Approaching Retirement: These American Cities Offer the Most Financial Security for Seniors.

Financial security among seniors is synonymous with quality of life. A recent MIT study revealed that Americans are living longer – more than ten years just over the last few decades. This calls for a greater amount of retirement savings than ever. Because of this, some retirees are running out of money after their retirement. And less financial security for seniors gives rise to other economic complications. 

CEOWORLD magazine has conducted an analysis to determine the financial security of retirees in the 37 largest cities in the United States. The study examined data related to poverty, housing, income, and government assistance for individuals aged 65 and older. The results are based on six metrics that measure the financial well-being of seniors, and the cities have been ranked accordingly.

The following are the top cities where seniors are most financially secure:

Mesa, AZ

Mesa ranks in the top 10 across all six metrics, with the lowest proportion of seniors receiving food stamps or SNAP benefits (5.50%) and the highest rate of homeownership among the same group (79.60%). At 10.10%, it also ranks second-best for the lowest senior poverty rate. Nearly one-quarter (24.30%) of seniors are reported to have private retirement income, third-best study-wide. What’s more, housing is relatively affordable when compared to the median senior income ($53,380).

Louisville, KY

Louisville has the highest percentage of seniors with private retirement income (25.80%) in addition to Social Security. It also has the second-lowest percentage of seniors who are housing-cost burdened (29.14%), which are those paying more than 30% of their income toward housing costs. Only 9% of seniors here are dependent on food stamps/SNAP benefits, while 15.80% are below the poverty line.

Oklahoma City, OK

Oklahoma City doesn’t fare best in any particular metric, but it ranks well across the board. The average total retirement income is $46,005, 25.64% of which typically goes to housing costs. Nearly four in five seniors are homeowners, while 15.80% are below the poverty line.

Indianapolis, IN

Indianapolis seniors experience low rates of poverty (15.40%), high rates of homeownership (76.00%), and low housing costs relative to their income (26.85%). Including Social Security and private retirement income, the total average senior income here is $43,802.

Albuquerque, NM

When it comes to the lowest percentage of gross income that goes toward housing costs, Albuquerque comes first at just 24.26%. It also has the second-highest rate of seniors with private retirement income at 25.20%. Just over 16% of seniors are below the poverty line here, and 12.90% are reliant on food stamps or SNAP benefits.

Kansas City, MO

The total average retirement income in Kansas City is $45,757. Just about one-fifth of seniors here have private retirement income, contributing to that figure in addition to Social Security. Only 8.20% of seniors are reliant on food stamps, though 13.40% are in poverty (tenth-best). Meanwhile, 73.90% are homeowners. 

Tucson, AZ

In Tucson, 74.40% of seniors own their homes. The average total retirement income is $45,246, 25.22% of which goes toward housing (fourth-best). Nearly one in five (19.00%) seniors are below the poverty line, the highest rate in the top 10. 

Jacksonville, FL

Jacksonville boasts the second-highest rate of homeownership by seniors at 78.70%. The income-to-housing-costs ratio spares seniors from being housing-cost burdened on average: 29.26% of gross retirement income ($47,333) goes toward housing costs.

Nashville, TN

Nashville has the lowest proportion of seniors who are housing cost-burden in the major cities at 26.43%, while nearly four in five (78.00%) seniors own their own homes. Roughly 15.30% of seniors are in poverty, while 8.70% are dependent on government assistance like food stamps. 

Fort Worth, TX

About 17.50% of Fort Worth’s roughly 100,000 seniors have private retirement income. On average, total retirement income, including Social Security, is $53,513 here. Most seniors own their homes (74.80%), but poverty amongst seniors is still at 14.40%.

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This report/news/ranking/statistics has been prepared only for general guidance on matters of interest and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, CEOWORLD magazine does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.

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