Fun fact: New York City, Miami, Los Angeles, Dallas, and Chicago are the five U.S. cities with the most seniors performing life settlements.
Keep in mind that the average age of those selling their life insurance policies is 75, so the cities with the most life settlements will also be those with a higher proportion of seniors per capita. More specifically, we can infer that these cities are home to a higher number of savvy seniors with the financial aptitude and presence of mind to make the most of their life insurance policy with a highly lucrative settlement.
But what, exactly, makes these cities so attractive to seniors? Let’s dive in and discover exactly what makes New York City, Miami, Los Angeles, Dallas, and Chicago ideal cities for retirees living out their golden years in style and comfort.
What These Five Cities Offer Savvy Seniors
1. New York City
When it comes to cultural and entertainment opportunities, the Big Apple is a standout for obvious reasons. Not only is NYC home to Broadway, but it also boasts world-class museums, art galleries, music venues, and more. Seniors with a taste for the arts who love attending live events are naturally drawn to the City that Never Sleeps—no matter the day or time, there’s always something exciting happening there.
With three of its hospitals ranked among the best in the country, NYC offers top-notch medical care and specialized services for virtually any health condition. And with an extensive public transportation system of subway and bus networks, seniors don’t need to worry about driving to get places—it’s easy for them to navigate the city on their own and maintain their independence. As a transportation hub with multiple airports, it’s also easy for family and friends to visit NYC anytime.
The city is also notably culturally diverse, with a population that speaks more than 200 different languages and over a third of New Yorkers having been born outside the U.S. In fact, almost half of the businesses in NYC are owned by immigrants. Seniors have opportunities to engage with people from different backgrounds and enjoy a rich tapestry of foods and traditions. All this cultural enrichment makes for an exciting retirement!
Seniors in Miami enjoy access to impressive arts and culture, including the Pérez Art Museum and Adrienne Arsht Center, as well as the renowned annual Art Basel art fair in Miami Beach. Miami’s healthcare facilities, such as the Baptist Health System, are highly ranked for the quality of care they provide—another major draw for seniors. The city’s mild climate and picturesque beaches make it an ideal home base for those seeking year-round outdoor activities. With access to public transport like the Metrorail, seniors maintain their mobility and engagement with the world around them, and the city’s cultural diversity is celebrated with events like Calle Ocho Festival. There are numerous beachfront condos and senior communities in the Miami area, so housing options abound as well.
3. Los Angeles
Like Miami, Los Angeles boasts a mild climate with pleasant temperatures year-round, which makes it an appealing choice for seniors looking to escape harsh winter weather. LA is second to none when it comes to entertainment options, from the excitement of Hollywood and attending live tapings of iconic TV shows, to the impressive art collections of museums like the Getty Center.
With hospitals like UCLA Health and Cedars-Sinai—two of the country’s top hospitals, at #3 and #6 respectively—there’s no shortage of access to great medical care catering to seniors’ well-being. There are also tons of social activities geared toward seniors. For instance, the LA Department of Parks and Recreation provides an array of activity options ranging from classes to field trips to clubs, and more.
Dallas has a vibrant cultural scene, including world-class museums like the Dallas Museum of Art (one of the country’s largest museums!), the Dallas Symphony Orchestra, and the Winspear Opera House. Dallas is equally great for outdoorsy types, who’ll appreciate its milder winters, warm summers, and accessible nature escapes such as the picturesque White Rock Lake and Katy Trail.
Seniors seeking cultural diversity and vibrancy will be impressed to learn that Dallas was ranked the country’s fourth most diverse city in 2021. On a practical note, Dallas’ UT Southwestern Medical Center is ranked among the top hospitals in the nation, so seniors can easily meet their healthcare needs.
Chicago’s dynamic offerings in the realm of arts and culture include museums like the Art Institute, a range of incredible music venues for virtually every genre, and a theater scene that rivals New York City’s. Leading healthcare institutions like Northwestern Memorial Hospital provide access to consistently high-quality medical care, while a range of public transport options (including senior-friendly services) make it easy to access everything this city has to offer.
Although there’s no denying that the city gets quite chilly in the winter, Chicago makes up for it with its easy access to beautiful natural spaces—including idyllic attractions like Millennium Park and Lake Michigan—allowing seniors to enjoy nature and outdoor pursuits within the urban landscape.
Are any of the cities listed above starting to sound like appealing retirement destinations? Before you decide to move to Miami or Chicago, make sure to consider your individual needs and realistically analyze whether the city you’re considering will be able to meet them. Be sure to account for factors like the cost of living, proximity to family and friends, and your hobbies and interests.
Or are you interested in following in the footsteps of these cities’ financially secure seniors and selling your life insurance policy? Click here to contact us for more information on life settlements, or call 844.932.8975. We’ll happily answer your questions and help you understand the options that are available to you.