Where the most people are about to retire

Cassanas Photography // Shutterstock 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). This story was produced by SmartAsset and reviewed and distributed by Stacker.