In order to retire, being financially stable is a must. According to a study from SmartAsset, a New York financial technology company, Greenville County is one of the top places to save for retirement in South Carolina.
Out of all 50 states, South Carolina ranked 11th for best places to save for retirement by state.
To measure the places that were best prepared to save for retirement, the study weighed four criteria in counties across the country: 401(k) performance, pension performance, local economic conditions and access to financial advisors.
To determine which counties allowed people to keep the most of their paycheck, or “paycheck friendliness,” the study measured paycheck size, purchasing power, unemployment and income growth.
Each of the four factors was indexed to create one overall score.
The counties with the highest scores are the best places to prepare for retirement:
- York County — 30.84%
- Greenville County — 26.87%
- Charleston — 26.49%
- Richland — 23.52%
- Beaufort — 23.27%
- Berkeley — 20.81%
- Dorchester — 20.69%
- Spartanburg — 20.15%
- Lexington — 20.14%
- Pickens — 19.48%
As the final factor, the number of financial advisors per capita for each county was observed. Then, the scores were indexed.
In addition to savings plans such as 401(k)s and public pensions, financial advisors can be a valuable resource to help people plan for retirement.
Additional details on the study, including the full methodology and an infographic, can be found here: https://smartadvisormatch.com/