2016’s Best & Worst Cities to Retire
WalletHub – Richie Bernardo
Providence is the worst city in America to retire in, Overall Rank 150
After toiling in the workplace for decades, it seems only natural to expect financial security in our golden years. But not everyone can look forward to a cushy retirement. Americans are actually working more years compared with previous generations yet only grow further from financial freedom. In 2015, 21 percent of workers expected to retire at age 65, but only 9 percent actually were able to do so, according to the Employee Benefit Research Institute’s latest Retirement Confidence Survey.
Why postpone retirement? Many blame the economy. Others point to “inadequate finances” as the other primary hurdle to retiring on schedule. Finally, high debt levels keep 56 percent of workers and 33 percent of retirees on the hamster wheel and prevent them from growing a nest egg.
It’s no wonder a fourth of American workers approaching retirement age haven’t socked away any cash. Among the employed participants in the EBRI survey, 40 percent cited cost of living and daily expenses as impediments to saving for retirement. So if simply making ends meet prevents workers from growing a nest egg for the future, what other options provide a pathway to a comfortable retirement? We suggest relocating to an area where you can stretch your dollar without sacrificing your lifestyle.
To help you navigate your options, WalletHub’s analysts compared the retirement-friendliness of the 150 largest U.S. cities across 31 key metrics. Our data set ranges from the cost of living to the percentage of the elderly population to the availability of recreational activities. You can find the results, additional expert commentary and a detailed methodology below.