BERKELEY COUNTY, S.C. – It’s an alarming statistic. One in three Americans has nothing saved for retirement, according to a survey by GoBankingRates.com.
That’s why if you live in one of these ten South Carolina counties below, you might fare better when it comes to saving.
A recent study from financial technology company SmartAsset has identified the places in South Carolina where people are best-prepared to save for retirement.
Berkeley County ranked near the middle, coming in sixth place. As for the best place to save for retirement? That honor goes to York County. Pickens County rounded out the ‘Top 10’ by coming in last.
The study weighed four criteria in counties across the country to determine the best places to save for retirement: 401(k) performance, pension performance, local economic conditions and access to financial advisors.
To determine which counties allow you to keep the most of your paycheck, SmartAsset measured paycheck size, purchasing power, unemployment and income growth.
The organization first calculated the net semi-monthly paycheck for a single individual with two personal allowances making $50,000 per year. It then indexed the paycheck amount for each county to reflect the counties with the lowest withholding burden.
Next, it created a purchasing power index for each county. This reflects the ratio of household income to cost of living. It then created an unemployment rate index that shows the counties with the lowest unemployment.
To determine income growth, SmartAsset calculated the annual growth in median income over five years for each county and indexed the results.
Finally, it calculated a weighted average of these metrics to yield an overall paycheck friendliness index.
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