Porter County second best place in Indiana to save for retirement, study finds

Nov. 23--A study found Porter County is the second best place in Indiana to save for retirement.

Personal finance technology company SmartAsset looked at paychecks, 401(k) plan performance, public pension plan performance and the number of financial advisers per capita.

"To determine which counties allow you to keep the most of your paycheck, we measured paycheck size, purchasing power, unemployment and income growth," SmartAsset said in a news release. "We first calculated the net semi-monthly paycheck for a single individual with two personal allowances making $50,000 per year. We then indexed the paycheck amount for each county to reflect the counties with the lowest withholding burden. Next, we created a purchasing power index for each county. This reflects the ratio of household income to cost of living."

SmartAsset researchers also created an unemployment rate index, calculated annual growth in median income and came up with a weighted average of all those metrics.

Porter County ranked second in the state after only Hamilton County, which is home to affluent northern suburbs of Indianapolis like Carmel and Fishers. Porter County tied for best public pension performance and ranked first statewide in 401(k) performance with an index score of 86.81%.

No other counties in Northwest Indiana ranked in the top 10.

For more information, visit smartasset.com.

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