What Are the Economic Factors of Retiring in Los Angeles, California?
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What Are the Economic Factors of Retiring in Los Angeles, California?

Retiring in Los Angeles, California is a new beginning that can be done with some Ecomonic planning, Income knowledge and Health preparations.

The economic factors of retiring in Los Angeles, California are tied to each individual retiree’s priorities.  And at the moment those priorities are about daily survival and pre-retirees are trying to recover from career adjustments and the recent layoffs.  Some are barely making ends meet with the unemployment benefits and up until this point, they just haven’t given much thought to preparing for retirement.

As the economy took a turn for the worse, so did retirement options.  Reality for many pre-retirees in Los Angeles proved that they weren’t prepared for retirement.  And those who did set aside funds now find themselves short of what's needed to retire.

Admittedly, the economy is a major factor, which may have been the cause for a short sell of a home or a loss of employment earnings.  Reports indicate decreases on the average of 20% for financial expectations, based on the median sale of homes or properties.

It appears to be unavoidable that pre-retirees will postpone retirement, keeping them in the workforce until the year of 2018, according to Census reports.  California shows 36% of the pre-retirees opting to postpone retirement in comparison to the national average of 26%.  Besides the economy, a deciding factor for pre-retirees postponing retirement is the cost of living in Los Angeles.

What’s in store for pre-retirees as they push forward navigating through this recession?  For one thing they will not be leaving the workforce and second, employment figures here are equivalent to the national employment averages.  These employment averages provide some encouragement that the future will get better.

Employment Growth

The Employment Development Department (EDD) shows that the following occupations will take the lead for growth in Los Angeles, California from 2010 through to 2018.

Occupations related to these two categories will provide the most job openings:

  • Professional services
  • Business services

Occupations within Medical Care services will experience the fastest growth:

  • Registered Nurses
  • Medical aides
  • Medical Secretaries

This may mean that although Los Angeles is still struggling to recover, pre-retirees may see a small window of improvement over time.

Retirement Populations

Over 3 million people living in the city of Los Angeles, California and the retiring population makes up less than 15% of that population. The 2009 U.S. Census Bureau shows that over 389,034 residents fall into the retirement age categories here in Los Angeles, California.

  • 60 to 64 years - 4.0%
  • 65 o 74 years – 5.3%
  • 75 to 84 – 3.6%
  • 85 years and over - 1.4%

Sources: Census Bureau Statistics, Social Security, Health and Retirement Studies, Employment Development Department (EDD)

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Comments (2)

Good information for me. I plan to retire early.

Yes, good