Finding the perfect place to retire is a top priority for all Americans, regardless of their income.
But middle class Americans may be in a slightly better position than most to retire comfortably, if they pick the right town to do so.
Mid-earners will have the most success settling down in retirement towns in Arizona, Florida and Ohio, according to new analysis from GoBankingRates.
The study analyzed cities across the US with a population of more than 10,000 people, and where at least a quarter of that population are aged over 65.
It then factored in the average household income in each city, the annual cost of living, the typical home value and how much people tend to receive in Social Security benefits, in order to find the best places for an affordable and comfortable retirement.
Mid-earners will have the most success settling down in retirement towns in Arizona, Florida and Ohio, according to new analysis from GoBankingRates (Pictured: The Villages in Florida)
Topping the list for GoBankingRates is The Villages, Florida.
Located approximately 45 miles northwest of Orlando, The Villages is made up of 17 special purpose retirement communities stretching over 32 square miles.
The communities, which are exclusively for people aged 55 and over, offer golf courses, trails and outdoor festivals.
According to the study, the median household income for those living in The Villages is $73,415, while the annual cost of living in the area is $48,808.
A yearly Social Security check of $30,704 is the norm for retirees living there, which is significantly higher than the US average of $22,344, according to the Center on Budget and Policy Priorities.
The value of a typical home, meanwhile, is $408,342 – higher than the national average of $361,282, according to Zillow.
Many retirees are reliant on a fixed income from Social Security, a workplace retirement plan or a pension.
But middle class Americans tend to have decent financial security and several sources of income in their later years, GoBankingRates said.
Second and third on the list of the best retirement towns for middle class Americans are Green Valley City and Sun City West in Arizona.
Green Valley City, which is around 20 miles south of Tucson, is a retirement town known for its vibrant arts scene, farmers markets, and top-tier golf courses.
The annual cost of living in the city is $41,989, according to GoBankingRates, and the average Social Security benefits are higher than the national average at $27,102.
Sun City West, meanwhile, has the highest percentage of residents age 65 and older of all the cities in the study, at 86.5 percent, which means residents have plenty of opportunities to socialize with other retirees.
Typical Social Security benefits in the retirement town, which is located outside of Phoenix, are also higher than the national average at $28,190.
According to its website, Sun City West has four recreation centers, seven golf courses, a state-of-the-art bowling center, a private library and a performance theater.
Alongside looking at economic factors, the study also ranked each city according to how livable it is for retirees.
Its data sources included the U.S. Census American Community Survey, cost of living indexes from Sperling’s BestPlaces, the average single-family home value from the Zillow Home Value Index, and the livability index from AreaVibes.
Each town was judged on these factors and then given an overall score and ranking.
Green Valley City, which is around 20 miles south of Tucson, is a retirement town known for its vibrant arts scene, farmers markets, and top-tier golf courses
Sun City West has the highest percentage of residents age 65 and older of all the cities in the study, at 86.5 percent
Fourth on the list is Hot Springs Village, Arkansas, which boasts 12 lakes, nine golf courses, 15 tennis courts, over 30 miles of trails, and a relatively low annual cost of living of $41,487.
Venice, Florida, is fifth on the list of the best towns for middle class Americans in their later years, as it is home to various retirement communities.
Florida has no income tax, which means all forms of retirement income – including Social Security – are tax-free at the state level, which is a big boost for middle class retirees.
Also on the list are Florida retirement destinations Sun City Center, Punta Gorda and Englewood, alongside Arizona towns Sun City, Oro Valley and Gold Canyon.
Various Ohio towns also feature on the list – with Middleburg Heights, Seven Hills, Centerville, Greenville and Lyndhurst ranking among top 30 retirement towns.
For middle class retirees looking for a place to live which is on the cheaper side, Greenville, Ohio, has the lowest overall annual cost of living of all the cities on the list, at $30,173.
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Publish date : 2024-10-03 02:41:00
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