Retirement is an essential step in life. You can either stay in the city you worked in or move to a new place that meets your interests. Whatever you do, you need to ensure you can survive your lifetime on the corpus you have.
GoBankingRates recently conducted a study and analyzed how long your savings would last in retirement, factoring in rent, groceries, healthcare, transportation, utilities, and other expenses—plus how old you'd be when your money runs out if you retire at 65 in 30 cities.
Let's take a look at the top 13 cities:
1. Shelby, North Carolina
Shelby offers retirees a peaceful lifestyle with a livability score of 75. The annual expenditure to live comfortably in this place without depleting your savings is $32,475.97, including rent. With savings of $250,000, you can stay here until age 89. Retirees can enjoy Shelby’s natural beauty and welcoming senior community.
2. Lakewood, Washington
Lakewood has a high natural beauty index of 8.40. This place provides stunning scenery for nature-loving retirees. With a living index of 73, retirees can spend their years at an annual expense of $40,811.16. The place has a growing expat community with a senior center activity center where seniors can engage in a variety of fun activities.
3. Greensboro, North Carolina
Greensboro has a high livability score of 82, reflecting the city’s quality of life. A savings of $250k can help seniors tolive comfortably until the age of 83. The annual expenses required here are $35,831.62. Retirees can enjoy community-building activities, experience group outings, and enjoy a wide variety of Southern food.
4. Ashland, Ohio
Ashland provides retirees exceptional value, with a low annual expenditure of $29,223.66. This place costs 17% less than the national average. The livability score in Ashland is 71. It provides a Midwestern setting with a welcoming senior community. The conservative cost of living allows savings to last until age 100.
5. Akron, Ohio
Akron provides a balance of urban amenities and affordability and is situated close to multiple beaches. With a livability score of 81, seniors need an annual expenditure of $32,003.42 to live comfortably till the age of 90. The savings of $250k can last over 25 years, making Akron a sustainable retirement option.
Moreover, this city welcomes a growing expat community and provides a wide range of senior activities. Retirees can also experience a diverse cuisine, including Italian, Slovenian, and Polish.
6. Athens, Ohio
Athens offers a unique retirement experience in a lively college town. The high livability score of 82 reflects the community’s amenities and cultural offerings. With a moderate annual expenditure of $32,381.09, retirees can enjoy their savings till their late 80s. This place is situated near multiple beaches, and retirees can enjoy a variety of Hispanic, Greek, and international food.
7. Parma, Ohio
Parma provides a suburban retreat with a solid livability score of 80. The annual expense of $31,581.93 allows for a proper lifestyle with stretching savings for over 26 years. Seniors can join various communities or even opt for assisted living. The city provides a diverse range of cuisines with a solid root of Italian eateries.
8. Cuyahoga Falls, Ohio
Cuyahoga Falls offers retirees a blend of natural scenery and financial stability. With a high livability score of 82, the annual expenditure to live in this city is $32,310.46. Retirees can enjoy local attractions while maintaining their savings until nearly 90 years old. Seniors can also opt to live in retirement villages, assisted facilities, or live independently.
9. Farmington, Utah
Farmington has stunning mountain vistas, a growing expat community, and an exceptional livability score of 91. The annual expenditure is higher at $41,688.86. However, the area’s natural beauty and community amenities make it an appealing option for retirees seeking an active lifestyle. They can engage in hiking, zumba, as well as daily yoga.
10. Clawson, Michigan
Clawson provides a high quality of life with its impressive livability score of 91. The annual expenditure of $39,456 provides a comfortable lifestyle while allowing savings to last over 14 years. Retirees can enjoy multiple cuisines and get easy access to nearby urban centers.
11. Cary, North Carolina
Cary provides an exceptional retirement experience with its high livability score of 90. The annual expenditure of $41,835.79 is a little on the high side. However, seniors can enjoy a blend of southern charm and modern amenities in this thriving North Carolina community. They can also enjoy Southern classics and Asian fusion food in this city.
12. University Heights, Ohio
University Heights provides a retirement haven for intellectually curious retirees. The high livability score of 89 reflects the community’s amenities and cultural offerings. Along with a small but growing expat community, retirees can enjoy financial stability. The annual expenditure is moderate, standing at $34,736.49.
13. Logan, Utah
Logan offers retirees a scenic mountain setting with a solid livability score of 86. The annual expenditure of $35,428.82 provides a comfortable lifestyle. It also allows savings to last nearly 19 years. Outdoor enthusiasts will appreciate the natural beauty and recreational opportunities, along with the local and diverse cuisine of this city.