Ready to leave the daily grind of work behind and sail off into a leisurely retirement? Join the club—yet retirement is often easier dreamed about than done.
According to a recent Gallup poll, the average American today plans to retire at age 66—up from 60 back in 1995.
Concerns about having enough money to live comfortably without a steady paycheck is one obvious factor keeping people’s noses to the grindstone longer. But there is another way to retire sooner rather than later: Simply move to a more affordable area, and you can kick back and enjoy your retirement years with less financial stress.
To help you home in on these secret retirement enclaves, WalletHub has just released a report highlighting the top 10 cities for retirement in 2021. The website compared more than 180 metros across the country based on 48 metrics, including affordability, quality of life, health care, and recreational activities.
So which city is best for a relaxing retirement? Drumroll, please: Orlando, FL, came out on top.
“Orlando tops the other cities in terms of tax friendliness on estate or inheritance tax,” WalletHub analyst Jill Gonzalez explains to Realtor.com®.
In fact, all Floridians get to skip paying state income tax and state inheritance tax, which explains why other cities in Florida also ranked in the top 10, including Tampa (No. 4), Fort Lauderdale (No. 8), and Miami (No. 9).
Still, retiring is more than just about the money, and this is where Orlando shines in other ways.
“Orlando also has plenty of activities to offer for retirees, as it has the most fishing facilities and public golf courses per capita, and it’s a great city for recreation with an age-friendly community,” Gonzalez says. “Plus, Orlando has the most home health care facilities per capita.”
In WalletHub’s ranking, Charleston, SC, came in second, followed by Scottsdale, AZ. If you crave a robust community of your peers, Scottsdale is home to the highest share of residents aged 65 and older, but its cost of living is on the higher end, according to the report.
Still, all in all, these top retirement cities prove that you can’t beat warm weather when you’re ready to throw in the towel on work.
“It’s no surprise to see warm, sunny Southern and Western markets like Orlando, Charleston, Scottsdale, and Tampa top the list of best places to retire, given the index methodology, which factors mild climate among many other indicators into the ranking,” says Danielle Hale, chief economist of Realtor.com.
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Yet there were some surprises on the list. For instance, Gonzalez was surprised to see Minneapolis (No. 5) and Cincinnati (No. 7) in the top 10—and not just due to their chilly temperatures.
“They’re not very affordable cities to live in,” Gonzalez adds. “However, they both ranked high in terms of the number of activities available for retirees, which offset affordability.”
Get Away From It All: Here Are the Top 10 Cities for Retirement in 2021 appeared first on Real Estate News & Insights | realtor.com®.