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The top 10 cities to retire to in 2022 include Charleston and Orlando


When it comes to the best cities to spend your retirement years, Sunshine State makes up nearly half of the top 10, according to WalletHub’s 2022 Best and worst place to retire survey.

While historic Charleston, South Carolina, took first place, Orlando, Florida, came in second.

The survey ranked 182 cities based on four equally weighted key categories: affordability, activity, quality of life and healthcare. Their analysis also assumes a retiree will live on a fixed income.

10 best cities to retire

  1. Charleston, South Carolina
  2. Orlando Florida
  3. Cincinnati, Ohio
  4. Miami, Florida
  5. Fort Lauderdale, Florida
  6. Sanfrancisco, California
  7. Scottsdale, Arizona
  8. Wilmington, Delaware
  9. Tampa, Florida
  10. Salt Lake City, Utah

Although four Florida cities rank in the top 10 for the best places to retire overall, they score much lower in affordability, with Orlando at 25, Tampa at 34, Miami at 78 and Miami at number 78. Fort Lauderdale ranked 87th.

When considering a place to retire, cost of living and taxes should be two of your top financial considerations, says Tamara L. Wolske, Indianapolis University assistant professor of Aging Research, said in a WalletHub report.

Also, if you’re going to live on a fixed income in retirement, be sure to plan your spending and lifestyle accordingly, says Wolske.

“Non-negotiable expenses should be billed each month in advance, such as rent or mortgage, utility bills, credit accounts, insurance and taxes,” she advises. “Any money you have left can be used for controllable expenses like groceries, gas, and entertainment.”

One of the biggest retirement planning mistakes people make is not properly preparing for additional medical expenses, says Wolske. A 65-year-old couple retiring in 2022 can expect to spend an average of $315,000 in healthcare and medical expenses in retirementaccording to August estimates by Fidelity Investment.

“Older adults are the biggest consumers of health care services,” she explains. “Most people don’t realize that Medicare doesn’t cover every health-related need and has deductibles and copays.”

Most Americans just expect to pay a total of about $41,000 for medical care in retirement.

“Many people plan for the good times after their jobs are over, but they don’t take actionable steps throughout their lives to overcome the uncertainties of living as an individual,” she says. the elderly in this country.

Wondering if you spent enough for your golden years? Payment procedures How much does the average American save for retirement at any age?.

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