Most lists that count down the best places to retire settle on cities and countries that offer affordability to retirees. But for some, living economically isn’t a concern.
A recent GoBankingRates report studied retirement towns in America with a population of over 15,000 and a 25% rate of residents over the age of 65. The study narrowed down 131 cities and calculated each town’s median household income to determine the top 20 “richest” areas for retirees to settle down.
Cities placed as the 20th to 11th most expensive include Summerlin South, Nevada; Novato, California; Palm City, Florida; Lakewood Ranch, Florida; Creve Coeur, Missouri; Pearl City, Hawaii; Murrysville, Pennsylvania; Parole, Maryland; Palm Valley, Florida; and Mililani Town, Hawaii.
For those vying for wealthy living in their golden years, here are the top 10 richest retirement towns in 2024, as reported by GoBankingRates.
10. Cerritos, California
With its high taxes and rising cost-of-living, the town of Cerritos, California, comes in at tenth place with a median household income of $124,460.
With 49,000 residents, those age 65 and older account for 25.5% of the total population, at 12,508. This makes Cerritos the fourth-most popular town for senior residents out of any other place.
9. Walnut Creek, California
The median household income in Walnut Creek is $129,971.
The city houses the most residents, with a population of 69,809 and 29.3% of that number being age 65 or older. With 20,444 senior residents, it has the highest number of 65-plus residents of any place on this ranking, reports GoBankingRates.
8. Naples, Florida
While Florida is often seen as economical due to its tax policies geared towards retirees, recent rankings show the state is growing more expensive. That’s especially so with Naples, Florida, where the median income is $135,657.
Over half of the population in Naples (54.6%) is over 65 years old and comes in as the highest senior population of all the areas included in this ranking.
Still, Napes holds a total population of 19,315, making it the fourth-smallest area population-wise in the overall ranking.
7. Paramus, New Jersey
The Garden State city has a median income of $136,824 with a population of 26,582. Residents age 65 and older account for 25.7% of the total population.
6. Laguna Beach, California
The California beach town has a total population of 22,943, with 28.2% of its residents aged 65-plus. The median household income here is $141,875.
5. Melville, New York
It’s not New York City, but the town of Melville, New York boasts a median household income of $146,302. The total population is the smallest in the overall ranking at 18,526, while the population of residents 65 and over is 27.8%.
4. East Honolulu, Hawaii
Hawaii consistently ranks as one of the most expensive places to retire, but that hasn’t stopped wealthy retirees from heading to the Aloha state.
This is especially so in East Honolulu, where residents ages 65 and above comprise of 27.4% of its 50,000 residents. Total residents over the age of 65 come in at 13,577, making it the second-highest number of senior residents in the GoBankingRates ranking.
Here, the median household income is $151,224.
3. Bainbridge Island, Washington
Rounding out the top three is forest town Bainbridge Island in Washington, where the median household income is $151,290.
Just over 27% of the population is age 65 and over on Bainbridge Island, where the total population comes in at 24,681.
2. Highland Park, Illinois
Just 25 miles north of downtown Chicago, the suburban town of Highland Park comes in as the second richest retirement town, with a population of 30,209 and a median household income of $159,567. Those ages 65 and over account for 25.3% of the area’s residents.
1. Rancho Palos Verdes, California
It’s no surprise that the most expensive city to live in the U.S. resides in California.
The city of Rancho Palos Verdes, California, has a median household income of $166,747 and a total population of 41,805. The 65 and above community encompass 26.2% of the total population, with just under 11,000 seniors residing in the coastal city.
SEE ALSO:
- 5 Best, Worst Cities to Save for Retirement
- Retiring on the Cheap: 5 Countries, 7 U.S. Cities Where You Can Retire on $2,000 a Month
- Most Expensive Cities to Retire: Where $1 Million Isn’t Enough (And Where it Is)
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
