Seniors have had a hard year, but some are in a better position to weather the economic fallout from the pandemic than others. SmartAsset crunched the numbers to see which cities have the most and least financially secure seniors. Using data from the top 100 cities with the largest 65-and-older population, the company assessed each city on seven metrics such as average senior retirement income, percentage of seniors below the poverty line, and if the senior owns their home. Southern and Western cities performed well overall, but SmartAsset found that even financially secure seniors are concerned about their retirement. Find out how the seniors of your city are faring in today’s market.
Coronavirus has hit America’s senior population especially hard in terms of health, but the pandemic has also highlighted issues that some people 65-and-older already face with regard to their finances. Balancing medical bills on top of basic expenses for food and shelter – in addition to making sure one has enough retirement savings – can be a challenge. That’s why SmartAsset decided to take a look at where in the U.S. seniors are most and least financially secure.
To find the cities where seniors are most and least financially secure, we examined data for the 100 cities with the largest 65-and-older population across seven metrics: average senior retirement income, percentage of seniors below the poverty line, percentage of seniors receiving Supplemental Nutrition Assistance Program (SNAP) benefits, percentage of seniors who own their homes, percentage of seniors with retirement income, percentage of seniors who are housing cost-burdened and housing costs as a percentage of average senior retirement income. For details on our data sources and how we found our final rankings, check out the Data and Methodology below.