The 10 best U.S. retirement cities
When you put together your retirement plan, you have many decisions to make, such as when to retire, what level of risk is right for you, will your retirement income be enough, how to handle taxes, and when to start taking Social Security benefits.
With so many questions, don’t forget what’s surely one of the most consequential: Where will you retire? A few months ago, we looked at the best and worst states to retire in. But even within state borders, there are better and worse locations for you – and those may be different than the right or wrong choices for someone else. So this time we’re narrowing our focus to the 10 best cities for retirement.
Which are the 10 best cities for retirement? It depends.
Which city you decide to retire in is a mix of objective factors – such as cost of living and taxes – and highly personal ones. For some, retiring in place – among familiar surroundings and friends – is the way to go. Others might want to move closer to their kids and grandkids. Or take the opportunity to downsize and move to a dream location. And then there are those who want to write the next chapter of their lives in a new setting, one that has the combination of affordability, quality of life, wellness and healthcare availability, and cultural amenities that’s best for them.
Like rankings of just about everything else, rankings about the 10 best cities for retirement change over time. A city may be a retiree-magnet one year, and not-so-hot the next. To come up with our list, we reviewed public rankings including those from U.S. News & World Report1 and Yahoo! Finance,2 and considered what we’ve heard from clients and financial professionals.
One surprise from our review: Sunny, warm Florida may be losing its allure for retirees. Sure, they still flock there, but fewer Florida cities appear on the top 10 lists than have in the past The high cost-of-living in traditional Florida destinations may finally be throwing some shady conditions on the sunshine state.
Here’s who made our list of best retirement cities – and why:
#1. Harrisburg, PA
U.S. News likes Harrisburg’s accessibility to the great outdoors for bikers, runners, hikers, campers, and those taking in the area’s many festivals and sites, including Amish country, Gettysburg, and Hershey Park. The housing market offers better value than similar cities.
#2. Tampa, FL
No surprise, but Tampa is a great choice for those looking to combine a relaxed, seaside lifestyle with the activities and nightlife that a good-sized city has to offer, including sports, arts and culture, and more. On the financial side, you’ll benefit from Florida’s lack of an income tax.
#3. Lancaster, PA
The mixture of lovely farmscapes and an active business center is part of Lancaster’s appeal – although U.S. News also notes the pungent aroma that comes along with those farms. There’s lots to do outdoors and living expenses are moderate.
#4. Scranton, PA
Scranton combines small-town appeal and a vibrant, trendy downtown. Crime is low, as are the costs for housing, utilities, transportation, and groceries. Scranton tops the Yahoo list, which cites affordable living, close-knit communities, cultural offerings, and accessible healthcare.
#5. Fort Wayne, IN
Yahoo says that this city is “one of the cheapest places across America to retire to” and that it offers “an ideal combination of affordability, cultural amenities, and a friendly community atmosphere.”
#6. New York City, NY
“The city so nice they named it twice” (New York, New York) makes the list for all its world-class offerings, including arts and culture, restaurants, healthcare, and parks. But it only makes #6 in part because of sky-high housing costs.
#7. York, PA
York gets a nod from U.S. News for its rich history, colorful urban center, thriving arts scene, and picturesque farmlands. The cost of living is relatively low, making it an attractive home for commuters.
#8. Daytona Beach, FL
Fishing, golf, and NASCAR are big attractions. The cost of living is low, and there’s no state income tax.
#9. Youngstown, OH
This rust belt city is reviving economically from the body blow taken by the steel industry. The downtown area is lively and surrounded by ample recreation resources. Costs for housing, utilities, food, and healthcare are relatively low.
#10. Ann Arbor, MI
Affordability is also a key benefit of retiring to Ann Arbor, along with a lengthy list of things to do in and around an accessible city center. On the other hand, be sure to bring a good winter coat.
And there’s our top 10 list of best cities to retire to. To understand how much retirement in these locales, or others, could affect you, check out our Jackson Retirement Expense and Income Calculator. If you’re considering retirement in a new locale, one of these 10 best cities for retirement just might be right for you.