Axios
Phoenix is no longer a top spot to retire, according to U.S. News & World Report’s ranking.
Why it matters: The Valley used to stand out as an affordable warm-weather haven for retirees. But when housing costs ballooned, fewer seniors with fixed incomes could afford to spend their golden years here.
Driving the news: The Phoenix metro ranked as the 129th best place to retire in the U.S. in the publication’s 2024 list, released late last year.
Tucson came in at No. 103.
What’s happening: The generation retiring now is the first to have to rely on private savings instead of the more secure pension plans their parents and grandparents used to navigate retirement.
People without hearty 401(k)s or IRAs are likely relying entirely on Social Security — about $18,000 a year for the average 65+ family, per AARP — which is not enough to afford basic living expenses in now-pricey Phoenix.
How it works: The annual rankings evaluate four main indexes that encompass several “life-impacting factors,” including affordability, happiness, desirability, retiree taxes, job market and health care quality.
