According to a recent report by MarketWatch, Raleigh ranks as one of the top cities in the U.S. for highest employee retirement fund contribution rates, coming in 3rd following San Jose, CA and San Francisco, CA, and ahead of Houston, TX and Hartford, CT. The study, which focused on the 100 biggest metro areas, found wide variation from city to city in how much workers save in their 401(k)s, how much employers provide in matching contributions, and how many workers borrow from their plans. The California cities with high ranking are likely due to the tech industries anchored in Silicon Valley, and the Raleigh area is quickly becoming a tech hub on the East Coast.
If you are considering moving to Raleigh for work, it might be a great idea in terms of saving for retirement. Despite ranking lower than California, the cost of living in Raleigh is much more affordable, meaning that aside from higher retirement savings from an employee standpoint, you can also save more of your take home pay. It’s a win-win! The worst areas? El Paso, TX, McAllen, TX, Provo, UT, and Jackson, MS.