The 10 best places to retire in 2023

If you're planning to retire in the next year, the first question you might have on your mind is, "Where should I live?" 

Deciding on a location for retirement is a crucial step to making sure your wealth, health and happiness are optimal once you leave the workforce. To help retirees make these decisions, U.S. News and World Report released their annual ranking of the best cities in the country for retirees. The rankings are based on factors like access to healthcare, retiree tax rates and overall happiness for the senior set. 

Check out 2024's updated rankings here: Best cities to retire in 2024

Unsurprisingly, locales in Florida nabbed many of the top spots — Pensacola, Naples and Tampa all cleared the top 10. However, cities in Pennsylvania beat out beachfront properties and took up half of the list of best places to retire. The state's low cost of living and affordable housing were especially appealing amid inflation and a competitive housing market. According to Zillow, the average home price in Pennsylvania sits at $243,000. In Florida, that number has crept up to $406,988, a nearly 30% increase from 2021. 

Read more: Want to retire in Florida? It may not make financial sense

"With fixed-rate mortgage rates more than doubling over the past year, things like happiness or healthcare quality, while important, will take a back seat to affordability," Patrick S. Duffy, real estate economist, said in a press release. "For those lucky buyers able to purchase with cash, they should still be mindful of housing values adjusting lower to compensate for rising mortgage rates."

Other factors that came into play in this year's ranking included "overall happiness," and midwestern cities like Fort Wayne, Indiana, Youngstown, Ohio, and Toledo, Ohio, saw large bumps in their rankings from the 2021-2022 list based on this factor. A survey by Merrill Lynch found that 93% of retirees said they were happier in retirement than they were while working. 

Read more: If you cashed out your retirement plan during COVID, here's how to rebuild

To improve your odds of a satisfying retirement, and of making your money last, check out the top 10 cities for retirees in the U.S. 

10: Reading, PA

9: Allentown, PA

8: Ann Arbor, MI

7: Daytona Beach, FL

6: Naples, FL

5: York, PA

4: Tampa, FL

3: Pensacola, FL

2: Harrisburg, PA

1: Lancaster, PA

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