Places Where Most People Are About to Retire – 2023 Study

By Jaclyn DeJohn | NOV 9, 2023

An aging population in a city has different needs from small businesses and local governments. The microeconomics tend to shift once people enter retirement and start a new chapter of their lives. Dollars are spent differently, and sometimes, imminent retirement also includes planning to move elsewhere – taking those dollars out of the local economy entirely.

Keeping this in mind, SmartAsset examined the most recent Census Bureau data to determine the proportion of residents aged 55 to 64 – those near retirement – across 344 of the largest U.S. cities.

Key Findings

• The average proportion of people aged 55 to 64 is 11.3%. This translates to an average of roughly 32,000 imminent retirees per city across all 344 places, accounting for more than 11 million people in this age range.
• Eight of the top 10 cities are in California and Florida. Thousand Oaks, CA has the highest rate of people aged 55 to 64 at 16.3%. In Florida, Hialeah (16.2%), Pompano Beach (15.4%) and Hollywood (15.0%) make the top 10, as well as Huntington Beach (15.7%), Vacaville (14.9%) and Vallejo (14.7%) in California.
• Less than 6% of the population is getting ready to retire in these three cities. All college towns, Provo, UT; College Station, TX; and Cambridge, MA have the lowest proportion of people aged 55 to 64 in them. 
• NYC has more than 1 million imminent retirees -- more than double second-highest LA. This translates to 12.2% of New York City’s total population. Los Angeles is the only other city with a total population of over one million that has an above-average rate of imminent retirees, though slight (11.5%).

1. Thousand Oaks, CA
   In Thousand Oaks, 20,295 residents aged between 55 and 64 make up 16.3% of the overall population, totaling 124,257.
2. Hialeah, FL 
   Hialeah has 35,700 residents aged 55 to 64. They make up 16.2% of the overall population, which totals 220,274.
3. Huntington Beach, CA 
   Huntington Beach recorded 30,560 residents in the age group of 55 to 64, which is 15.7% of the overall population, totaling 194,306.
4. Brockton, MA
   Brockton has 16,253 people aged 55 to 64. This means that almost one out of six people, 15.5% out of 104,833 residents in the city, are near retirement
5. Scottsdale, AZ
   Scottsdale has 37,655 residents aged between 55 and 64, translating to 15.5% of its 243,027 inhabitants.
6. Pompano Beach, FL
   Pompano Beach has 112,308 residents between 55 and 64 years old. This makes up 15.4% (17,351) of the overall population.
7. Hollywood, FL
   Hollywood's demographic data indicates that 22,918 people are aged between 55 and 64. This accounts for 15.0% of the overall population, which is made up of 152,662 residents.
8. Vacaville, CA 
   Vacaville has 15,159 residents aged 55 to 64. This is 14.9% of the city's overall population, which totals 101,898 people.
9. Vallejo, CA
   Almost one out of every seven residents in Vallejo are between the ages of 55 and 64. This makes up 14.7% (18,111 individuals) of the overall population, which totals 123,583.
10. Concord, CA
    Concord has 17,949 residents aged between 55 and 64. They make up 14.6% of the city’s 122,616 inhabitants.

Data and Methodology

This study included 344 cities with a population of 100,000 or greater. Cities were ranked by the population aged 55-64 as a percentage of the total population in 2022. Data comes from the U.S. Census Bureau’s 1-Year American Community Survey.

Financial Tips for Stretching Retirement Income

• Adjust your budget to tackle rising costs. Inflation affects not just the cost of living, but also the buying power of your benefits like Social Security. Learn more about the impact on Social Security and use our budget calculator to get a clear picture of your spending.
• Make a plan for withdrawing from retirement accounts. You’ve planned and worked towards your retirement, but how do you manage account distributions? Learn more about retirement plan distribution strategies here.
• Get help managing your retirement spending. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. 

Questions about our study? Contact press@smartasset.com.

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