California city named America’s richest retirement town, study says

Iman Palm
·1 min read
12

One California city was named the richest retirement town nationwide, according to a March study from Go Banking Rates.

Rancho Palos Verdes, a coastal community near Torrance, Lomita and San Pedro in Southern California, was named the “richest” retirement community, boasting a median household income of $166,747.

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To determine the ranking, researchers at the personal finance website look at American cities with a minimum population of 15,000, of which at least 25% of residents are aged 65 or older.

One city from Florida, one of the more popular states for retirees nationwide, had only one city within the top 10, while California had four.

These are the top 10 richest retirement towns in the U.S.

  1. Ranchos Palos Verdes, California

  2. Highland Park, Illinois

  3. Bainbridge Island, Washington

  4. East Honolulu, Hawaii

  5. Melville, New York

  6. Laguna Beach, California

  7. Paramus, New Jersey

  8. Naples, Florida

  9. Walnut Creek, California

  10. Cerritos, California

To retire in a California city like Rancho Palos Verdes, retirees would need at least $1.4 million for 25 years of retirement or $1.7 million for 30 years.

On average, a retiree in California would need $90,399 annually to live comfortably during retirement, according to another study from the personal finance website.

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