Harrisburg, Pennsylavania Ranked as the Best U.S. City to Retire
Harrisburg, Pennsylvania, has been named the top U.S. location for retirees, according to the U.S. News & World Report’s “2024 Best Places to Retire” report. This marks a significant jump for Harrisburg, which came in second place on last year’s list.
The city, which serves as the Pennsylvania capital, scored high in categories such as senior health care, retiree tax rates, and overall happiness. These factors contributed to its rise to the number one spot on the list.
According to Michael Shamrell, vice president of Fidelity’s workplace investing thought leadership, the best way to save for retirement varies based on a person’s age and income level. He shares advice on how individuals can effectively plan for their retirement based on these factors.
In addition to Harrisburg, four other Pennsylvania cities rounded out the top five spots on the list: Reading, Lancaster, Scranton, and Allentown. Lancaster, which took the top spot on last year’s list, continues to be a desirable location for retirees.
U.S. News & World Report made some changes to its ranking criteria this year, taking into account factors such as weather temperateness, local amenities, and affordability. This led to the inclusion of new cities in the list, including New York City and York, Pennsylvania.
Beverly Herzog, U.S. News personal finance expert, explained that retirees are seeking areas that offer a combination of affordability, quality of life, and access to healthcare. Pennsylvania’s dominance in the top positions of the ranking reflects this trend.
The report comes at a time when retirees are facing challenges such as record-high housing market interest rates, increasing cost of goods, and extreme weather patterns. Despite these challenges, the Federal Reserve reported that retirees represent a considerable portion of the adult population, with 27% of adults being retired individuals.
Overall, the ranking highlights the growing importance of selecting the right location for retirement, taking into account factors such as affordability, healthcare, and overall quality of life.