When the topic of your retirement plan arises, the first thing that pops into your mind is how much money you should have saved. It is to be considered that the ideal amount of cash to save for retirement is $1 million.
But for some, this number is impossible to achieve. Even so, there are many people in the same situation, so no need to despair. There’s a recent study that looked at the cost of living in America’s major cities and calculated how long a nest egg of $650,000, $750,000, or $850,000 would be sufficient.
And the results are very optimistic. We thought of sharing this optimism and made a list of 10 cities where you can easily and happily retire in the U.S. for less than $1 million.
- Brownsville, Texas – AreaVibes gave the scores for Brownsville and its low cost of living: $35,304/year. With $850K, seniors can last in this city for 24.1 years.
- Akron, Ohio – Akron is another good suggestion for seniors, with an average annual expenditure of $34,902/year. With $750K, seniors can happily live in Akron for 21.5 years.
- Toledo, Ohio – The average annual expenditure for seniors in Toledo is $36,509/year. With $650K, they can live in Toledo for 17.8 years.
- Amarillo, Texas – Amarillo gets a high ranking for livability, thanks to its low cost of living. Seniors can easily live for 21.1 years with $850K.
- Fort Wayne, Indiana – The average annual expenditure in Fort Wayne is $39.623/year. With $750K, seniors can retire for 18.9 years.
- Cleveland, Ohio – Seniors living in Cleveland will have an average annual expenditure of $36,459. Having $750K, life will be nice and easy for seniors for 20.6 years.
- Birmingham, Alabama – Retirees will spend an average of $37,213/year in Birmingham, Alabama. $850K will last for 22.8 years.
- Shreveport, Louisiana – Those retirees choosing Shreveport can expect to spend $38,920 on living expenses every year. They can rest assured of a happy life in the next 21.8 years with only $850K.
- Montgomery, Alabama – Montgomery is a popular choice among seniors because the living expenses will only need $38,066/year. With $750K they will live a happy life for 19.7 years.
- Des Moines, Iowa – Last but not least, Des Moines receives high scores for its available costs, with an average annual expenditure of $40,778/year. With 850K, seniors can live for 20.8 years in Des Moines.
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