This browser does not support the Video element.
New study shows retirement out of reach for millions due to student loan debt
Many older Americans are concerned that their student loan debt might get in the way of retirement. Data from the Federal Reserve shows 2.2 million people over the age of 55 still have outstanding student loan debt. The report finds that it may take an average of 11 years for workers between the ages of 55 and 64 to finish paying off these loans, leaving many to fear they won't be able to retire comfortably.
WALNUT CREEK, Calif. - A new ranking of the safest and wealthiest retirement locations in America has been released with three Northern California cities making the list.
Lincoln in Placer County was ranked 8th, Walnut Creek came in 16th place, and Novato followed, taking the 18th spot.
Personal finance site GOBankingRates conducted the analysis and said, "Surprisingly, no Florida locations made it into the top 30."
All the cities rated had at least 25% of the population 65 years or older.
The analysis was based on factors including crime rates, average retirement income, and home value.
GoBankingRates said it also took into account a city's so-called "livability score" gathered by AreaVibes. The site uses an algorithm to evaluate different data points of a city, including its amenities, housing, and weather.
SEE ALSO: New data shows 59% rise in violent crime over the last decade in Sunnyvale
Oro Valley in Arizona was named as the number one safest and wealthiest city in the country for retirees, with an average retirement income for residents 65 and older at about $52,000.
The average price for a single-family home was about $525,000.
Compared that with 16th place Walnut Creek, which had a similar average retirement income. But the average value of a single-family home was almost three times that amount, at more than $1.4 million.
Many cities in the Golden State were recognized on the list.
"Within the ranking, 12 of the safest and richest retirement towns are located in California," GOBankingRates said.
Among the Northern California locations, the findings showed:
8. Lincoln, California
- Violent crime per 1,000 residents: 1.43
- Property crime rate per 1,000 residents: 6.91
- Ages 65+ average retirement income: $47,966
- Single-family home average: $646,552
- Livability score: 67
16. Walnut Creek, California
- Violent crime per 1,000 residents: 2.94
- Property crime rate per 1,000 residents: 27.64
- Ages 65+ average retirement income: $52,918
- Single-family home average $1,441,223
- Livability score: 77
18. Novato, California
- Violent crime per 1,000 residents: 3.17
- Property crime rate per 1,000 residents: 16.78
- Ages 65+ average retirement income: $47,540
- Single-family home average: $1,190,655
- Livability score: 71
The rest of the California cities that made the list were in Southern California. They were:
4. Rancho Palos Verdes (Los Angeles County)
15. Laguna Woods (Orange County)
19. La Quinta (Riverside County)
20. Seal Beach (Orange County)
22. Rancho Mirage (Riverside County)
24. Cerritos (Los Angeles County)
28. Banning (Riverside County)
29. Palm Desert (Riverside County)
30. Palm Springs (Riverside County)