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Most people don't get to have their cake and eat it too. Case in point: We know the best employers for workers over age 50. And we know the best places to which Americans can retire. But where in the U.S. are the best 25 places for retirement jobs?
As difficult a question as that may seem to answer, we've done it. The research director at RetirementJobs.com has just finished evaluating for MarketWatch a bevy of factors -- including the presence of age-friendly employers and age-friendly jobs, housing costs, cost of living and proximity to health-care services, colleges and travel opportunities -- and has devised such a list.
The list is not designed for retirement-age workers who are still focused on their primary careers, noted Robert Skladany, the vice president of research and services at RetirementJobs.com.
"Those workers often have to go where the jobs are in their industry or profession, regardless of the location," Skladany said. "But for many age-50-plus workers, the best cities are those that offer a wide range of industry and occupational choices as it becomes increasing acceptable to 'work around' in a variety of jobs beyond traditional retirement age."
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To devise his list, Skladany considered and scored cities on the following factors, but especially on employment growth and the presence of professions that are most accepting of older workers:
- General employment growth.This is an important indicator of the strength and depth of the area's labor market. Economic diversity is also a significant consideration.
- Prevalence of key retirement job opportunities.Certain industries and occupations are particularly age-friendly: health care; federal, state and municipal government; retail, banking and financial services; food services; customer services; sales and personal services, from bus drivers to home-care aides to tutors; and temporary or contract employment. Industries with high rates of employees retiring at the traditional age are creating significant labor shortages with inadequate numbers of younger workers to fill the openings. Of note, the MetLife Mature Market Institute recently published a report (.pdf file) designed to help employers hire and retain older workers.
- Presence of age-friendly employers.RetirementJobs.com evaluates employers against 35 "best practice" factors known to be present among employers eager to recruit and retain age 50-plus workers. (RetirementJobs.com has a list of age-friendly employers at this Web site, and the AARP's site lists "Best Employers for Workers Age 50+.")
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- Unemployment rate.A low rate is a positive indicator that many jobs suitable for retirement-age workers will pay higher wages than similar jobs in a high-unemployment city.
- Housing costs.This includes occupancy costs -- utilities, taxes and maintenance. Retirees are often trading down from larger and costlier homes and moving to areas with lower housing prices.
- General cost of living.The overall cost of living, particularly health care, taxes and energy, is another major consideration in selecting a best city for individuals holding retirement jobs.
- Health-care services.Proximity to high-quality health care is important for age-50-plus workers to consider, as are regional health-care costs.
Skladany first scoured existing literature, including Elizabeth Armstrong's "America's 100 Best Places to Retire," cost-of-living ratings and transportation-service ratings to create a list of 200 cities. Then he used proprietary RetirementJobs.com information on the number and variety of retirement-type jobs available by state and city.
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"The final list is a combination of the traditional high-employment larger cities and some surprising small to midsize cities," he said.
Skladany said such a list could easily become dominated by Arizona, Texas, Nevada and Florida because of their rapid job growth and moderate living costs. So instead, he selected metro areas from different geographic locations and included comparisons of the percentage of population with college or advanced degrees and general lifestyle issues known to be important to older workers and retirees.
Continued: 25 top metro areas for retirement jobs
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