Gen X Retirement: 45% Face Shortfalls
Retirement is supposed to be a golden phase, but for many Gen Xers it might not be.
Cheddar
California isn’t a great place to retire, at least in the Golden State’s Central Valley or Inland Empire, according to one recent study.
But if you are looking for things to do, San Francisco is rated No. 1 in the entire United States.
WalletHub, a personal finance company, released a report on the best and worst places to retire in the United States, comparing 182 cities “to help people find an ideal spot to enjoy their golden years without breaking the bank.”
Here’s a look at the numbers.
Methodology used for WalletHub to rank best, worst cities to retire
WalletHub compared the retirement-friendliness of 182 cities — including the 150 most populated U.S. cities, plus at least two of the most populated cities in each state. Four areas were ranked:
AffordabilityActivitiesQuality of lifeHealth care10 worst cities in US to retire
WalletHub listed six California locations among the 10 worst cities to retire, with San Bernardino coming in last.
172 – Fontana174- Wichita, Kansas175 – Bridgeport, Connecticut176 – Fresno177 – Detroit, Michigan178 – Newark, New Jersey179 – Bakersfield180 – Rancho Cucamonga181 – Stockton182 – San Bernardino
Paradoxically, though, four California cities—Fremont, Glendale, San Jose, and San Diego—finished in the top 10 in quality of life. Fremont, Sant Rosa, San Francisco, and San Jose all finished near the top of least affordable places to live in the U.S. (Or maybe not paradoxically: A high quality of life is expensive.)
By the numbers: Breakdown of best California cities for retirement
The top-ranked cities out of the 182 listed in California to retire to were:
36. San Francisco, which was ranked No. 1 in the nation for things to do.38. San Diego42. Glendale45. Los Angeles56. Long Beach57. Huntington Beach73. Irvine92. Sacramento99. Garden Grove111. Santa AnaBest U.S. cities to retire to
Five Florida cities ranked in the top 10, two of which ranked No. 1 and No. 2 in the U.S.
Orlando, FloridaMiami, FloridaMinneapolis, MinnesotaTampa, FloridaFort Lauderdale, FloridaScottsdale, ArizonaCincinnati, OhioSt. Petersburg, FloridaCasper, WyomingAtlanta, GeorgiaOrlando, Miami rank No. 1, No. 2 in US as best place to retire. Why?
Here’s what WalletHub had to say:
No. 1, Orlando: “Orlando is the best place to retire, in part because it is one of the most tax-friendly cities and is located in a state without estate, inheritance or income taxes. In addition, while Orlando doesn’t have a particularly low cost of living, it is relatively inexpensive when it comes to homemaker services and adult day health care,” said Chip Lupo, WalletHub analyst. “On top of that, Orlando ranks as the second-best city for recreation, and it provides good access to quality health care.
“In addition, Orlando provides a plethora of recreational activities for retirees, ranking as the second-best city for recreation overall. It has an especially high number of music venues, fishing facilities, art galleries and adult volunteer activities.
“Finally, Orlando ranks at the top of the country when it comes to gerontologists and home health care facilities per capita. It also has the 11th-best hospitals for geriatrics, allowing elderly residents to receive quality care.”
No. 2, Miami: “Miami is the second-best place to retire, in large part because it has an abundance of activities popular with retirees. For example, Miami ranks at the top of the country when it comes to adult volunteer activities, art galleries and fishing facilities per capita, and it has the fifth-most museums and 11th-most recreation and senior centers.
“Tax-friendliness is another good reason to retire in Miami. As it’s located in Florida, it has no estate or inheritance taxes, no income taxes, and it ranks among the cheapest cities for taxes in general.
“On top of that, Miami 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.”
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Publish date : 2024-09-02 13:00:00
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