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Miami Among Top Cities To Retire

Image: WalletHub

With more Americans delaying retirement because of financial insecurity and a fourth of workers having no money saved for their golden years, the personal-finance website WalletHub conducted an in-depth analysis of 2016’s Best & Worst Cities to Retire.

To help Americans plan for a comfortable retirement, WalletHub’s analysts compared the affordability, quality of life, health care and availability of recreational activities in the 150 largest U.S. cities. Our data set of 31 key metrics ranges from “cost of living” to “public-hospital rankings” to “percentage of the 65 and older population.”

Best Cities to Retire Worst Cities to Retire
1 Orlando, FL 141 Fontana, CA
2 Tampa, FL 142 Rancho Cucamonga, CA
3 Scottsdale, AZ 143 Bakersfield, CA
4 Miami, FL 144 Wichita, KS
5 Sioux Falls, SD 145 Detroit, MI
6 Las Vegas, NV 146 Aurora, IL
7 Cape Coral, FL 147 Chula Vista, CA
8 Atlanta, GA 148 Newark, NJ
9 Minneapolis, MN 149 Worcester, MA
10 Los Angeles, CA 150 Providence, RI

Best vs. Worst

  • Laredo, Texas, has the lowest adjusted cost-of-living index for retired persons, 76.84, which is 2.6 times lower than in New York, the city with the highest, 196.2.
  • Laredo, Texas, has the lowest annual cost of in-home services, $20,592, which is 3.3 times lower than in San Francisco, the city with the highest, $68,640 per month.
  • Anchorage, Alaska, has the highest percentage of employed people aged 65 and older, 24.0 percent, which is 2.8 times higher than in Detroit, the city with the lowest, 8.5 percent.
  • Scottsdale, Ariz., has the highest percentage of the 65 and older population, 21.1 percent, which is 3.5 times higher than in Fontana, Calif., the city with the lowest, 6.1 percent.
  • Yonkers, N.Y., has the lowest property-crime rate, 10.01 per 1,000 residents, which is 8.6 times lower than in Spokane, Wash., the city with the highest, 85.59 per 1,000 residents.
  • Miami has the highest number of home-care facilities, 35.30 per 100,000 residents, which is 18.2 times higher than in Des Moines, Iowa, the city with the lowest, 1.94 per 100,000 residents.

By Richie BernardoFor a WalletHub News Release posted on SouthFloridaReporter.com Aug. 22, 2016 

WalletHub is the first-ever website to offer free credit scores and full credit reports that are updated on a daily basis. But we consider that just an appetizer, as we’ve built the brain of an artificially intelligent financial advisor that will truly leave your wallet full. WalletHub’s brain performs three primary functions, providing: 1) Customized credit-improvement advice; 2) Personalized savings alerts; and 3) 24/7 wallet surveillance. Such features are supplemented by more reviews of financial products, professionals and companies than any other website offers and a diverse community of subject matter experts. WalletHub is owned by Evolution Finance, Inc. and is based in Washington, DC.