One trend among wealthy Americans is that, as they retire, they often move south to states such as North Carolina, South Carolina, Georgia, and Florida. A new study by GoBankingRates shows that the richest retirement towns, based on income, are spread throughout the country. The richest, however, is in Florida.
The methodology of the GoBankingRates study was to locate cities with populations over 15,000 and where the percentage of people ages 65+ was over 25%. It found 131. Of those screens, among the top 20, California has five cities: Rancho Palos Verdes, Laguna Beach, Walnut Creek, Cerritos, and Novato. Florida had four: Lakewood Ranch, Palm Valley, Naples, and Palm City. Some of America’s richest cities are in other states.
The city with the most significant percentage of residents 65+ years old was Naples at 55%.
Rancho Palos Verdes, California, was the wealthiest retirement town, with a median household income of $166,747 and a 26.2% percentage of residents 65+.
According to the Census, Rancho Palos Verdes has a population of 40,527. Half of the population is White, and 32% is Asian. The median value of owner-occupied homes is one of the highest in America at $1,411,800. The poverty level is an extremely low 4%.
Whether age is a factor or not, Rancho Palos Verdes is one of the wealthiest towns in America.
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
