How Much Do You Need to Retire in the Most Expensive US Cities
Many people move to retirement-friendly places like Las Vegas and Florida when they stop working, but what if you want to stay in a big city? SmartAsset has calculated how much savings you should have for the most and least affordable cities in the United States.
As shown in the image above, you need to be a millionaire when you retire in places like New York and San Francisco.
Data are based on the average annual expenditure of the elderly nationwide by the Bureau of Labor Statistics. SmartAsset adjusted the cost of living data for each city using information from the Council for Social and Economic Research, calculated the pre-tax income needed to meet that cost of living, and then finally calculated the total retirement savings needed to maintain 30 years. … They assumed a real interest rate of 2% and included $ 17,189 in Social Security income (the national average).
Do you have enough savings to retire in one of these expensive cities? To find out, use some output tools on retirement .
Or, if you’re looking for the cities with the lowest cost of living for retirees and with the least savings, this image from SmartAsset might help you:
Read the post below to find out how to retire at one of these locations.
Where You Need To Be A Millionaire To Retire | SmartAsset via Business Insider