October 9, 2019 - Heads up millennials and other future retirees. Naples has been named as the "best place to retire" — again.
After recently ranking No. 1 on a list of 'best cities for early retirement' in the United States, Naples has once again clinched the title of the best place to retire in Florida — and the country.
The newest ranking comes from SmartAsset, a New York financial technology firm. The study is based on three factors: tax-friendliness, medical care and social life.
"We have ranked the best places to retire in Florida for five years," said Alyssa Annunziato, a spokeswoman for SmartAsset, in an email. "Naples has been ranked in the top 10 every year, as well as being ranked No. 1 nationally for the past three years."
To determine the rankings, SmartAsset looks at state and local tax rates and calculates the number of doctors' offices, recreation centers and retirement centers for every 1,000 residents, as well as determines the amount of seniors already living in each area included in its study.
Naples ranked high in all areas of the study, earning a score of 100 on SmartAsset's retirement index.
New Port Richey took second place for the best place to retire in Florida, with a score of 64.13.
As for the national rankings, the other four cities making the top five are: Cumming, Georgia (93.67), Beverly Hills, California (78.51), Gig Harbor, Washington (70.64) and Wasilla, Alaska (70.17).
Fort Myers ranked 37 out of 208 cities statewide and stood at No. 141 nationally. Also, Fort Myers Beach ranked 26th in the state and 90th nationally.
Meanwhile, another personal finance site, Magnify Money, recently listed Naples among the top 20 for a FIRE retirement — an acronym for "financially independent, retire early."
According to the Magnify Money article, "The FIRE approach to retirement has become popular among many younger, millennial savers in recent years. In a nutshell, practitioners of FIRE aim to retire as early as they can, but only once they have achieved a level of financial independence that would free them from conventional employment. The core strategy for building a nest egg that would allow one to retire early is to adopt extremely frugal saving and spending habits."
Not surprisingly, half of the top 20 cities that made Magnify Money's list are in Florida, well-known for its retirement and snowbird-friendly reputation. Fort Myers ranked No. 9. To determine the rankings, the firm compiled data on 171 cities across America and scored them on cost of living and quality of life. The values were combined to produce an overall ranking of the best cities for a FIRE retirement.
For those wondering, New York City ranked dead last in Magnify Money's report because of its high cost of living.
Asked if the top rankings by SmartAsset and Magnify money have helped the local real estate market, Phil Wood, president and CEO of John R. Wood Realtors in Naples, answered "absolutely," followed by a exclamation point, in an email. "We use that type of thing in our website blog," he said. "And any other place that is appropriate.The fact that Naples does so well in several different rankings each year is definitely helpful in our sales efforts."
SOURCE: Naples Daily News
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