A new report is offering insight into where you should move after you retire, examining the top US cities with the highest retirement income.
The study comes from SmartAsset and found that the top city for retirement income in the nation is Arlington, Virginia, where the average retirement income is $90,140.
Second and third on the list is Cambridge, Massachusetts, at $79,563, and The Woodlands, Texas, at $79,539.
The analysis examined 345 cities in total, and three of the top eight happened to be in the Washington, D.C., area. The report shared that this mostly comes because of higher pensions, IRAs, and other retirement accounts instead of Social Security.
Among other areas to pepper the top list was California, which included Berkeley ($78,949), Carlsbad ($74,345), and Thousand Oaks ($73,634), all in the top 10.
The numbers were found by calculating US Census data and including income from all retirement accounts. The age used to determine retirees was people 65 or older.
Ann Arbor, Michigan, was the city with the largest Social Security benefits per year at $30,428. The city also ranked 12th overall for highest retirement income.
The report comes as new data shows that more are saving for retirement.
According to data from Fidelity, the last quarter saw the number of retirement account millionaires rise by 15% to 485,000. That figure was up 43% when compared to a year ago.
While this might seem like retirees are in a good spot, SmartAsset’s report suggests that most retirees are living on much less than the typical US household.
The study showed that the average retirement income for large US cities was $52,723, which researchers pointed out was significantly lower than the current median US household income of $74,580.
This also falls in line with other recent surveys that show older Americans are feeling anxiety about their financial outlook, with many even going back to work to make ends meet.
A survey from Resume Builder found that 12% of retired workers will find another job, with the top reasons being higher cost of living and inflation. The survey also examined the number of older Americans still clocking in for shifts, finding that 25% of Americans ages 62 to 85 are still working.
Additionally, 41% of adults shared in a Bankrate survey that they don’t have enough money to fully retire.
“Clearly, the driving factor for a majority of seniors returning to work is financial, but this is not the only reason for many. In my own practice, I often meet with retirees who find that they miss the camaraderie of working with others. Many still want to be in the game and are not ready to just ‘play golf.’ Many are excited about trying something new or something they always wanted to explore,” ResumeBuilder’s Chief Career Advisor Stacie Haller shared.