15 Cities in the US That People Would Like to Retire To. Do You Have the Money?
How much money fuels the average retirement? That depends on assets and income both pre- and post-retirement. A retiree living on social security payments sees an average of $1,907 monthly. Someone between the ages of 65-74 holds an average of $609,230 in retirement savings, while individuals over 75, hold an average of $462,410 in their retirement fund.
Many people wait their entire lives for retirement to roll around. In several cases, retirement allows one to breathe easily without the demanding stress of a job or raising a family. When retirement comes around, retirees decide whether to remain in their current location or move to a prime retirement hotspot. However, how much money does one need to retire in these places?
1. Tampa, Florida
The cost of living in Tampa, Florida, is 3% less than the national average, with a median monthly rent payment of $1,446. Studies report that a single person must make around $50,000 yearly for a sustainable and comfortable quality of life. Without adding inflation, that number suggests retirees planning for a 20-year retirement should bank on having at least $1 million saved, coming in, or combining both.
2. Sarasota, Florida
A few miles away from Tampa and across a bridge connecting to Saint Petersburg, Sarasota is a popular place for retired-age people. The beach breeze attracts retirees along with the alluring arts scene. However, the price of living in Sarasota might detract potential movers. Sarasota ranks 4% higher than the national average for cost of living and 4% higher than Florida’s average. Sarasota residents claim that rent eats up a fair portion of income, so prepare for that. Residents suggest citizens can live comfortably on $60,000 to $72,000 a year. For twenty years of retirement without inflation, that number hits $1.2 million to $1.4 million.
3. San Diego, California
San Diego, California, charges citizens 43% above the national average for cost of living. Housing is 115% over the national rent average, with a monthly median rent of $3,217. Without adding inflation to this mix, an individual must make at least $137,826 for a homeowner and $120,786 for a renter. In 20 years of retirement, retirees need to account for over $2 million to continue living a stressless retirement.
4. Nashville, Tennessee
Living in Nashville’s vibrant musical and artistic scene costs 1% less than the national average. Median rent drops to around $1,587 for a decent apartment in the city, and transportation costs 8% less than the national average. The salary scale in Nashville varies between $30,000 and $130,500, allowing the residents to have loads of wiggle room. To remain on the lower side for retirement, expect to save or bring in $600,000 to $2.7 million to maintain a lavish lifestyle in retirement.
5. New York City, New York
I guarantee you know someone who lives in New York City or spent their entire life daydreaming about the day they’d move into the famous city. Most people claim that the cost of living in New York City prevents them from chasing their dream apartment. That scare factor makes sense, with a cost of living 77% higher than the national average. New York City’s cost of living jumps to 41% higher than the state’s average, with a median monthly apartment payment of $4,566. Although, the median household income in the city flatlines at $70,663. Based on that number, a cozy 20-year retirement costs $1.4 million, the same as in Sarasota, Florida.
6. Colorado Springs, Colorado
Colorado Springs’s cost of living resides 7% above the national average. The median rent charges folks $1,687, about 13% over the national average for apartments. However, utilities cost 7% less than the national average in Colorado. A sufficient yearly income equals $48,000 for a single person.
7. Cleveland, Ohio
Cleveland, Ohio’s cost of living is 9% below the national average, with a median rental payment of $1,192 for a lovely apartment. Housing is a whopping 20% below the national average, permitting individuals to invest money in other important assets. Transportation is 2% below the national average, while groceries exceed the national average by 1%. The average salary for a single person in Ohio falls below $60,000. One would need $1.2 million for retirement to live on an average annual salary.
8. Berkeley, California
A person living in Berkeley, California, deals with the high price of beauty. The California city costs residents 71% above the national cost of living. The median rent is $4,178 monthly, still below New York but 180% above the national rate. The average salary in Berkeley equates to $90,000 annually, correlating to $1.8 million for 20 years of retirement.
9. Charleston, South Carolina
Someone living in Charleston survives in a climate of 2% under the cost of living’s national average. Median rent payments flatten out at $1,470, transportation drops 10% below the national average, and housing just 2% below national rates. Charleston’s citizens earn livable salaries between $30,000 and $130,000. For a frugal retirement, one looks at $600,000. One looks at $2.6 million for a lavish retirement to last twenty years.
10. Mesa, Arizona
Want to live a retirement in brutal heat and cold winters? The western city of Mesa, Arizona, charges residents 1% above the national cost of living with rent at a median of $1,645. Gas is two percent above the national average, housing is 10% above, and utilities are 1% below the national average. Reports suggest families of four thrive with a $89,619 annual income. Therefore, a single person can earn around $23,000 a year. Select Mesa, Arizona residents dip into the wealthier population, making Mesa a hub for a broad scope of economic backgrounds. You can make retirement work on a strict or lenient budget.
11. Minneapolis, Minnesota
Opposite to Mesa, Minneapolis, Minnesota, residents enjoy living 6% under the national average for the cost of living. Their median monthly rent payments equal $1,288. Housing decreases 14% below the national average. Utilities, rent, groceries, and transportation all rest on the border beneath the national average. The median household income in Minneapolis is around $55,000, with higher incomes crossing the $100,000 line. A retiree living on the median income would need $1.1 million in the bank for a 20-year retirement period.
12. Atlanta, Georgia
Atlanta, Georgia’s cost of living is 2% above the national average. Median rent asks for $1,458 monthly, which is 2% lower than the national rent average. Utilities cost 15% lower than the national average, transportation matches the average, and grocery prices climb 2% above the national average. An average salary in Atlanta equals $71,000. The lower side of the scale begins at $40,150, and the higher side of the salary scale grows to $109,000. Retirees in the middle must make or bring in $1.42 million for their 20-year retirement.
13. Las Vegas, Nevada
Las Vegas houses gorgeous canyons and desert areas outside the debaucherous strip. The cost of living is 1% below the national average, requiring a monthly median rent payment of $1,584 at 6% above the national average. Transportation prices cost 12% above average, and groceries are 5% above average. The median salary clocks in at $60,465 for Las Vegas residents. That wage expanded over 20 years equals around $1.21 million.
14. Pittsburg, Pennsylvania
We have Pittsburg, Pennsylvania, one percent below Vegas, at 2% below the national cost of living. Those living in Pittsburg have a monthly median rent payment of $1,403, a payment 6% below the national average. Groceries also range below the average at 1%, but utilities and transportation skyrocket above the national average, utilities at 24% and transportation at 8%. The annual average salary is about $60,000, making a 20-year retirement cost around $1.2 million.
15. Austin, Texas
Despite Texas’ low minimum wage ($7.25 per hour), the cost of living is only 1% below the national average. Housing, however, springs 9% above the national average, asking renters for a median monthly payment of $1,625 a month. Transportation costs 10% less than the national average, and utilities and groceries are 4% and 2% lower. Austin citizens earn an average salary of $65,250 each year. So, an average retirement totals about $1.3 million in a 20-year retirement plan.
Data pulled from here.
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