It might not put us on the medal podium, but it’s good news nonetheless. Miami ranked fourth in a poll of best cities to retire to, according to the personal-finance website WalletHub’s analysis.
WalletHub compared the affordability, quality of life, health care and availability of recreational activities in the 150 largest U.S. cities. Its data set of 31 key metrics ranged from "cost of living" to "public-hospital rankings" to "percentage of the 65 and older population."
This is how Miami ranked:
11th – Annual Cost of In-Home Services
18th – Number of Recreation & Senior Centers per capita
27th – Number of Adult Volunteer Activities per capita
10th – % of 65 amd Older Population
1st – Number of Home-Care Facilities per capita
1st – Number of Fishing Facilities per capita
17th – Number of Family and General Physicians per 10,000 Residents
Miami was edged out for top honors by two other Florida cities — Orlando and Tampa — and Scottsdale, AZ, which took bronze.
"Americans are actually working more years compared with previous generations yet only grow further from financial freedom," the report summary said, citing another survey that shows how meager retirement savings have grown in the past decades.
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. A fourth of Americans near quitting age don’t even have enough cash on hand for their golden years and 40 percent cited cost of living and daily expenses as impediments to saving for retirement.
WalletHub hopes its ranking will help pre-retirees consider their options, including relocation. "So if simply making ends meet prevents workers from growing a nest egg for the future," the report adds, "what other options provide a pathway to a comfortable retirement?"