The D.C. metropolitan area ranks near the bottom of the list for affordability in retirement, according to a recent ranking by WalletHub. While its still ahead of metros in California, New York, Connecticut and Massachusetts, affordability isn’t the only thing for those planning their retirement to consider.
With that in mind, WalletHub also considered quality of life and other issues key to a happy retirement. Affordability aside, the D.C. area is a good place for retirees.
“D.C. did very well in a number of areas,” said WalletHub analyst Chip Lupo. “Particularly in activities, at No. 1 in rankings in recreation and senior centers per capita, art galleries per capita, book clubs per capita and availability of adult volunteer activities.”
The D.C. area also scores well for access to health care. And it ranks high for something people still in the planning stages for their future retirement may overlook.
“Believe it or not, job opportunities,” Lupo said. “That can work in a number of different ways because a lot of retirees are on a fixed income, and maybe the availability of part-time work can provide a second source of income or just give them something to do. People who have worked 30 or 40 years want to keep active, and also there is a sense of purpose and social outlet as well.”
A recent CNBC survey found that just 11% of would-be retirees said they don’t plan to work in any capacity after they retire. Another 36% said they aren’t sure, and 53% said they anticipate working — either because they’ll want to, or to supplement their income.
WalletHub said Columbia, Maryland, ranks third-highest among metropolitan areas for the share of those over 65 who are still working. Its Best & Worst Places to Retire 2024 report is online.
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