10 Places You Need More Than $1 Million to Retire

The only two non-Golden State metropolitan areas to appear are …
Retirement assets
Image credit: © Lunamarina | Dreamstime.com

Little surprise—California dominates in a new list of the most expensive places to retire, taking eight of the top 10 spots. A retiree in San Francisco needs a nest egg of $1,564,760, on average, the highest total across the U.S.

MagnifyMoney researchers found neighbor San Jose is No. 2, with a nest egg need of $1,424,081 to live comfortably. Napa and San Diego also ring in, with $1,317,669 and $1,265,365 respectively.

The only two non-Golden State metropolitan areas to make the list are Honolulu at the No. 3 spot and $1,366,116, as well as New York City at the No. 5 spot and $1,339,932.

The other (far cheaper) end includes McAllen, Texas at No. 381 and $513,406, Danville, Ill. at No. 383 and $510,202, and Jackson, Tenn. at No. 384 and $495,942.

RankMetro AreaNest Egg Size
1San Francisco, Calif.$1,564,760
2San Jose, Calif.$1,424,081
3Honolulu, Hawaii$1,366,116
4Santa Cruz, Calif.$1,351,937
5New York, N.Y.$1,339,932
6Napa, Calif.$1,317,669
7Santa Rosa, Calif.$1,314,062
8Los Angeles, Calif.$1,281,598
9Vallejo, Calif.$1,272,580
10San Diego, Calif.$1,265,365
Source: MagnifyMoney.com

“The lineup makes sense, considering the top five most expensive states in which to spend your retirement are (in order) Hawaii, California, New Jersey, Massachusetts, and New York,” MagnifyMoney’s Julie Ryan Evans wrote. “In these states, costs for housing, food, transportation, Medicare, entertainment and personal care run higher than anywhere else in the U.S., so retiring in them will require copious amounts of cash.”

She added that southern states and those in the Midwest typically require fewer retirement assets, while the West needs more.

“In fact, there’s not a single metro in a Western state in the bottom 50,” Ryan Evans concluded. “If you want to retire out West, the lowest amount required to retire is in Yuma, Ariz., where it takes $636,201.”

The full list of 384 metro areas can be found HERE.

John Sullivan
+ posts

With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.

Related Posts
Total
0
Share