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, Florida, 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% 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, New York City 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, California, 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, Utah, are nearing retirement age, which is the lowest nationwide. College Station, Texas, (5.9%); Chico, California, (6.6%); Tuscaloosa, Alabama, (6.9%); and Fayetteville, Arkansas, (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: 29,866Total population: 171,105Median income for households aged 45 to 64: $111,528Percentage of households aged 45 to 64 earning $200,000+: 20.01%Median income for households aged 65+: $37,179Percentage 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: 37,459Total population: 224,452Median income for households aged 45 to 64: $85,625Percentage of households aged 45 to 64 earning $200,000+: 11.52%Median income for households aged 65+: $61,383Percentage 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: 20,204Total population: 123,458Median income for households aged 45 to 64: $167,344Percentage of households aged 45 to 64 earning $200,000+: 40.82%Median income for households aged 65+: $85,585Percentage 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: 39,271Total population: 244,421Median income for households aged 45 to 64: $152,750Percentage of households aged 45 to 64 earning $200,000+: 38.44%Median income for households aged 65+: $76,346Percentage 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: 19,736Total population: 125,100Median income for households aged 45 to 64: $144,688Percentage of households aged 45 to 64 earning $200,000+: 32.80%Median income for households aged 65+: $91,371Percentage 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: 16,788Total population: 108,232Median income for households aged 45 to 64: $75,668Percentage of households aged 45 to 64 earning $200,000+: 8.50%Median income for households aged 65+: $56,106Percentage 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: 33,083Total population: 221,318Median income for households aged 45 to 64: $70,571Percentage of households aged 45 to 64 earning $200,000+: 6.22%Median income for households aged 65+: $29,672Percentage 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: 17,467Total population: 116,868Median income for households aged 45 to 64: $87,185Percentage of households aged 45 to 64 earning $200,000+: 12.11%Median income for households aged 65+: $59,777Percentage 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: 19,890Total population: 133,381Median income for households aged 45 to 64: $97,805Percentage of households aged 45 to 64 earning $200,000+: 13.14%Median income for households aged 65+: $56,222Percentage 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: 22,544Total population: 151,220Median income for households aged 45 to 64: $168,771Percentage of households aged 45 to 64 earning $200,000+: 40.51%Median income for households aged 65+: $103,201Percentage 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: 16,913Total population: 114,104Median income for households aged 45 to 64: $101,834Percentage of households aged 45 to 64 earning $200,000+: 12.70%Median income for households aged 65+: $61,363Percentage 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: 23,709Total population: 161,412Median income for households aged 45 to 64: $96,995Percentage of households aged 45 to 64 earning $200,000+: 12.20%Median income for households aged 65+: $57,321Percentage 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: 22,771Total population: 155,672Median income for households aged 45 to 64: $121,842Percentage of households aged 45 to 64 earning $200,000+: 26.62%Median income for households aged 65+: $83,941Percentage 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: 24,469Total population: 168,246Median income for households aged 45 to 64: $95,242Percentage of households aged 45 to 64 earning $200,000+: 12.58%Median income for households aged 65+: $57,795Percentage 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: 19,593Total population: 135,570Median income for households aged 45 to 64: $84,737Percentage of households aged 45 to 64 earning $200,000+: 10.76%Median income for households aged 65+: $48,054Percentage 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: 35,353Total population: 245,036Median income for households aged 45 to 64: $80,175Percentage of households aged 45 to 64 earning $200,000+: 8.00%Median income for households aged 65+: $60,253Percentage 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: 19,588Total population: 136,212Median income for households aged 45 to 64: $122,131Percentage of households aged 45 to 64 earning $200,000+: 33.92%Median income for households aged 65+: $72,569Percentage 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: 14,674Total population: 102,106Median income for households aged 45 to 64: $89,653Percentage of households aged 45 to 64 earning $200,000+: 10.43%Median income for households aged 65+: $53,629Percentage 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: 27,398Total population: 192,151Median income for households aged 45 to 64: $133,694Percentage of households aged 45 to 64 earning $200,000+: 27.31%Median income for households aged 65+: $87,674Percentage 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: 31,501Total population: 224,039Median income for households aged 45 to 64: $145,340Percentage of households aged 45 to 64 earning $200,000+: 35.42%Median income for households aged 65+: $77,472Percentage 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).
This story was produced by SmartAsset and reviewed and distributed by Stacker.
