MINNEAPOLIS — Most Americans look forward to that day when they can tell the boss they're done, and wake up the next day to tell family and friends they've retired.
But WHERE to retire? Some dream of a condo near the ocean, while others think a cabin in the woods sounds like bliss. Others want a city and community where they can stay busy, enjoy the arts or food scene, and know that there is a solid healthcare system in case something goes awry.
Personal finance website WalletHub recently did some research on the best U.S. cities to retire in, based on four major dimensions: Affordability, activities, quality of life and healthcare. Within those dimensions, researchers awarded points on 45 metrics ranging from taxes and recreational facilities to safety and healthcare support. Based on the combined scoring Minneapolis came in as the third best community to retire in.
Here's what WalletHub said about the Mini Apple.
Minneapolis is the third-best place to retire, and it has one of the most elderly-friendly labor markets in the country, meaning that it has a large percentage of jobs that are easy to perform even for elderly residents. Many retired people choose to continue to work for some extra income, or simply to have something to keep them occupied. There are plenty of opportunities to do that in Minneapolis, since over 22% of the working population is over age 65.
Minneapolis also provides a friendly environment for retirees, ranking as the 29th-most caring city in the U.S. It has the 6th-best hospital system, too, along with a high number of nursing homes and gerontologists per capita. Retirees also have good mental health, as Minneapolis has the third-lowest suicide rate for people ages 65 and older.
WalletHub listed Orlando and Miami as number one and two as the best cities to retire in, with Tampa and Fort Lauderdale rounding out the top five. The next "cold weather" city to rank after Minneapolis was Cincinnati, Ohio, at number 7. Madison, Wis. charts at No. 15, and Sioux Falls, SD is number 19.
“It’s important to choose wisely when picking where to retire, as many retirees are on a fixed income," reflected WalletHub analyst Chip Lupo. "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.”
For more on the research and metrology used to rank the top places in America to retire, check out the WalletHub website.
