Since the start of the pandemic, adults aged 55 and older are seeking early retirement in swaths, with 3.5 million people retiring early in the United States in the last two years alone. Lucky for us, Plano ranked first in Texas and fifth in the nation for Best Cities for an Early Retirement.
For a decade before the pandemic, the retired population grew by about 1 million retirees yearly. Within the last two years, that population has increased by over 3.5 million. To determine the best cities to retire early in, SmartAsset conducted a study of the 100 largest cities in the United States.
The study examined data from each city across four categories: tax friendliness, elderly care, affordability and livability.
Across all of these cities, Plano was found to be the most affordable in Texas and fifth most affordable in the United States for early retirement. For each metric, Plano placed:
- 1st in effective income tax for retirees
- 2nd in housing costs relative to income
- 5th in violent crime rate
- 10th in number of medical facilities per capita
- 16th in tax friendliness
- 27th in affordability
- 27th in livability
- 30th in elderly care
If you’re planning on retiring early, SmartAsset suggests putting retirement funds into savings or investments, making a retirement plan as early as possible, and working with an expert to manage and plan your retirement.