Seniors are the most financially secure in these cities in 2021: report
Florida’s famed retirement community, The Villages, took the top spot
Seniors looking for financial stability should consider heading to The Villages, Florida, according to a new report.
Financial technology company SmartAsset recently found the U.S. cities where seniors are the most financially secure. The famed Florida retirement community, The Villages, took the top spot.
However, SmartAsset didn’t just leave it at that. The company also found the cities where seniors are the least financially secure and Florida took the number one spot on that list, too. According to the report, Hialeah, Florida, is where seniors are the least financially secure.
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SmartAsset recently found the U.S. cities where seniors are the most and least financially secure. (iStock)
For its report, SmartAsset took the 100 U.S. cities with the largest population of people 65 and older and compared them based on seven measurements including the percentage of seniors who own their own homes, the percentage of seniors below the poverty line and the average senior retirement income.
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According to the report, The Villages has an average senior retirement income of $65,995, while the poverty rate for seniors is only 4.4%. Meanwhile, Hialeah has an average senior retirement income of $27,886 and a poverty rate for seniors of 30.2%.
According to SmartAsset, The Villages (pictured) has an average senior retirement income of $65,995, while the poverty rate for seniors is only 4.4%. (iStock)
To see the rest of the results, here are the U.S. cities where seniors are most and least financially secure, according to SmartAsset.
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Cities where seniors are most financially secure
1. The Villages, Florida
Average Senior Retirement Income: $65,995
Poverty Rate for Seniors: 4.4%
2. Surprise, Arizona
Average Senior Retirement Income: $57,759
Poverty Rate for Seniors: 5.1%
3. Huntsville, Alabama
Average Senior Retirement Income: $56,815
Poverty Rate for Seniors: 7.9%
4. Anchorage, Alaska
Average Senior Retirement Income: $63,044
Poverty Rate for Seniors: 5.5%
5. Lexington, Kentucky
Average Senior Retirement Income: $50,227
Poverty Rate for Seniors: 7.4%
6. Virginia Beach, Virginia
Average Senior Retirement Income: $56,246
Poverty Rate for Seniors: 4.5%
7. Lincoln, Nebraska
Average Senior Retirement Income: $50,154
Poverty Rate for Seniors: 6.4%
8. Chesapeake, Virginia
Average Senior Retirement Income: $53,834
Poverty Rate for Seniors: 4.3%
9. Mesa, Arizona
Average Senior Retirement Income: $49,013
Poverty Rate for Seniors: 8.4%
10. Arlington, Texas
Average Senior Retirement Income: $51,635
Poverty Rate for Seniors: 8.3%
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Cities where seniors are least financially secure
1. Hialeah, Florida
Average Senior Retirement Income: $27,886
Poverty Rate for Seniors: 30.2%
2. Miami, Florida
Average Senior Retirement Income: $43,857
Poverty Rate for Seniors: 31.6%
3. New York, New York
Average Senior Retirement Income: $49,054
Poverty Rate for Seniors: 18.2%
4. Boston, Massachusetts
Average Senior Retirement Income: $52,899
Poverty Rate for Seniors: 20.9%
5. Baltimore, Maryland
Average Senior Retirement Income: 41,724
Poverty Rate for Seniors: 16.8%
6. Chicago, Illinois
Average Senior Retirement Income: $49,668
Poverty Rate for Seniors: 15.5%
7. Philadelphia, Pennsylvania
Average Senior Retirement Income: $41,030
Poverty Rate for Seniors:17.6%
8. (tied) New Orleans, Louisiana
Average Senior Retirement Income: $45,312
Poverty Rate for Seniors: 18.1%
8. (tied) Cleveland, Ohio
Average Senior Retirement Income: $37,610
Poverty Rate for Seniors: 20.5%
10. Tampa, Florida
Average Senior Retirement Income: $49,792
Poverty Rate for Seniors: 17.6%