Denver ranked among worst cities for early retirement

DENVER – Those who are looking to retire early would be well-advised to look outside of Denver, according to a report from financial website Magnify Money.

Denver tied with Chicago, Illinois and Bakersfield, California as the fourth-worst cities for early retirement.

Magnify Money rated cities on three factors: cost of living, quality of life and employability for those looking to retire before the typical age of 62. The idea is that a low cost of living and high quality of life make a city a good place to live off of one’s savings.

To determine the cost of living, the site’s analysts looked at things like the price of housing, food and health care. Quality of life incorporated aspects like the weather, access to arts and entertainment and walkability. Employability had to do with how easily a retiree could find part-time work if they needed to supplement their savings.

Based on those factors, Denver and the rest of the Western portion of the country didn’t fare so well. As a whole, the South and Midwest ranked as the best regions for early retirement.

Here are the ‘best’ cities to retire early, according to Magnify Money:

1. Knoxville, TN
2. Memphis, TN
2. Sherman, TX
2. Benton Harbor, MI
3. Wichita Falls, TX
3. Jonesboro, AR
4. Cleveland, TN
4. Hattiesburg, MS
4. Evansville, IN
5. McAllen, TX

Here are the ‘worst’ cities:

1. Arlington, VA
1. Washington, DC
2. Fairbanks, AK
3. Honolulu, HI
3. Stockton, CA
4. Denver, CO
4. Chicago, IL
4. Bakersfield, CA
5. San Diego, CA
5. Anchorage, AK

Looking only at cities in the West, Pueblo, Colorado comes out on top due to its low cost of living and high quality of life. Tucson and Prescott, Arizona tied for second place.

For more information, log on to magnifymoney.com.