There is a pretty serious — and pretty basic — retirement crisis in the United States: Many employees haven’t saved a dime for retirement, and others are saving but haven’t saved enough.
According to research from TIAA, employees aren’t the only ones concerned about their ability to save for retirement — employers are seriously worried, too. Nearly half of employers say they are only somewhat confident in their employees’ retirement futures, citing concerns about their employees not being able to pay for healthcare expenses in retirement and outliving their retirement savings.
Meanwhile, one resounding refrain among future retirees who haven’t saved enough for retirement is that they never plan to retire, and will just keep working forever. But research has found that the majority of people end up retiring sooner than expected — by age 65 is the average — either because of their own health issues or because they have to take care of a loved one.
But there might be one fairly simple and smart way to ensure employees have enough money in retirement: Relocating to a city that has a lower cost of living and can stretch post-career savings. WalletHub, an online personal finance site, researched the Best & Worst Places to Retire by comparing 46 metrics across more than 180 cities, including cost of healthcare, affordability, things to do and quality of life.
Four key dimensions were measured: affordability (including taxpayer-friendliness and adjusted cost of living); activities (theaters per capita and recreation-friendliness); quality of life (including age-friendly community and mild weather) and healthcare (including care facilities per capita and suicide rate for elders). Each metric was graded on a 100-point scale, with a score of 100 representing the most favorable conditions for retirement.
Here are the 25 best cities for retirement, based on WalletHub’s research.
Jason Doiy/Jason Doiy
25. Reno, Nevada
Total score: 53.51 Affordability rank: 36 Activities rank: 70 Quality of life rank: 11 Healthcare rank: 141
Golden Gate Bridge with San Francisco Cityscape Close up
24. San Francisco
Total score: 53.95 Affordability rank: 165 Activities rank: 2 Quality of life rank: 36 Healthcare rank: 55
23. St. Petersburg, Florida
Total score: 54.12 Affordability rank: 19 Activities rank: 42 Quality of life rank: 64 Healthcare rank: 125
Map of Wyoming USA
22. Casper, Wyoming
Total score: 54.17 Affordability rank: 17 Activities rank: 96 Quality of life rank: 14 Healthcare rank: 119
21. San Diego
Total score: 54.21 Affordability rank: 152 Activities rank: 3 Quality of life rank: 13 Healthcare rank: 70
Aerial view of residential neighborhood in South Florida
20. Pembroke Pines, Florida
Total score: 54.39 Affordability rank: 66 Activities rank: 100 Quality of life rank: 21 Healthcare rank: 45
Pubs and bars with neon lights in the French Quarter, New Orleans USA
19. New Orleans
Total score: 54.44 Affordability rank: 46 Activities rank: 13 Quality of life rank: 134 Healthcare rank: 139
18. Las Vegas
Total score: 54.51 Affordability rank: 30 Activities rank: 22 Quality of life rank: 53 Healthcare rank: 164
One of Salt Lake City's light rail lines is under construction. This one will connect the city of Salt Lake with West Valley City and it opened in 2011.
17. West Valley City, Utah
Total score: 54.79 Affordability rank: 86 Activities rank: 28 Quality of life rank: 76 Healthcare rank: 85
Sioux Falls is the largest city in the U.S. state of South Dakota.
16. Sioux Falls, South Dakota
Total score: 54.80 Affordability rank: 39 Activities rank: 147 Quality of life rank: 95 Healthcare rank: 3
Total score: 54.83 Affordability rank: 107 Activities rank: 31 Quality of life rank: 62 Healthcare rank: 20
Skyline of Salt Lake City, Utah, USA in early spring as the sun sets.
14. Salt Lake City
Total score: 54.88 Affordability rank: 86 Activities rank: 23 Quality of life rank: 119 Healthcare rank: 47
Total score: 54.94 Affordability rank: 91 Activities rank: 11 Quality of life rank: 92 Healthcare rank: 115
Total score: 55.13 Affordability rank: 48 Activities rank: 6 Quality of life rank: 165 Healthcare rank: 71
Total score: 55.17 Affordability rank: 146 Activities rank: 14 Quality of life rank: 51 Healthcare rank: 5
"The Phoenix suburb / satellite city of Tempe, with the Tempe city skyline, Hayden Butte (hill), Tempe Town Lake (part of Salt River), and Mill Avenue Bridge"
10. Tempe, Arizona
Total score: 55.28 Affordability rank: 78 Activities rank: 45 Quality of life rank: 42 Healthcare rank: 52
beach park in Cape Coral FL
9. Cape Coral, Florida
Total score: 55.48 Affordability rank: 22 Activities rank: 55 Quality of life rank: 20 Healthcare rank: 121
View of Austin, Texas downtown skyline
f11photo - Fotolia
8. Austin, Texas
Total score: 55.78 Affordability rank: 38 Activities rank: 30 Quality of life rank: 52 Healthcare rank: 73
Total score: 56.50 Affordability rank: 53 Activities rank: 9 Quality of life rank: 120 Healthcare rank: 58
6. Charleston, South Carolina
Total score: 57.20 Affordability rank: 45 Activities rank: 24 Quality of life rank: 59 Healthcare rank: 68
5. Fort Lauderdale, Florida
Total score: 57.83 Affordability rank: 76 Activities rank: 4 Quality of life rank: 86 Healthcare rank: 48
Total score: 58.34 Affordability rank: 114 Activities rank: 16 Quality of life rank: 35 Healthcare rank: 14
3. Tampa, Florida
Total score: 58.48 Affordability rank: 19 Activities rank: 21 Quality of life rank: 67 Healthcare rank: 79
"Downtown Scottsdale and suburbs of Phoenix, Arizona, with the White Tank Mountain Range in the background in eerly morning lightMore images from Phoenix:"
2. Scottsdale, Arizona
Total score: 59.36 Affordability rank: 78 Activities rank: 26 Quality of life rank: 4 Healthcare rank: 37
Downtown Orlando Florida
1. Orlando, Florida
Total score: 60.09 Affordability rank: 7 Activities rank: 7 Quality of life rank: 130 Healthcare rank: 38
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