WalletHub has just released its Best & Worst Places to Retire for 2024 and Florida has made quite the showing, snagging five of the top 15 spots. This might not surprise you, given the state’s longtime reputation as a warm, palm tree-lined playground for the elderly. But would you guess that Miami has landed in the No. 2 spot?
The Magic City—famed for its wild nightlife and exorbitant prices, among other things—is apparently still the place to be for retirees, right after Orlando, Florida. Despite having a median home price that’s nearly twice the national average, along with higher-than-average crime rates, Miami shines when it comes to tax laws, activities and health care, according to WalletHub’s analysts.
Tampa and Fort Lauderdale ranked No. 4 and 5 respectively, while St. Petersburg, Florida came in not far behind in the No. 8 spot. Golden girls and guys, c’mon down! The water is warm and the Zumba classes are free.
Did you hear? This South Florida suburb was just ranked one of the best places to live for families in the U.S.
So how did WalletHub come up with their rankings? The personal finance company compared the retiree-friendliness of more than 180 U.S. cities across 45 key metrics to help Americans plan an affordable retirement while maintaining the best quality of life.
“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,” says WalletHub Analyst Chip Lupo. “In addition, the top cities provide high-quality health care and offer plenty of enjoyable activities for retirees.”
Here’s what they had to say about Miami:
Miami, FL, 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.
Not convinced? Scour WalletHub’s full ranking of the Best & Worst Places to Retire in 2024 to make your own judgments, and browse who else made the top 15 below.
15 best retirement cities in the U.S. 2024, according to WalletHub
- Orlando, FL
- Miami, FL
- Minneapolis, MN
- Tampa, FL
- Fort Lauderdale, FL
- Scottsdale, AZ
- Cincinnati, OH
- St. Petersburg, FL
- Casper, WY
- Atlanta, GA
- Las Vegas, NV
- Pittsburgh, PA
- Wilmington, DE
- Denver, CO
- Madison, WI
