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.
Cities are ranked based on the percentage of the population that is between ages 55 and 64.
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.
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