
102	Huntington, WV	46.98	22	165	112	159
103	Oklahoma City, OK	46.84	49	76	146	142
104	Des Moines, IA	46.60	66	153	72	119
105	Baton Rouge, LA	46.56	89	48	162	136
106	Mesa, AZ	46.55	110	104	65	109
107	Aurora, CO	46.48	91	134	149	24
108	Springfield, MO	46.45	28	114	173	139
109	Charlotte, NC	46.37	73	120	88	116
110	Kansas City, MO	46.32	88	75	158	80
111	Santa Ana, CA	46.31	164	58	53	33
112	Fort Wayne, IN	46.28	46	143	91	114
113	Huntsville, AL	46.24	39	158	52	171
114	El Paso, TX	46.18	7	125	76	177
115	Buffalo, NY	46.13	133	45	107	120
116	Anaheim, CA	46.05	164	85	23	25
117	Irving, TX	46.05	78	129	104	97
118	Glendale, AZ	45.99	110	84	119	85
119	Lewiston, ME	45.95	102	137	87	71
120	Rochester, NY	45.92	141	40	129	67
121	Winston-Salem, NC	45.89	36	149	98	135
122	Newport News, VA	45.88	60	157	82	129
123	Tulsa, OK	45.77	33	100	157	146
124	San Jose, CA	45.77	169	119	8	23
125	Toledo, OH	45.63	52	116	126	133
126	Arlington, TX	45.52	78	130	106	110
127	Billings, MT	45.45	120	162	125	38
128	Santa Clarita, CA	45.30	163	110	12	51
129	Memphis, TN	45.23	8	88	180	167
130	Corpus Christi, TX	45.15	12	112	141	174
131	New Haven, CT	45.09	150	139	144	1
132	Omaha, NE	45.00	128	98	128	48
133	Oakland, CA	44.73	154	38	117	68
134	Oceanside, CA	44.68	152	74	20	108
135	New York, NY	44.62	182	19	27	76
136	Aurora, IL	44.61	143	83	102	49
137	Nashville, TN	44.58	64	63	177	150
138	Augusta, GA	44.50	25	170	97	176
139	Yonkers, NY	44.50	177	65	55	14
140	Fremont, CA	44.27	173	113	5	62
141	Amarillo, TX	44.18	13	171	134	173
142	South Burlington, VT	44.16	170	108	138	2
143	Burlington, VT	44.03	170	70	147	8
144	Seattle, WA	43.93	178	26	50	84
145	Gulfport, MS	43.56	32	81	178	179
146	Shreveport, LA	43.42	76	168	131	130
147	Fayetteville, NC	43.34	18	132	152	178
148	Providence, RI	43.27	148	54	132	94
149	Indianapolis, IN	43.26	97	111	174	75
150	Oxnard, CA	43.23	142	138	46	83
151	Laredo, TX	43.17	4	179	94	182
152	Lubbock, TX	43.13	6	144	151	175
153	Baltimore, MD	43.08	138	56	171	70
154	Lincoln, NE	42.89	147	115	49	63
155	Columbus, GA	42.50	44	167	67	180
156	Jersey City, NJ	42.36	172	90	63	59
157	Salem, OR	42.32	105	173	110	131
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

Note: With the exception of “Total Score,” all of the columns in the table above depict the relative rank of that city, where a rank of 1 represents the best conditions for that metric category.