Diversions September 3, 2015

Florida Takes Top Spots in Retirement Friendliness

From weather to number of senior centers, WalletHub ranks 150 cities across the country for the best—and worst—places to retire.
Reported by

No surprise, cities in Arizona and Florida top out among the best for retirement-friendliness. The worst? According to WalletHub’s rankings, it’s New York and New Jersey.

The report compared the retirement-friendliness of the 150 largest U.S. cities across 24 metrics, including cost of living, percentage of the population that’s elderly, access to health care and availability of recreational activities, among others.

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Anchorage, Alaska, has the highest percentage of people over the age of 65 who are employed. Other good bets for employment post-retirement age are Washington, D.C., and Lincoln, Nebraska. The lowest percentage is in Brownsville, Texas. But Brownsville gets high ratings for the cheapest in-home care, as do Shreveport, Louisiana; and Montgomery, Alabama. The highest costs for in-home care are found in Seattle; Tacoma, Washington; and San Francisco.

Baton Rouge, Louisiana; Minneapolis and Washington, D.C., have the greatest number of recreation and seniors’ centers per capita. New York City, and Toledo and Boise City, both in Idaho, have the fewest recreation and seniors’ centers per capita.

California takes top spots for best mild weather in Glendale, Riverside and Bakersfield. Boston and Providence, Rhode Island, get called out for worst weather, as does Indianapolis.

If percentage of the population age 65 and up is important, consider Scottsdale, Arizona; Hialeah, Florida; and Cape Coral, Florida. The cities with the lowest percentage of population 65 and older are Santa Ana, California; Aurora, Illinois; and Gilbert, Arizona.

For overall rankings in affordability, activities, quality of life and health care, the top 10 cities from first to tenth place are:

  1. Tampa, Florida
  2. Scottsdale, Arizona
  3. Boise, Idaho
  4. Cape Coral, Florida
  5. Orlando, Florida
  6. Sioux Falls, South Dakota
  7. Baton Rouge, Louisiana
  8. Port St. Lucie, Florida
  9. Overland Park, Kansas
  10. Peoria, Arizona

The worst cities overall for retirement-friendliness were, beginning with the last-ranked city on the list:

  1. Newark, New Jersey
  2. Jersey City, New Jersey
  3. Providence, Rhode Island
  4. Aurora, Illinois
  5. New York City
  6. Yonkers, New York
  7. Chicago
  8. Boston
  9. Worcester, Massachusetts
  10. Detroit
Data & Research September 2, 2015

Sequestration Prompts Military Families to Seek Out Advisers

More than a quarter are working with an adviser—a record high.
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Twenty-seven percent of middle-class military families sought out the help of a financial adviser in July as a result of sequestration, up from 16% in June, according to the First Command Financial Behaviors Index. This is the highest level since First Command added the question to its monthly survey in January 2013.

Ninety percent of the military family members surveyed said they are taking action in their financial lives because of defense spending cuts. In addition to those who have started working with an adviser, 46% are saving more, 38% are cutting back on everyday spending, 24% are moving investments to cash, and 23% are decreasing the aggressiveness of their investments. Eleven percent say they are doing nothing as a result of sequestration, down from 19% in June and a record low.

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“This growing interest in working with financial advisers is a notable development, as it comes at a time of continued sequestration anxiety in middle-class military families,” says Scott Spiker, CEO of First Command Financial Services. “Concerns over cuts to defense spending and military pay and benefits are motivating career service members to seek out professional help in their efforts to make positive changes to their family finances.”

First Command’s report on the impact of sequestration comes on the heels of its second-quarter report that found two-thirds of military members who work with an adviser believe they will be able to retire comfortably.

Compiled by Sentient Decision Sciences, the First Command Financial Behaviors Index is based on a survey of 530 service members.

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