SmartAsset identifies the U.S. cities with the highest populations of people aged 55 to 64 to determine where the biggest shifts out of the workforce and into retirement may occur.
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Jaclyn DeJohn, CFP
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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
SmartAsset
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: 29,866
Total population: 171,105
Median income for households aged 45 to 64: $111,528
Percentage of households aged 45 to 64 earning $200,000+: 20.01%
Median income for households aged 65+: $37,179
Percentage 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: 37,459
Total population: 224,452
Median income for households aged 45 to 64: $85,625
Percentage of households aged 45 to 64 earning $200,000+: 11.52%
Median income for households aged 65+: $61,383
Percentage 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: 20,204
Total population: 123,458
Median income for households aged 45 to 64: $167,344
Percentage of households aged 45 to 64 earning $200,000+: 40.82%
Median income for households aged 65+: $85,585
Percentage 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: 39,271
Total population: 244,421
Median income for households aged 45 to 64: $152,750
Percentage of households aged 45 to 64 earning $200,000+: 38.44%
Median income for households aged 65+: $76,346
Percentage 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: 19,736
Total population: 125,100
Median income for households aged 45 to 64: $144,688
Percentage of households aged 45 to 64 earning $200,000+: 32.80%
Median income for households aged 65+: $91,371
Percentage 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: 16,788
Total population: 108,232
Median income for households aged 45 to 64: $75,668
Percentage of households aged 45 to 64 earning $200,000+: 8.50%
Median income for households aged 65+: $56,106
Percentage 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: 33,083
Total population: 221,318
Median income for households aged 45 to 64: $70,571
Percentage of households aged 45 to 64 earning $200,000+: 6.22%
Median income for households aged 65+: $29,672
Percentage 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: 17,467
Total population: 116,868
Median income for households aged 45 to 64: $87,185
Percentage of households aged 45 to 64 earning $200,000+: 12.11%
Median income for households aged 65+: $59,777
Percentage 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: 19,890
Total population: 133,381
Median income for households aged 45 to 64: $97,805
Percentage of households aged 45 to 64 earning $200,000+: 13.14%
Median income for households aged 65+: $56,222
Percentage 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: 22,544
Total population: 151,220
Median income for households aged 45 to 64: $168,771
Percentage of households aged 45 to 64 earning $200,000+: 40.51%
Median income for households aged 65+: $103,201
Percentage 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: 16,913
Total population: 114,104
Median income for households aged 45 to 64: $101,834
Percentage of households aged 45 to 64 earning $200,000+: 12.70%
Median income for households aged 65+: $61,363
Percentage 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: 23,709
Total population: 161,412
Median income for households aged 45 to 64: $96,995
Percentage of households aged 45 to 64 earning $200,000+: 12.20%
Median income for households aged 65+: $57,321
Percentage 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: 22,771
Total population: 155,672
Median income for households aged 45 to 64: $121,842
Percentage of households aged 45 to 64 earning $200,000+: 26.62%
Median income for households aged 65+: $83,941
Percentage 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: 24,469
Total population: 168,246
Median income for households aged 45 to 64: $95,242
Percentage of households aged 45 to 64 earning $200,000+: 12.58%
Median income for households aged 65+: $57,795
Percentage 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: 19,593
Total population: 135,570
Median income for households aged 45 to 64: $84,737
Percentage of households aged 45 to 64 earning $200,000+: 10.76%
Median income for households aged 65+: $48,054
Percentage 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: 35,353
Total population: 245,036
Median income for households aged 45 to 64: $80,175
Percentage of households aged 45 to 64 earning $200,000+: 8.00%
Median income for households aged 65+: $60,253
Percentage 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: 19,588
Total population: 136,212
Median income for households aged 45 to 64: $122,131
Percentage of households aged 45 to 64 earning $200,000+: 33.92%
Median income for households aged 65+: $72,569
Percentage 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: 14,674
Total population: 102,106
Median income for households aged 45 to 64: $89,653
Percentage of households aged 45 to 64 earning $200,000+: 10.43%
Median income for households aged 65+: $53,629
Percentage 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: 27,398
Total population: 192,151
Median income for households aged 45 to 64: $133,694
Percentage of households aged 45 to 64 earning $200,000+: 27.31%
Median income for households aged 65+: $87,674
Percentage 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: 31,501
Total population: 224,039
Median income for households aged 45 to 64: $145,340
Percentage of households aged 45 to 64 earning $200,000+: 35.42%
Median income for households aged 65+: $77,472
Percentage 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).
