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Best and worst cities to retire

Industry News | Apr 09, 2015

WalletHub, a resource for financial help, recently listed its list of best and worst states to retire.

As where a senior decides to live will have a significant impact on their financial and overall health, the list of best and worst places to retire can be a helpful resource in making more informed retirement decisions.

"And the reasons for extending their working lives are somewhat obvious: With a number of local economies still struggling to rebound from the Great Recession, a quarter of respondents to the EBRI's survey said they can't afford to retire when they want or plan to," read the report.

In addition, the survey showed that 58 percent of workers and 44 percent of retirees cited having problematic debt levels as the reason they put off their retirement.

Here are the top five state to retire:

  • Tampa, Florida: This city in the Sunshine State boasts an overall affordability ranking of nine, along with an activities ranking of three, quality of life ranking of 19, health care costs ranking of 46 and a jobs rank of 92.
  • Grand Prairie, Texas: With an affordability rank of 26 and a health care costs cheaper then everywhere but one other location, it's no wonder this city is near the top.
  • Orlando, Florida: Affordability ranks seventh in Orlando, while activities ranked two.
  • St. Petersburg, Florida: The final Florida city to crack the top five, St. Petersburg's overall affordability ranking is nine, while its activities ranking is 31.
  • Scottsdale, Arizona: Rounding out the top five, Scottsdale ranked 100 in affordability, but three in quality of life.

Here are the top five states not to retire:

  • Providence, Rhode Island: Topping the list of the worst places to retire, Providence ranked 117 in affordability, 139 in jobs, 116 in activities, 138 in quality of life and 117 in health care.
  • Newark, New Jersey: Following Providence, Newark made the list for its poor quality of life (142) and jobs (146) rankings.
  • Philadelphia: With an affordability ranking of 123 and a health care ranking of 148, it's no surprise Philly made the top three.
  • New York: Retirees have likely heard of the high cost of living in New York, but the city also ranks 130 activities and 143 in health care.
  • Chicago: The Windy City was named in the top five for its jobs ranking of 131 and quality of life of 146.

Shopping for Medicare
Health care expenses are a significant aspect of deciding where to live during the golden years. However, those nearing their retirement are encouraged to shop with various insurance providers before committing to a Medicare Supplement insurance plan.

Resources are available to do all the work for someone shopping for a Medicare plan. At the click of the button, he or she will be given a comprehensive comparison of Medicare Supplement plans for multiple insurance providers.