Cities Where Your Retirement Savings Will Last the Longest

by ·

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

1. Detroit

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.

More Lifestyle News:

  1. America’s Most Expensive Zip Codes By State A new study finds the cost of living in the most expensive zip codes of every state. Personal finance website GOBankingRates used data from Zillow to survey median home values and mortgage payments, as well as cost of living expenses such as...
  2. Millennials – Consider these U.S. metro areas to buy a home Minneapolis offers the best chance for millennials to successfully buy and own a home, found a new study by personal finance website GOBankingRates. The study revealed that 42.4 percent of millennials in the city own their living space, which is...
  3. Best and Worst US Cities for Foodies on a Budget Las Vegas and Long Beach, Calif. are the best cities to live if you are looking for affordable food options, found a new study by personal finance website GOBankingRates. According to the study, Seattle is the worst city for foodies...
  4. 1 in 3 Americans Don’t Know These Basic Finance Terms To test the financial knowledge of Americans, GOBankingRates quizzed survey respondents from all 50 states on basic finance terms and concepts. Respondents were asked the following questions and given multiple answer choices: Which of the following describes a 401k? What...
  5. Only 15 Percent of Surveyed U.S. Consumers Give Themselves an “A” in Financial Literacy Most surveyed consumers do not place themselves at the head of the class when it comes to financial literacy, according to a recent Equifax survey the company conducted to coincide with National Financial Literacy Month in April. According to the...
  6. NAPFA Releases Tips On Reducing Costs That Can Drain Retirement Savings The National Association of Personal Financial Advisors today released tips to help consumers better understand financial advisor compensation and common product fees that can impact their financial goals. Nearly 60 percent of investors do not completely understand the fees they...
  7. Tips on How to Claim the Saver’s Credit (Retirement Savings Contributions Credit) American workers may be unknowingly overlooking a tax credit this year. The Saver’s Credit, also referred to as the Retirement Savings Contributions Credit by the Internal Revenue Service, is available to eligible taxpayers who are saving for retirement, yet 64...
  8. Take a Holistic Approach to Retirement Planning Although retirement is a milestone for all working adults, decades of hard work may not pay off if you haven’t planned for your financial needs once a regular paycheck stops coming. According to research by the Insured Retirement Institute (IRI),...
  9. Baby Boomers Increasingly Reliant on Social Security for Their Retirement Needs Ten years after the financial crisis, our nation’s middle-income Baby Boomers are increasingly reliant on Social Security for their primary source of retirement income, according to a new report that details the mindset of current and soon-to-be retirees. The study,...
  10. Jason L Smith’s book, “The Bucket Plan: Protecting and Growing Your Assets for a Worry-Free Retirement” Jason L Smith, a nationally-acclaimed speaker, financial planner, author, coach, and entrepreneur announces the release of his new book, “The Bucket Plan: Protecting and Growing Your Assets for a Worry-Free Retirement.” The book has been highly anticipated by consumers and financial...