When you are on a fixed income, picking a place to retire that won’t break the bank means you can retire in peace—save for the frantic calls from grown children who still need your sage wisdom. Retiring in a major hotspot such as Manhattan in New York City requires over two million in savings, while aiming for a smaller city calls for just over $600,000 or less. Figuring out which place to retire that won’t bankrupt you may make your head spin, but SmartAsset has you covered with its ranking of the top ten most and least expensive places to retire in 2019.
As cost of living and taxes vary throughout the U.S., location is one of the biggest factors impacting how much money you need in retirement savings. That’s why many Americans wonder whether they might want to consider relocating for their golden years. If you want to make sure you’re headed for a secure retirement, consider speaking one-on-one to a financial advisor.
In this study, we uncovered some of the cities where it is most and least expensive to retire. By adjusting national senior annual expenditures according to the cost of living and tax rates in 100 of the largest U.S. cities, we found and ranked the estimated amount you would need in savings at the point of retirement to last 30 years.
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