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