Where are the most financially secure places for seniors? A report from SmartAsset that rates 100 cities with large populations of seniors 65 and older finds the most and least financially secure cities are actually in Florida. Not surprisingly, the most financially secure is The Villages, the well-known retirement community 45 miles northwest of Orlando. It boasts an average retirement income of $65,995 with a poverty rate of only 4.4 percent.
At the other end of the spectrum is Hialeah, Florida, due west of Miami, with an average income of $27,886 and a poverty rate of a shocking 30.2 percent. Others in the least secure category include Miami, New York, Boston, Baltimore, Chicago, Philadelphia, New Orleans, Cleveland, and Tampa.
The report notes that the findings give an indication of the overall financial stability of the areas included, which should be a factor in determining a retirement location.
Council of Seniors Wants to Return Cost of Living Increases
Financial security depends upon predictable and reliable income. That’s just one reason why Council of Seniors is working hard to get Congress to pass The SAVE Benefits Act. This law will recover the Social Security cost of living adjustment (COLA) money that seniors didn’t receive over a number of years. If passed, many seniors will be reimbursed $581.
Taking the time to sign our petition will help us educate politicians in Washington about the growing support for this bill.
Have you looked at any of the financially secure communities? Leave us a comment and let us know.
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