Richmond, Va., is the 20th-best place to retire, according to a new WalletHub study comparing more than 180 U.S. cities across 45 key metrics. The analysis considered factors ranging from the cost of living and tax laws to the availability of activities and the quality of healthcare.
Figuring out the right place to retire is important because financial security in retirement is far from guaranteed. Only 21% of workers are very confident they'll have enough money to retire comfortably, and nearly three-quarters expect to continue working in some capacity after they retire.
“It's important to choose wisely when picking where to retire, as many retirees are on a fixed income. The best cities help retirees stretch that income further with low taxes, a low cost of living, and opportunities for continued part-time work,” said WalletHub analyst Chip Lupo. “Seniors deserve to live out their golden years in a place that delivers high-quality healthcare, has a clean and walkable cityscape, and provides an abundance of activities that can help seniors make friends and enjoy their retirement to the fullest.”
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In-Depth Look at Richmond
Richmond is a great city to retire in – for a variety of reasons, beginning with its tax advantages. Virginia doesn't charge an estate or inheritance tax. It also has the third-best elder-abuse protections in the country, giving older residents an added layer of security. In addition, the city has the 15th-most museums per capita and the 18th-most adult volunteer opportunities per capita, giving seniors plenty to do in their golden years.
However, Richmond has room for improvement in other areas. For example, Richmond residents have the 32nd-worst life expectancy, and the city has the 48th-highest share of seniors living in poverty. In addition, the city has the 23rd-worst weather, which isn't great for retirees who prefer a mild climate year-round.
How Richmond Ranks in Key Categories
- 53rd for affordability
- 34th for activities
- 127th for quality of life
- 22nd for healthcare
Overall, this puts Richmond in 20th place out of the 182 cities in WalletHub's study.
Best Cities for Retirement
Overall Rank | City | Total Score | Affordability Rank | Activities Rank | Quality of Life Rank | Healthcare Rank |
|---|---|---|---|---|---|---|
1 | Orlando, FL | 63.38 | 2 | 17 | 77 | 11 |
2 | Miami, FL | 59.40 | 54 | 6 | 91 | 29 |
3 | Tampa, FL | 59.29 | 41 | 10 | 34 | 89 |
4 | Scottsdale, AZ | 58.87 | 114 | 18 | 1 | 35 |
5 | Casper, WY | 58.79 | 3 | 63 | 23 | 65 |
6 | Atlanta, GA | 58.73 | 56 | 4 | 96 | 52 |
7 | Minneapolis, MN | 57.92 | 97 | 8 | 89 | 20 |
8 | Fort Lauderdale, FL | 57.92 | 75 | 13 | 64 | 41 |
9 | Charleston, SC | 57.54 | 29 | 26 | 79 | 59 |
10 | Pittsburgh, PA | 56.58 | 112 | 21 | 57 | 7 |
The methodology can be found on the full version of the article on WalletHub.
