WalletHub: Providence third-worst city to retire

PROVIDENCE is the third-worst city to retire in, due to its lack of affordability, according to a ranking of the 150 largest U.S. cities by WalletHub. / COURTESY WALLETHUB
PROVIDENCE is the third-worst city to retire in, due to its lack of affordability, according to a ranking of the 150 largest U.S. cities by WalletHub. / COURTESY WALLETHUB

PROVIDENCE – Providence is the third-worst city to retire, due to its lack of affordability, WalletHub said.
Providence was ahead of only Newark and Jersey City in New Jersey in a list of the worst places to retire compiled by WalletHub, a personal finance website.
WalletHub compared retirement-friendliness of the 150 largest U.S. cities on factors ranging from cost of living and percentage of elderly population to the availability of recreational activities and number of home-care facilities per 100,000 residents.
Providence’s decent activities score – 85th out of 150th – wasn’t enough to offset its low affordability ranking, which was last on the list.
The top three places to retire in order, are: Tampa, Fla., which ranked high for activities and affordability; Scottsdale, Ariz.; and Boise, Idaho.
In 2014, 23 percent of workers expected to retire at age 65, but only 11 percent actually were able to, according to the Employee Benefit Research Institute’s survey, WalletHub said.
Among employed participants in the EBRI survey, 50 percent cited cost of living and daily expenses as impediments to saving for retirement, WalletHub said.

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