A surprising city has been named among the best places for retirees.
Minneapolis, Minnesota, may not appear to be an obvious choice due to its freezing and snowy winters, compared to the warm climates of typical retirement hotspots like Florida or Arizona.
But the city’s friendly environment, high-quality hospital system, beautiful surroundings and strong cultural scene places it among the best places to spend your later years, according to new analysis from WalletHub.
And for those who might not be ready to give up work just yet, Minneapolis also has one of the most elderly-friendly labor markets in the country.
Over 22 percent of the working population in the city is over the age of 65, the research found.
Minneapolis, Minnesota, has been named among the best places for retirees in the US
WalletHub ranked 180 US cities across 45 metrics to determine which were the most friendly to retirees – and where they could plan an affordable retirement while maintaining the best quality of life.
The study considered factors including the cost of living, the weather, the quality of the healthcare – and the number of museums and places to fish.
Minneapolis came third place in the ranking – beaten to the top spot only by Miami and Orlando.
The neighboring city of St. Paul, which makes up the Twin Cities with Minneapolis, only ranked 31st in the study.
A key positive for Minneapolis is that it has a large percentage of jobs that are easy to perform, even for elderly residents.
According to state labor data, jobs in health care, retail and education are among the most common in the city.
Many retired people in the Midwest city may choose to continue to work for some extra income, or simply to have something to keep them occupied, WalletHub found.
The Midwest city is known for its beautiful lakes and sprawling urban park system. It also boasts a buzzing restaurant and art scene, including the Minneapolis Institute of Art, the Walker Art Center and the Minneapolis Sculpture Garden.
Minneapolis offers a wide range of recreational opportunities that help retirees stay engaged and active, WalletHub analyst Chip Lupo told DailyMail.com.
‘Whether it’s enjoying the city’s parks, cultural events, or outdoor activities, there’s always something for retirees to do,’ he said.
‘Retirees who prioritize well-being and a fulfilling lifestyle will find the city to be an ideal spot for their golden years.’
Compared to the warm weather in much of Florida, which is a big pull for retirees, Minneapolis is one of the coldest cities in the US, with particularly harsh winters.
However the city experiences all seasons, and summers in the city are not excessively hot, with temperatures averaging in the mid-80s°F.
According to the study, Minneapolis also has the sixth best hospital system of the 180 cities, along with a high number of nursing homes and gerontologists per capita.
The famous Mayo Clinic in nearby Rochester was once again named among the best hospitals in the US in U.S. News and World Report’s ranking in July.
‘Access to high-quality medical care is essential for retirees, and the city’s excellent health infrastructure offers peace of mind,’ Lupo added.
Minneapolis also has the third-lowest suicide rate for people ages 65 and older.
The friendly environment in Minneapolis and its high-quality hospital system places it among the best places to spend your later years, according to new analysis from WalletHub
Summers in Minneapolis are not excessively hot, with temperatures averaging in the mid-80s°F (Pictured: Lake Harriet and Minneapolis skyline)
The city does not rank very highly when it comes to affordability, however, Lupo warns, with higher taxes in Minnesota being the most obvious financial disadvantage for retirees.
But this does not prompt older locals to go searching for cheaper places, State Demographer Susan Brower told The Minnesota Star Tribune.
About 19,000 Minnesotans over 60 move out every year, while another 11,000 move in, she told the outlet.
‘I think a lot of times people tend to think of it as a one-way ticket out. But that’s not at all the case,’ she said. ‘About 99 percent of the state is staying put.’
Brower added that the cost of moving could outweigh any potential tax savings, and that only a ‘select group of very high-income people’ are able to choose where they live based on taxes.
Aside from Minneapolis, the other cities which ranked among the top five in WalletHub’s analysis were all in Florida.
This was largely due to the lack of estate, inheritance or income tax in the state, which is a significant benefit for seniors living on a fixed income.
Orlando, which gained the top spot for places to retire, lived up to its reputation as a haven for seniors with the number of recreational activities it offers.
It has an especially high number of music venues, fishing facilities, art galleries and volunteering activities, the study found.
While it does not have a particularly low cost of living, it ranked highly for hospitals for geriatrics, allowing elderly residents to receive quality care.
Second on the list was Miami, which also offers a plethora of activities for senior residents.
On top of that, it is the fifth-most walkable city in the country, and the vast majority of residents have access to quality public transportation within walking distance of their homes.
Orlando, which gained the top spot for places to retire, lived up to its reputation as a haven for seniors with the number of recreational activities it offers
Second on the list was Miami, which also offers a plethora of activities for senior residents, warm weather and low taxes
Tampa and Fort Lauderdale – which also offer extensive tax breaks and warm weather – rounded up the top five places.
‘It’s important to choose wisely when picking where to retire, as many retirees are on a fixed income,’ Lupo said.
‘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.
‘In addition, the top cities provide high-quality health care and offer plenty of enjoyable activities for retirees.’
Source link : http://www.bing.com/news/apiclick.aspx?ref=FexRss&aid=&tid=66ddfdfea1b24339a3846e8e34b92c03&url=https%3A%2F%2Fwww.dailymail.co.uk%2Fyourmoney%2Fretirement%2Farticle-13818361%2Fminneapolis-best-places-retire-minnesota-florida.html&c=7106755972524324816&mkt=en-us
Author :
Publish date : 2024-09-08 07:59:00
Copyright for syndicated content belongs to the linked Source.
