This City Named Best Retirement Destination for Middle-Class Americans

Pension It may seem like a distant dream to many and something only the truly wealthy can look forward to achieving. According to a 2024 study by Northwestern MutualThe average American worker believes he needs $1.46 million in the bank to retire comfortably; This indicates a 53 percent increase in the retirement savings target figure compared to 2020.

But there are ways to retire cheaper, including choosing a new hometown to spend your golden years in complete comfort. And GoBankingRates.com is the only place you can move if you fall into the middle class.

In September, the website released the findings of its study investigating the perfect place that offers everything middle class people need for retirement. gave his name Villages in Florida The best place for middle-class retirees.

To reach this conclusion, the team collected data from the U.S. Census and the Federal Reserve and analyzed cities across the country with a minimum population of 10,000 and where at least 25 percent of the population was 65 or older. He then looked at critical data for those inching closer to retirement, including median home value, total annual cost of living and average Social Security Benefit, as well as median household income in each city.

The famous retirement community just north of Orlando has a median household income of $73,415 and a single-family home median of $408,342, according to the findings. The annual cost of living here is $48,808, with average Social Security Benefits of $30,704, the report said.

On: villagesRetirees can truly live their best lives by choosing to play golf on one of the nine- or 18-hole courses, hike the extensive network of trails, dine at one of the many restaurants, shop at a variety of plazas and, naturally, choose from one of the abundant plazas. pools.

When it comes to where else middle-class retirees should look, Green Valley City, Arizona, ranked second thanks to its high income and median household income of $57,785, single-family home median value of $321,915, annual cost of living of $41,989. The average Social Security Benefit is $27,102. Rounding out the top five were Sun City West, Arizona; Hot Springs Village, Arkansas; and Venice, Florida.

See the full rankings of all 30 locations at: gobankingrates.com.