The Best Places to Retire If You Can’t Save Up $1 Million

The difference between what’s believed to be the ideal retiring amount and reality in the US is huge. How huge? Well, $990k for up to 40% of Americans. That’s because $1 million is the number generally tossed around when talking about the perfect sum to retire, but close to half of the population only saves up to around $10,000. Yes, you read that right, up to. 

That’s according to a study that also looked into the cost of living in several major cities in the US. They considered different sums and came up with how long one could live in each major city based on these retirement funds. 

Saving more, spending less and making sure your finances are in order could help you reach one of these three goals. If you’re also ready to make the move, we highly recommend one of these cities to settle in and enjoy a new and exciting chapter of your life. It just goes to show that you don’t need $1 million to have a fulfilling retirement. 

Keep in mind, though, that data is subject to change. But this list should give you an idea of what to expect.

Wichita, Kansas

With a quality of life score of 62 and a percentage of 13.1% of seniors 65 and older, it’s no wonder Wichita is a great place for retirees to settle down. So, how long will your savings last?

If you want to settle down for:

  • 20 years: $850K
  • 17 years: $750K
  • 10 years: $650K

This all means it’ll cost you around $43,755 a year to live there. It’s a pretty popular destination and easily accessible due to the proximity to Dwight D. Eisenhower National Airport.


Winston-Salem, North Carolina

If you’re looking to spice your retirement with arts, culture, and history, take a gander at Winston-Salem. Within this thriving community, there will be no shortage of leisure activities to participate in. 

The percentage of seniors is also around 13.7% and a lot of them feel at home in the downtown district of Old Salem. If you’re a fan of old historical buildings, this is the right place for you. The quality of life score for Winston-Salem is 65. 

Here’s how much money you need, considering the fact that yearly expenses can come up to $43,102:

  • 20 years: $850K
  • 17 years: $750K
  • 11 years: $650K

Greensboro, North Carolina

Greensboro’s livability score is 69 and the percent of seniors 65 and older is 13,3%. The city is worth exploring and with over 100 local attractions you’re guaranteed to never get bored. If you’re a fan of eating out there are more than 500 restaurants to chose from too. 

You need $43,597 per year for a comfortable retirement so that means:

  • 19 years: $850K
  • 17 years: $750K
  • 11 years: $650K
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