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Personal Finance Reports

Residents of These Cities Are the Most Financially Prepared For Retirement

Published Mar 10, 2020
2-min read
Mike Brown Author Photo
Written by Mike Brown
Mike Brown Author Photo
Written by Mike Brown

Expertise:

Mike Brown uses data from surveys and publicly-available resources to identify emerging personal finance trends and tell unique stories. Mike’s work, featured in outlets like the Wall Street Journal and Washington Post, provides consumers with a personal finance measuring stick to make informed financial decisions.

Learn more about Mike Brown

Retirement is supposed to be a relaxing time in one’s life. All of those years of hard work and stress merit some time to kick your feet up, right?

But, retirement is only earned by those who have financially prepared for it.

Folks that have worked to make their money and invested it in their 401(k)s or other retirement accounts are the ones that will get to enjoy the fruits of their labor during retirement.

Where is this happening in the United States most frequently? To answer this, LendEDU analyzed retirement data of more than 20,000 U.S. cities.

We looked at each city’s average household income from retirement to find the places in the U.S. where residents are the most financially prepared for retirement.

Residents Are the Most Financially Prepared For Retirement in These Cities

To see how a city ranked within only its state, either sort the table on the “State” column or type your desired state into the search bar. 

To be considered for this ranking, a city had to have a minimum of 4,000 households with retirement income.

Methodology

All data found in this report comes from Greatdata.com. LendEDU licensed the dataset provided by Great Data, which derives mainly from the U.S. Census Bureau. For some data points, like “Number of Households with Retirement Income” and “Average Household Income From Retirement,” the data comes from the U.S. Census Bureau but Great Data also calculates its own projections based on historical trends to provide the most up-to-date data.

For some cities listed in the report, Great Data provided multiple ZIP Codes within the city, with each ZIP Code having its own data. In these instances, we combined all ZIP Code data for that city and weighted the “Average Household Income From Retirement” figure based on the “Number of Households with Retirement Income” figure in order to provide a single weighted stat line for each city.

To find the “Average Household Income From Retirement” figure, the U.S. Census Bureau asked respondents to include income from a previous employer or union, or any regular withdrawals or distributions from IRA, Roth IRA, 401(k), 403(b), or other accounts specifically designed for retirement. Respondents were told not to include Social Security.

To be considered, a city, or all of its ZIP Codes, had to have a minimum of 4,000 households with retirement income.

See more of LendEDU’s Research