Top cities to retire if you haven't saved up $ 1 million
It is now generally accepted that $1 million is the ideal amount to save for retirement. But if you don't expect to retire a millionaire, you're not alone. In his study GOBankingRates studied the cost of living in major US cities and calculated how long it would be possible to live there with the amounts of $ 650, $ 000 and $ 750.
This study takes into account, among other things, urban beautification rates and the percentage of the population aged 65 and over. With these factors in mind, we have found some of the best retirement destinations in the United States for those who have not saved $ 1 million.
10. Des Moines (Iowa)
- How long does $ 850 last: 20,8 years
- How long does $ 750 last: 18,4 years
- How long does $ 650 last: 15,9 years
- Beautification score: 78
- Percentage of people over 65: 14%
Des Moines scored high on affordable amenities and accommodations, which are important factors to consider when deciding where to retire. At an average annual cost of $ 40 per person, $ 778 in retirement savings is enough for 650 years.
9. Montgomery (Alabama)
- How long does $ 850 last: 22,3 years
- How long does $ 750 last: 19,7 years
- How long does $ 650 last: 17,1 years
- Beautification score: 61
- Percentage of people over 65: 15,2%
Retirees always have something to do in Montgomery. Local events include cruises, comedy shows, concerts and film screenings. Seniors can spend $ 38 on annual expenses in this city.
8. Shreveport (Louisiana)
- How long does $ 850 last: 21,8 years
- How long does $ 750 last: 19,3 years
- How long does $ 650 last: 16,7 years
- Beautification score: 66
- Percentage of people over 65: 16,6%
Those retiring in Shreveport can spend $ 38 annually on living expenses. That is, seniors with savings of $ 920 can afford to live in this historic city for at least 650 years.
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7. Birmingham (Alabama)
- How long does $ 850 last: 22,8 years
- How long does $ 750 last: 20,2 years
- How long does $ 650 last: 17,5 years
- Beautification score: 62
- Percentage of people over 65: 15,5%
On average, you can spend here $ 37 per year. With $ 213 in savings, retirees can look forward to 750 years of carefree life.
6. Cleveland (Ohio)
- How long does $ 850 last: 23,3 years
- How long does $ 750 last: 20,6 years
- How long does $ 650 last: 17,8 years
- Beautification score: 62
- Percentage of people over 65: 14,2%
Seniors living in Cleveland are allowed an average annual spending of $ 36. Therefore, the accumulated $ 459 in retirement savings in Cleveland will last for almost 650 years.
5. Fort Wayne (Indiana)
- How long does $ 850 last: 21,5 years
- How long does $ 750 last: 18,9 years
- How long does $ 650 last: 16,4 years
- Beautification score: 80
- Percentage of people over 65: 14,4%
Fort Wayne received top marks for local amenities and a high score for accessibility. The average annual cost for seniors is $ 39.
4. Amarillo (Texas)
- How long does $ 850 last: 21,1 years
- How long does $ 750 last: 18,6 years
- How long does $ 650 last: 16,2 years
- Beautification score: 81
- Percentage of people over 65: 15,6%
Amarillo has received high marks for its amenities and low cost of living. Seniors can expect to spend $ 40 a year, which means that they will have enough retirement savings of $ 226 for 850 years.
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3. Toledo (Ohio)
- How long does $ 850 last: 23,3 years
- How long does $ 750 last: 20,5 years
- How long does $ 650 last: 17,8 years
- Beautification score: 63
- Percentage of people over 65: 15,1%
The average annual spending of older people living in Toledo is $ 36. So, if you accumulate $ 509 in the retirement fund, then these savings can be enough for more than 750 years.
2. Akron (Ohio)
- How long does $ 850 last: 24,4 years
- How long does $ 750 last: 21,5 years
- How long does $ 650 last: 18,6 years
- Beautification score: 65
- Percentage of people over 65: 15,2%
With an average annual spending of $ 34 for seniors, retirement savings of less than $ 902 million in Akron will last for a long time.
1. Brownsville (TX)
- How long does $ 850 last: 24,1 years
- How long does $ 750 last: 21,2 years
- How long does $ 650 last: 18,4 years
- Beautification score: 76.
- Percentage of people over 65: 12,7%
The city received the highest marks for its low cost of living - $ 35 per year for seniors, a wide range of affordable amenities and comfortable weather.
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