Top Cities for Saving Money

A recent article from Kiplinger.com suggests that the city or region of the country that you live in can make a big difference on whether or not you are able to save for retirement. Although income levels are higher on the east and west coasts, so is the cost of living. Furthermore, the increase in wages are not enough to cover the proportionally higher costs of living in these areas.

Unless you are making a huge income, you are probably better of relocating to an area with a much lower cost of living. You may trade in some of the ambiance of coastal living, but you will reap huge benefits in savings and quality of life. In fact, if you save prudently, you should be able to afford to move back to the coast later in life and maintain a high standard of living.

Check out these recommended places.

Top five cities for young professionals:

* Washington, D.C.
* Denver
* Austin, Tex.
* Raleigh, N.C.
* Lexington, Ky.

Top five cities for young families:

* Atlanta, Ga.
* Minneapolis/St. Paul, Minn.
* Des Moines, Iowa
* Provo, Utah
* Green Bay, Wis.