A Southern California retirement community has been crowned the best place to spend your golden years in the Golden State, while a small Central Valley city landed at the bottom of the rankings.

A new study from personal finance website GOBankingRates named Laguna Woods as California’s best city for retirees, citing its combination of retirement income, livability and relatively manageable living costs.

At the other end of the spectrum, Orange Cove, a small Fresno County city, was ranked as California’s worst place to retire. 

Located in southern Orange County, Laguna Woods is one of California’s most retirement-focused communities.

The city is home to the sprawling Laguna Woods Village, one of the nation’s largest age-restricted communities, and has one of the highest concentrations of residents aged 65 and older in the state.

According to the report, households in Laguna Woods that receive retirement income average $41,089 annually, while households receiving Social Security collect an average of $24,300. The city also posted an average monthly cost of living of $1,915, an average monthly mortgage cost of $2,874, a typical single-family home value of $482,377, and a livability score of 72. 

Orange Cove, by contrast, received California’s lowest retirement ranking. The small agricultural community southeast of Fresno recorded an average retirement income of $31,666 among households receiving retirement benefits, while households receiving Social Security averaged just $9,788. It also had a livability score of 45, the lowest among California cities included in the study. 

While Orange Cove’s average monthly living costs and home values were lower than Laguna Woods, researchers found the city lagged behind on several measures tied to retirement well-being, including Social Security income and overall livability. 

The rankings also highlighted standout retirement destinations across the country. 

The Villages, Florida — one of America’s most famous retirement communities — was named the Sunshine State’s top retirement city, while Sun City, Arizona, another master-planned community built for retirees, claimed the top spot in Arizona. Texas’ best place to retire was Kerrville, and Nevada’s highest-ranked city was Mesquite. 

Not every well-known city fared well.

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The report named Aspen, Colorado, the worst place to retire in its state due largely to its sky-high housing costs, while Miami Beach, Florida, Seattle, Washington, and Salt Lake City, Utah, also ranked last in their respective states despite their popularity, reflecting the financial pressures retirees may face in expensive metro areas. 

To compile the rankings, GOBankingRates analyzed US Census American Community Survey data alongside cost-of-living figures from Sperling’s BestPlaces, Zillow home values and Federal Reserve mortgage-rate data.

Researchers evaluated cities using factors including the share of residents aged 65 and older, poverty rates among seniors, retirement and Social Security income, housing costs, monthly living expenses and overall livability.

Each category carried equal weight in determining the final rankings. The data reflects information available through June 24, 2024.