Study names Indy, Fort Wayne among best cities to retire rich

(Photo by Jim Davis/The Boston Globe via Getty Images)

INDIANAPOLIS, Ind. – You may have dreams of retiring on a beach, but a new study says you may fare better in the Hoosier State.

GOBankingRates.com named Indianapolis the fifth best city to retire rich, with Fort Wayne taking the top spot. Baltimore, Toledo and Spokane rounded out the top five.

As for the worst cities to retire rich, the website says you should probably avoid California and Hawaii. San Francisco was named the worst, followed by Fremont, San Jose, Irvine and Honolulu.

The study considered the cost to buy a house, pay property taxes, secure health insurance and cover your day-to-day expenses in each city.

You may be wondering why the Circle City fared so well. One of the primary factors was home affordability. All the cities in the top 10 have median home values under $200,000, meaning all 10 came in at less than one-sixth of what the median cost to buy a home in San Francisco — $1.34 million.

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