Three Arizona cities are said to be among the best for saving for retirement.
An analysis of data by MutualFund.com shows Gilbert, Mesa, and Chandler were in the top 10 cities across the country when it comes to having the ability to grow your retirement savings.
Other cities in the top 10 include two cities in Texas, two cities in North Carolina, and cities in Tennessee, Kansas, and Idaho.
The analysis cites a lower number of people living in these cities are “cost-burdened,” higher incomes, and more reasonable living costs. The extra funds allow residents to save or invest more of their money.
Some of the worst places to save for retirement, according to the analysis, include locations in California and New York.
According to MutualFund.com, “a good rule of thumb is to plan on spending roughly 80% of your pre-retirement income in order to sustain your lifestyle after you retire. However, other experts suggest saving 10 times your income before retiring.”
See the full report here.
