MIAMI – With such celebrity residents as Oprah Winfrey, Jennifer Lopez and Jeff Bezos, the Sunshine is already a major magnet for the rich and famous. A recent study reveals retirees are also flocking to Florida, with four cities across the state snagging spots among the nation’s top five best places to retire.
To arrive at its ranking of the best states to retire, WalletHub compared the “retirement friendliness” of more than 180 U.S. cities across 45 key metrics ranging from the cost of living and tax laws to the availability of activities and the quality of health care.
Orlando, Florida claimed the top spot overall, followed by Miami in second place. Minneapolis, Minnesota came in third, followed by Florida’s own Tampa and Fort Lauderdale in fourth and fifth respectively. And out of the top 10, another Florida city, St. Petersburg, came in eighth place.
Orlando: Swapping snow shovels for sunshine
For those with their retirement sights set on Orlando, get ready to trade in your snow shovel for a set of golf clubs. With world-class theme parks, a vibrant arts scene and a plethora of dining and shopping options, your new backyard is essentially an endless vacation, with countless recreational options.
The average home price in Orlando is $385,207 and while the city doesn’t have a particularly low cost of living, with housing expenses 5% higher than the national average – utility prices are 6% lower than the national average and transportation expenses are 4% lower.
It also ranks at the top of the country when it comes to gerontologists and home health care facilities per capita. The Villages is also just under an hour’s drive from Orlando, a sprawling retirement suburb that’s become a widely popular destination for the over 55 set. The retirement mecca was recently named as the fourth most popular place in the U.S. to retire by Realtor.com®.
Miami: Retiring in style with sun, surf and sophistication
As the second-best place to retire on WalletHub’s list, Miami is a bit pricier, with an average home value of $587,252. But the city offers an abundance of activities popular with retirees – ranking at the top in the country when it comes to adult volunteer activities, art galleries and fishing facilities per capita. The city also has the fifth most museums and a large number of recreation and senior centers.
Miami is also home to some of the country’s most gorgeous beaches and many well-known healthcare facilities.
It’s also the fifth most walkable city in the country, with the majority of residents having access to quality public transportation within walking distance of their homes.
Tampa: Retiree life means smooth sailing
Last year, the city of Tampa came in first place on WalletHub’s 2023 list of the country’s best places to retire. This year it comes in at number four. Similar to Orlando, the average home price in Tampa is $385,903.
As for healthcare, Tampa General Hospital was recently named as one of the two best hospitals in Florida by U.S. News and World Report. There’s also plenty to do in Tampa, with numerous options for boating, sporting events, entrainment and fine dining.
And Sun City Center, Florida, a 55-plus community located just 30 minutes outside of Tampa, was recently selected as the most popular place in the U.S. to retire. According to Hannah Jones, an economic research analyst at Realtor.com, “It has the magic combo that aging populations prioritize: a warm beach and a big city nearby.”
With a variety of condos, duplexes and single family homes available, ranging from $50,000 to $350,000, the average price of a home in Sun City Center is $315,000 and everything is accessible by golf cart, including doctors’ offices, shopping, 11 golf courses, indoor and outdoor pools, a fitness center and a sports complex.
Fort Lauderdale: Blending luxury and relaxation
Located just a short drive away from Miami and West Palm Beach, in fifth place, Fort Lauderdale closed out the list of the country’s top five best places to retire.
With an abundance of housing options including high-rise condos, waterfront homes and gated communities, retirees have many options, but like Miami, the cost of living is higher, with an average home value of $529,481.
A number of well-known health care facilities are located within the city including the highly rated Holy Cross Health and it’s home to numerous boat marinas, golf courses, beaches, resorts and restaurants. There’s also horse racing at Gulfstream Park and gambling at the Seminole Hard Rock Hotel & Casino.
Why is Florida such a retirement hot spot?
Of course, Florida offers 1,350 miles of coastline, warm, sunny weather (233 sunny days per year, on average) and an array of recreation and entertainment options, but the state also has no income tax, no estate tax and no inheritance tax – leading the Tax Foundation to rank Florida among the top five best states as part of its 2024 State Business Tax Climate Index, while California, New York and New Jersey rank among the worst.
Just before Amazon founder Jeff Bezos’ home state of Washington enacted a new state capital gains tax in 2022, Bezos sold about $15.7 billion worth of Amazon stock – sidestepping approximately $1.1 billion in taxes that would have been due under the new tax.
He then purchased two opulent estates in Miami’s Indian Creek Village, commonly referred to as “Billionaire Bunker,” where Florida’s tax laws offer Bezos another advantage; His heirs are now insulated from Washington’s estate tax, which stands as the highest in the nation at a top rate of 20%.
Bezos later purchased a third, $90 million property on the island to temporarily reside there as the demolition of the other houses he acquired on the island proceeds.
According to WalletHub, around 68% of workers are somewhat confident that they will have enough money to retire comfortably, but only 21% are very confident. As a result, more than half of people expect to retire at age 65 or later – and three-quarters expect to do some work even after retiring.
“It’s important to choose wisely when picking where to retire, as many retirees are on a fixed income,” WalletHub Analyst Chip Lupo, said. “As a result, 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. In addition, the top cities provide high-quality health care and offer plenty of enjoyable activities for retirees.”
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