Cities Where Your Retirement Savings Will Last the Longest
Detroit and other midwestern cities are the best regions in the U.S. to stretch your retirement savings the furthest, found a new study.
Personal finance website GOBankingRates examined the average costs for a 65-year-old for housing, utilities, groceries and healthcare in the 100 largest cities to calculate where a retiree can stretch their retirement savings the furthest. To put these costs in perspective, GoBankingRates took the approximate median nest egg retirees have saved — $150,000 — and subtracted one year’s worth of costs in each of those cities to show how much of a hit their savings will take.
For full study results and more details on methodology, visit: Cities Where Your Retirement Nest Egg Will Stretch the Furthest.
Top 5 Cities Where Your Retirement Savings Will Last the Longest
Retiree cost of living: $33,356.12
Nest egg left over: $116,643.88
2. Memphis, Tenn.
Retiree cost of living: $33,859.44
Nest egg left over: $116,140.56
3. Toledo, Ohio
Retiree cost of living: $35,094.85
Nest egg left over: $114,905.15
4. Cleveland, Ohio
Retiree cost of living: $36,055.73
Nest egg left over: $113,944.27
5. Fort Wayne, Ind.
Retiree cost of living: $37,153.87
Nest egg left over: $112,846.13
Additional Study Insights
- Most of the top 10 cities for your retirement savings are located in the Midwest. However, two cities in Texas land on this list this year: El Paso and Corpus Christi.
- Despite the state’s popularity among retirees, Jacksonville is the only city in Florida that rank in the top ten.
- Lexington–Fayette, Ky. tops the list for most expensive housing expenditures.