Retirement is a time to enjoy hobbies, move a little slower in daily life, travel, and after decades of hard work, just rest. All of which is tough if you pick the wrong retirement city. (See also: 10 Unexpected Things You Should Consider When Picking Where You Retire)
When looking at locations, you'll generally want to weigh six categories: cost of living, housing costs, taxes, the health care system, activities for seniors, and, yes, the weather. And with those in mind, you'll likely want to steer clear of these 10 cities that fall short in one or two or more of those categories.
10. Providence, RI
Across numerous rating scales out there, Providence almost always appears at the top of the worst lists. This is due to a high cost of living, high tax rates, and one of the highest unemployment rates in the nation (currently at a rate of 10% for the city and 3rd highest for the entire state.) If you are hoping to supplement your income or kill some boredom during your retired years, finding a part-time job in Providence may be impossible.
9. Washington, D.C.
In addition to brutally cold winters, economics continues to be a problem for our nation's capital, with the numbers of those under the poverty line increasing — despite a rise in median income. With seniors living on a fixed income, the high cost of real estate can also cause concern.
8. Philadelphia, PA
While it's not as expensive to live in as New York City, there are some issues that may keep the 65 and older crowd away from the city of brotherly love. A higher-than-average sales tax and poor air quality may be of concern to retirees. Throw in the high rate of crime (it ranks 5th nationwide), and you have a few good reasons to shop around for your retirement abode.
7. Chicago, IL
Illinois as a whole gets a low approval rating from its own residents, with one in four saying the state is the worst place to live. Why? It could possibly be because of the high income tax hikes and lower bond rates, both signs of a troubled economy. Add in the fact that many Chicago residents have decided to leave the city altogether, making Chi-town the 6th most-abandoned large city in the U.S. and it's a less appealing option to live out the rest of your years.
6. New York, NY
The Big Apple requires a big budget, as real estate is pricey and hard to afford on a fixed income. By taking your current retirement budget and adjusting it to the high cost of living for any of the more popular parts of NYC via this calculator, you can see that the real estate isn't the only thing that will cost you. Even retirees who own their own homes will feel the pinch of higher utility bills and transportation fees.
5. Bridgeport, CT
High taxes are a major concern for retirees, and some states tax retirement income much more than other states. (Florida's low rate is what makes it one of the most desirable states for retirees, for example.) But Connecticut is one of those states that taxes both Social Security and pension income. Bridgeport, more specifically, has expensive housing costs and even more expensive health care costs. Assisted living facilities in this area of the country can charge over over $400 a day — almost twice the national average for long-term care, which will deplete your nest egg very quickly should you require assistance at some point.
4. Louisville, KY
The low cost of living, modest housing costs, and picturesque mountains may make it appear to be a good choice for retirement, but Louisville has been named as the "worst place for allergy sufferers to live," making it an easy destination to avoid by retirees with respiratory or other health issues.
3. Oklahoma City, OK
2. Honolulu, HI
While the location is beautiful and the weather gorgeous year round, Honolulu will require you to have quite a large nest egg. According to a recent study done by WalletHub, cost of living in the city are among the highest in the country. It's also very expensive to travel to and from Hawaii, making family gatherings more difficult.
1. San Francisco, CA
The weather is very mild — it doesn't get hot in the summer and winters are usually rainy. However, the cost of housing in this area is so high that most retirees are not going to be able to find it within their budget. Retirement income is taxed heavily in the state of California, unlike many other states. The cost of living is also very high. In fact, Kiplinger ranked California as the worst state to retire.
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