Study finds Orlando and Miami the two best US cities to retire to
There's a big difference when it comes to separating Orlando from Miami.
But, a new study by WalletHub, a personal finance website, separates the two metro areas by .02% when ranking the top two cities to retire this year.
Orlando is ranked first, and Miami is second among the 182 largely populated U.S. cities in the study , released this past week.
Thanks to the state's lack of estate, inheritance or income taxes, Florida had five cities in the Top 10 (Tampa, St. Petersburg and Fort Lauderdale).
Orlando ranked second-best in the country for recreational activities and 11th for its quality of geriatric care hospitals.
Miami ranked high because of its abundance of activities popular with retirees, its ranking as the fifth-most walkable city in the country, and its access to public transportation near its homes.
The study compared the cities across four key dimensions: affordability, activities, quality of life and health care.
Access to jobs is also key. An earlier study by WalletHub indicated that three-quarters of seniors expected 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," said Chip Lupo, an analyst at WalletHub. "As a result, the best cities for retired people are those that minimize taxes and expenses and have good opportunities for retirees to continue (to do) 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."
Top 10 BEST cities to retire
Fort Lauderdale
St. Petersburg
Other Florida cities:
See the full rankings here .
How Orlando and Miami compare
Orlando's overall score: 61.49
• Affordability ranking: 9
• Activities ranking: 16
• Quality of life ranking: 74
• Health care ranking: 35
Miami's overall score: 61.47
• Affordability ranking: 56
• Activities ranking: 2
• Quality of life ranking: 89
• Health care ranking: 27
What they said about each
No. 1, Orlando: "Orlando is the best place to retire, in part because it is one of the most tax-friendly cities and is located in a state without estate, inheritance or income taxes. In addition, while Orlando doesn't have a particularly low cost of living, it is relatively inexpensive when it comes to homemaker services and adult day health care. On top of that, Orlando ranks as the second-best city for recreation, and it provides good access to quality health care.
"In addition, Orlando provides a plethora of recreational activities for retirees, ranking as the second-best city for recreation overall . It has an especially high number of music venues, fishing facilities, art galleries and adult volunteer activities.
"Finally, Orlando ranks at the top of the country when it comes to gerontologists and home health care facilities per capita. It also has the 11th-best hospitals for geriatrics, allowing elderly residents to receive quality care."
No. 2, Miami: "Miami is the second-best place to retire, in large part because it has an abundance of activities popular with retirees. For example, Miami ranks at the top of the country when it comes to adult volunteer activities, art galleries and fishing facilities per capita, and it has the fifth-most museums and 11th-most recreation and senior centers.
"Tax-friendliness is another good reason to retire in Miami. As it's located in Florida, it has no estate or inheritance taxes, no income taxes, and it ranks among the cheapest cities for taxes in general.
"On top of that, Miami is the fifth-most walkable city in the country, and the vast majority of residents have access to quality public transportation within walking distance of their homes."
