Three cities in Arizona have been hailed as prime spots for Americans looking to bolster their retirement savings, per recent studies. In an analysis by MutualFund.com, Gilbert, Mesa, and Chandler emerged as top contenders amidst the country's urban offerings for financial preparation ahead of retirement.
The trio of Valley cities ranked within the top 10, a list that also includes two Texas locations, cities in North Carolina, Tennessee, Kansas, and Idaho. These cities were distinguished by factors such as fewer residents being cost-burdened by housing expenses, higher income levels, and overall more manageable living costs. These elements, the analysis suggests, provide individuals the flexibility to save or invest a greater portion of their income, according to ABC15.com.
On the flip side, locations in California and New York were noted as among the worst for retirement saving, facing headwinds from high living expenses and substantial housing costs. MutualFund.com advises that planning for retirement should include expecting to spend around 80% of pre-retirement income to maintain one's standard of living, while others recommend having 10 times one's income saved up before taking the plunge into retirement.
Drilling down into specifics, Gilbert, Arizona boasts a median monthly housing cost of $1,918 and a year-over-year income growth of 6.3%, as stated by AZ Big Media. In Chandler, monthly housing costs are slightly less at $1,848, with a substantial 27.0% of homeowners now mortgage-free. Mesa shines with a lower monthly housing expenditure of $1,689 and a striking annual income growth rate of 14.8%. These figures were part of a broader review that weighed factors like household income, housing expenses, poverty rates, and taxes across America's 170 largest cities.
Ultimately, the data paint a clear picture: Select cities in the Valley are setting a robust stage for financial security in retirement. With a spotlight on manageable expenses, and income trajectories, residents in places like Gilbert, Mesa, and Chandler seem better positioned to allocate their resources towards a comfortable future, without the financial strain evident in some of the nation's more notoriously expensive regions.
