As more people retire in a community, they change the dynamics within those local economies. This can mean that spending shifts: What was once spent on gasoline for the commute, or lunch out near the office may now be spent on more personal interests and expenses. Similarly, retirement trends can open up local jobs for younger generations. It may also shift the tax base, as retirees in some places may receive a break on their property taxes and income may move from earnings to Social Security benefits, Roth IRAs and other tax-advantaged investments.
Considering how imminent retirees could impact local economies, SmartAsset examined the relative population of those aged 55 to 64 – those deemed most likely to imminently retire – across 324 U.S. cities to determine where these shifts will be largest over the coming years. Estimated income for this group and those aged 65 and up (retirees) alike are also examined.
Key Findings
- Over 17% of the population in this Florida town are set to retire. Pembroke Pines, FL has the highest rate of people aged 55 to 64 at 17.5%. Nearly 30,000 householders are in this age range. The median income for households between ages 45 and 64 is relatively high here at $111,528, with 20.0% of these households earning over $200,000. However, for retirees – those over age 65 – the median drops down to $37,179 per year, with just 2.3% of these households having an income above $200,000.
- Over 1 million people are getting ready to retire in New York City. By volume, the Big Apple has the most pre-retirees at an estimated 1,015,414. This is more than double that of Los Angeles, the city with the second-most pre-retirees by volume. Overall, NYC ranks 85th with 12.3% of the population in the retirement-prep phase. Meanwhile, 17.4% of households aged 45 to 64 earn over $200,000 annually, and 9.5% of retirees (those above age 65) are able to maintain that same high-income level.
- Pre-retirees have the highest income in this city. Over half the households between ages 45 and 64 in Fremont, CA earn $200,000, making the median income for this group $204,765. However, retiree income – the income of those 65 and older – drops down a median $90,862, with 19.9% of these households earning over $200,000. Fremont ranks 52nd for the rate of pre-retirees with 12.9% of the population being between ages 55 and 64.
- These cities have the lowest rate of people about to retire. Only 4.9% of households in Provo, UT are nearing retirement age, which is the lowest nationwide. College Station, TX (5.9%); Chico, CA (6.6%); Tuscaloosa, AL (6.9%); and Fayetteville, AR (7.1%) also have particularly low rates of people aged 55 to 64.
Top 20 Cities Where the Most People Are About to Retire
Cities are ranked based on the percentage of the population that is between ages 55 and 64.
- Pembroke Pines, Florida
- Percent of population aged 55 to 64: 17.45%
- Population aged 55 to 64: 29,866
- Total population: 171,105
- Median income for households aged 45 to 64: $111,528
- Percentage of households aged 45 to 64 earning $200,000+: 20.01%
- Median income for households aged 65+: $37,179
- Percentage of households aged 65+ earning $200,000+: 2.29%
- Cape Coral, Florida
- Percent of population aged 55 to 64: 16.69%
- Population aged 55 to 64: 37,459
- Total population: 224,452
- Median income for households aged 45 to 64: $85,625
- Percentage of households aged 45 to 64 earning $200,000+: 11.52%
- Median income for households aged 65+: $61,383
- Percentage of households aged 65+ earning $200,000+: 5.33%
- Thousand Oaks, California
- Percent of population aged 55 to 64: 16.37%
- Population aged 55 to 64: 20,204
- Total population: 123,458
- Median income for households aged 45 to 64: $167,344
- Percentage of households aged 45 to 64 earning $200,000+: 40.82%
- Median income for households aged 65+: $85,585
- Percentage of households aged 65+ earning $200,000+: 18.91%
- Scottsdale, Arizona
- Percent of population aged 55 to 64: 16.07%
- Population aged 55 to 64: 39,271
- Total population: 244,421
- Median income for households aged 45 to 64: $152,750
- Percentage of households aged 45 to 64 earning $200,000+: 38.44%
- Median income for households aged 65+: $76,346
- Percentage of households aged 65+ earning $200,000+: 17.15%
- Simi Valley, California
- Percent of population aged 55 to 64: 15.78%
- Population aged 55 to 64: 19,736
- Total population: 125,100
- Median income for households aged 45 to 64: $144,688
- Percentage of households aged 45 to 64 earning $200,000+: 32.80%
- Median income for households aged 65+: $91,371
- Percentage of households aged 65+ earning $200,000+: 12.96%
- Spokane Valley, Washington
- Percent of population aged 55 to 64: 15.51%
- Population aged 55 to 64: 16,788
- Total population: 108,232
- Median income for households aged 45 to 64: $75,668
- Percentage of households aged 45 to 64 earning $200,000+: 8.50%
- Median income for households aged 65+: $56,106
- Percentage of households aged 65+ earning $200,000+: 2.50%
- Hialeah, Florida
- Percent of population aged 55 to 64: 14.95%
- Population aged 55 to 64: 33,083
- Total population: 221,318
- Median income for households aged 45 to 64: $70,571
- Percentage of households aged 45 to 64 earning $200,000+: 6.22%
- Median income for households aged 65+: $29,672
- Percentage of households aged 65+ earning $200,000+: 2.59%
- Clearwater, Florida
- Percent of population aged 55 to 64: 14.95%
- Population aged 55 to 64: 17,467
- Total population: 116,868
- Median income for households aged 45 to 64: $87,185
- Percentage of households aged 45 to 64 earning $200,000+: 12.11%
- Median income for households aged 65+: $59,777
- Percentage of households aged 65+ earning $200,000+: 9.96%
- Kent, Washington
- Percent of population aged 55 to 64: 14.91%
- Population aged 55 to 64: 19,890
- Total population: 133,381
- Median income for households aged 45 to 64: $97,805
- Percentage of households aged 45 to 64 earning $200,000+: 13.14%
- Median income for households aged 65+: $56,222
- Percentage of households aged 65+ earning $200,000+: 3.19%
- Naperville, Illinois
- Percent of population aged 55 to 64: 14.91%
- Population aged 55 to 64: 22,544
- Total population: 151,220
- Median income for households aged 45 to 64: $168,771
- Percentage of households aged 45 to 64 earning $200,000+: 40.51%
- Median income for households aged 65+: $103,201
- Percentage of households aged 65+ earning $200,000+: 17.71%
- Richmond, California
- Percent of population aged 55 to 64: 14.82%
- Population aged 55 to 64: 16,913
- Total population: 114,104
- Median income for households aged 45 to 64: $101,834
- Percentage of households aged 45 to 64 earning $200,000+: 12.70%
- Median income for households aged 65+: $61,363
- Percentage of households aged 65+ earning $200,000+: 11.48%
- Palmdale, California
- Percent of population aged 55 to 64: 14.69%
- Population aged 55 to 64: 23,709
- Total population: 161,412
- Median income for households aged 45 to 64: $96,995
- Percentage of households aged 45 to 64 earning $200,000+: 12.20%
- Median income for households aged 65+: $57,321
- Percentage of households aged 65+ earning $200,000+: 4.47%
- Hayward, California
- Percent of population aged 55 to 64: 14.63%
- Population aged 55 to 64: 22,771
- Total population: 155,672
- Median income for households aged 45 to 64: $121,842
- Percentage of households aged 45 to 64 earning $200,000+: 26.62%
- Median income for households aged 65+: $83,941
- Percentage of households aged 65+ earning $200,000+: 12.93%
- Garden Grove, California
- Percent of population aged 55 to 64: 14.54%
- Population aged 55 to 64: 24,469
- Total population: 168,246
- Median income for households aged 45 to 64: $95,242
- Percentage of households aged 45 to 64 earning $200,000+: 12.58%
- Median income for households aged 65+: $57,795
- Percentage of households aged 65+ earning $200,000+: 8.56%
- Palm Bay, Florida
- Percent of population aged 55 to 64: 14.45%
- Population aged 55 to 64: 19,593
- Total population: 135,570
- Median income for households aged 45 to 64: $84,737
- Percentage of households aged 45 to 64 earning $200,000+: 10.76%
- Median income for households aged 65+: $48,054
- Percentage of households aged 65+ earning $200,000+: 2.13%
- Port St. Lucie, Florida
- Percent of population aged 55 to 64: 14.43%
- Population aged 55 to 64: 35,353
- Total population: 245,036
- Median income for households aged 45 to 64: $80,175
- Percentage of households aged 45 to 64 earning $200,000+: 8.00%
- Median income for households aged 65+: $60,253
- Percentage of households aged 65+ earning $200,000+: 5.23%
- Stamford, Connecticut
- Percent of population aged 55 to 64: 14.38%
- Population aged 55 to 64: 19,588
- Total population: 136,212
- Median income for households aged 45 to 64: $122,131
- Percentage of households aged 45 to 64 earning $200,000+: 33.92%
- Median income for households aged 65+: $72,569
- Percentage of households aged 65+ earning $200,000+: 16.72%
- Palm Coast, Florida
- Percent of population aged 55 to 64: 14.37%
- Population aged 55 to 64: 14,674
- Total population: 102,106
- Median income for households aged 45 to 64: $89,653
- Percentage of households aged 45 to 64 earning $200,000+: 10.43%
- Median income for households aged 65+: $53,629
- Percentage of households aged 65+ earning $200,000+: 3.58%
- Huntington Beach, California
- Percent of population aged 55 to 64: 14.26%
- Population aged 55 to 64: 27,398
- Total population: 192,151
- Median income for households aged 45 to 64: $133,694
- Percentage of households aged 45 to 64 earning $200,000+: 27.31%
- Median income for households aged 65+: $87,674
- Percentage of households aged 65+ earning $200,000+: 17.77%
- Santa Clarita, California
- Percent of population aged 55 to 64: 14.06%
- Population aged 55 to 64: 31,501
- Total population: 224,039
- Median income for households aged 45 to 64: $145,340
- Percentage of households aged 45 to 64 earning $200,000+: 35.42%
- Median income for households aged 65+: $77,472
- Percentage of households aged 65+ earning $200,000+: 11.26%
Data and Methodology
The population of people aged 55 through 64 is compared to total local households in order to determine the rate of households nearing retirement. Data comes from the U.S. Census Bureau 1-Year American Community Survey for 324 cities for which full data was available. Median income and the portion of households earning over $200,000 is considered for the age bracket that includes pre-retirees (age 45 to 64) and compared to the same data for those assumed to be retirees (those aged 65 and older).
Questions about this study? Contact us at press@smartasset.com
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