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What a Comfortable Retirement Will Cost You in America’s Richest Small Towns

April 19, 2024

10 min Read

Written by Laura Bogart

Edited by Molly Sullivan

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You might imagine that retiring to a small town would help you enjoy a more relaxed lifestyle while enjoying a less expensive way of life than you’d find in the big city. However, if you settle in one of the richest small towns in America, you’ll find that the ease of small-town living doesn’t always translate into small-town affordability.

GOBankingRates took a look at the numbers you’d have to crunch to fund a comfortable retirement in the 50 richest small towns across the country. Whether you prefer the sunny climates of California or the sightseeing in Alaska, you’ll find a town here that just might suit you — so you might want to start budgeting now, if you can.

Nichols Hills, Oklahoma

Annual Comfortable Retirement Costs: $59,321
Retirement Savings Needed Without Social Security: $1,186,425
Annual Comfortable Retirement Costs With Social Security: $36,947
Retirement Savings Needed With Social Security: $738,941

Meridian Hills, Indiana

Annual Comfortable Retirement Costs: $59,460
Retirement Savings Needed Without Social Security: $1,189,201
Annual Comfortable Retirement Costs With Social Security: $37,086
Retirement Savings Needed With Social Security: $741,716

Mountain Brook, Alabama

Annual Comfortable Retirement Costs: $60,362
Retirement Savings Needed Without Social Security: $1,207,240
Annual Comfortable Retirement Costs With Social Security: $37,988
Retirement Savings Needed With Social Security: $759,755

River Hills, Wisconsin

Annual Comfortable Retirement Costs: $61,056
Retirement Savings Needed Without Social Security: $1,221,116
Annual Comfortable Retirement Costs With Social Security: $38,682
Retirement Savings Needed With Social Security: $773,631

Today’s Top Offers

The Village of Indian Hill, Ohio

Annual Comfortable Retirement Costs: $61,264
Retirement Savings Needed Without Social Security: $1,225,279
Annual Comfortable Retirement Costs With Social Security: $38,890
Retirement Savings Needed With Social Security: $777,794

University Heights, Iowa

Annual Comfortable Retirement Costs: $62,166
Retirement Savings Needed Without Social Security: $1,243,318
Annual Comfortable Retirement Costs With Social Security: $39,792
Retirement Savings Needed With Social Security: $795,833

Goshen, Arkansas

Annual Comfortable Retirement Costs: $62,305
Retirement Savings Needed Without Social Security: $1,246,094
Annual Comfortable Retirement Costs With Social Security: $39,930
Retirement Savings Needed With Social Security: $798,609

Anchorage, Kentucky

Annual Comfortable Retirement Costs: $62,305
Retirement Savings Needed Without Social Security: $1,246,094
Annual Comfortable Retirement Costs With Social Security: $39,930
Retirement Savings Needed With Social Security: $798,609

Cheat Lake, West Virginia

Annual Comfortable Retirement Costs: $62,305
Retirement Savings Needed Without Social Security: $1,246,094
Annual Comfortable Retirement Costs With Social Security: $39,930
Retirement Savings Needed With Social Security: $798,609

Horace, North Dakota

Annual Comfortable Retirement Costs: $62,860
Retirement Savings Needed Without Social Security: $1,257,195
Annual Comfortable Retirement Costs With Social Security: $40,486
Retirement Savings Needed With Social Security: $809,710

Sandia Heights, New Mexico

Annual Comfortable Retirement Costs: $63,831
Retirement Savings Needed Without Social Security: $1,276,621
Annual Comfortable Retirement Costs With Social Security: $41,457
Retirement Savings Needed With Social Security: $829,137

Ladue, Missouri

Annual Comfortable Retirement Costs: $64,594
Retirement Savings Needed Without Social Security: $1,291,885
Annual Comfortable Retirement Costs With Social Security: $42,220
Retirement Savings Needed With Social Security: $844,401

Today’s Top Offers

Madison, Mississippi

Annual Comfortable Retirement Costs: $64,664
Retirement Savings Needed Without Social Security: $1,293,273
Annual Comfortable Retirement Costs With Social Security: $42,289
Retirement Savings Needed With Social Security: $845,788

Dakota Dunes, South Dakota

Annual Comfortable Retirement Costs: $64,733
Retirement Savings Needed Without Social Security: $1,294,661
Annual Comfortable Retirement Costs With Social Security: $42,359
Retirement Savings Needed With Social Security: $847,176

Hanover, New Hampshire

Annual Comfortable Retirement Costs: $65,496
Retirement Savings Needed Without Social Security: $1,309,925
Annual Comfortable Retirement Costs With Social Security: $43,122
Retirement Savings Needed With Social Security: $862,440

Papillion, New Hampshire

Annual Comfortable Retirement Costs: $66,051
Retirement Savings Needed Without Social Security: $1,321,026
Annual Comfortable Retirement Costs With Social Security: $43,677
Retirement Savings Needed With Social Security: $873,541

Des Allemands, Louisiana

Annual Comfortable Retirement Costs: $66,190
Retirement Savings Needed Without Social Security: $1,323,801
Annual Comfortable Retirement Costs With Social Security: $43,816
Retirement Savings Needed With Social Security: $876,316

Hunters Creek Village, Texas

Annual Comfortable Retirement Costs: $67,231
Retirement Savings Needed Without Social Security: $1,344,615
Annual Comfortable Retirement Costs With Social Security: $44,857
Retirement Savings Needed With Social Security: $897,131

Helena Valley Northeast, Montana

Annual Comfortable Retirement Costs: $69,520
Retirement Savings Needed Without Social Security: $1,390,407
Annual Comfortable Retirement Costs With Social Security: $47,146
Retirement Savings Needed With Social Security: $942,922

Woodstock, Vermont

Annual Comfortable Retirement Costs: $70,561
Retirement Savings Needed Without Social Security: $1,411,222
Annual Comfortable Retirement Costs With Social Security: $48,187
Retirement Savings Needed With Social Security: $963,737

Today’s Top Offers

Chena Ridge, Alaska

Annual Comfortable Retirement Costs: $72,157
Retirement Savings Needed Without Social Security: $1,443,137
Annual Comfortable Retirement Costs With Social Security: $49,783
Retirement Savings Needed With Social Security: $995,652

Greenville, Delaware

Annual Comfortable Retirement Costs: $72,226
Retirement Savings Needed Without Social Security: $1,444,525
Annual Comfortable Retirement Costs With Social Security: $49,852
Retirement Savings Needed With Social Security: $997,040

Belle Meade, Tennessee

Annual Comfortable Retirement Costs: $72,643
Retirement Savings Needed Without Social Security: $1,452,851
Annual Comfortable Retirement Costs With Social Security: $50,268
Retirement Savings Needed With Social Security: $1,005,366

Druid Hills, Georgia

Annual Comfortable Retirement Costs: $72,712
Retirement Savings Needed Without Social Security: $1,454,238
Annual Comfortable Retirement Costs With Social Security: $50,338
Retirement Savings Needed With Social Security: $1,006,754

Orchard Lake Village, Michigan

Annual Comfortable Retirement Costs: $72,781
Retirement Savings Needed Without Social Security: $1,455,626
Annual Comfortable Retirement Costs With Social Security: $50,407
Retirement Savings Needed With Social Security: $1,008,141

Winnetka, Illinois

Annual Comfortable Retirement Costs: $73,336
Retirement Savings Needed Without Social Security: $1,466,727
Annual Comfortable Retirement Costs With Social Security: $50,962
Retirement Savings Needed With Social Security: $1,019,242

Biltmore Forest, North Carolina

Annual Comfortable Retirement Costs: $73,406
Retirement Savings Needed Without Social Security: $1,468,115
Annual Comfortable Retirement Costs With Social Security: $51,032
Retirement Savings Needed With Social Security: $1,020,630

Mission Hills, Kansas

Annual Comfortable Retirement Costs: $73,683
Retirement Savings Needed Without Social Security: $1,473,665
Annual Comfortable Retirement Costs With Social Security: $51,309
Retirement Savings Needed With Social Security: $1,026,180

Today’s Top Offers

Villanova, Pennsylvania

Annual Comfortable Retirement Costs: $74,169
Retirement Savings Needed Without Social Security: $1,483,379
Annual Comfortable Retirement Costs With Social Security: $51,795
Retirement Savings Needed With Social Security: $1,035,894

Deephaven, Minnesota

Annual Comfortable Retirement Costs: $74,377
Retirement Savings Needed Without Social Security: $1,487,542
Annual Comfortable Retirement Costs With Social Security: $52,003
Retirement Savings Needed With Social Security: $1,040,057

Kiawah Island, South Carolina

Annual Comfortable Retirement Costs: $77,708
Retirement Savings Needed Without Social Security: $1,554,148
Annual Comfortable Retirement Costs With Social Security: $55,333
Retirement Savings Needed With Social Security: $1,106,663

Falmouth Foreside, Maine

Annual Comfortable Retirement Costs: $78,054
Retirement Savings Needed Without Social Security: $1,561,086
Annual Comfortable Retirement Costs With Social Security: $55,680
Retirement Savings Needed With Social Security: $1,113,601

Paradise Valley, Arizona

Annual Comfortable Retirement Costs: $78,401
Retirement Savings Needed Without Social Security: $1,568,024
Annual Comfortable Retirement Costs With Social Security: $56,027
Retirement Savings Needed With Social Security: $1,120,539

Palm Beach, Florida

Annual Comfortable Retirement Costs: $79,164
Retirement Savings Needed Without Social Security: $1,583,288
Annual Comfortable Retirement Costs With Social Security: $56,790
Retirement Savings Needed With Social Security: $1,135,803

Incline Village, Nevada

Annual Comfortable Retirement Costs: $82,287
Retirement Savings Needed Without Social Security: $1,645,732
Annual Comfortable Retirement Costs With Social Security: $59,912
Retirement Savings Needed With Social Security: $1,198,247

Hidden Springs, Idaho

Annual Comfortable Retirement Costs: $82,980
Retirement Savings Needed Without Social Security: $1,659,608
Annual Comfortable Retirement Costs With Social Security: $60,606
Retirement Savings Needed With Social Security: $1,212,123

Cherry Hills Village, Colorado

Annual Comfortable Retirement Costs: $85,825
Retirement Savings Needed Without Social Security: $1,716,501
Annual Comfortable Retirement Costs With Social Security: $63,451
Retirement Savings Needed With Social Security: $1,269,016

Today’s Top Offers

Charlestown, Rhode Island

Annual Comfortable Retirement Costs: $86,241
Retirement Savings Needed Without Social Security: $1,724,827
Annual Comfortable Retirement Costs With Social Security: $63,867
Retirement Savings Needed With Social Security: $1,277,342

Dunthorpe, Oregon

Annual Comfortable Retirement Costs: $88,600
Retirement Savings Needed Without Social Security: $1,772,006
Annual Comfortable Retirement Costs With Social Security: $66,226
Retirement Savings Needed With Social Security: $1,324,521

Short Hills, New Jersey

Annual Comfortable Retirement Costs: $93,665
Retirement Savings Needed Without Social Security: $1,873,303
Annual Comfortable Retirement Costs With Social Security: $71,291
Retirement Savings Needed Wth Social Security: $1,425,818

Chevy Chase Village, Maryland

Annual Comfortable Retirement Costs: $96,094
Retirement Savings Needed Without Social Security: $1,921,870
Annual Comfortable Retirement Costs With Social Security: $73,719
Retirement Savings Needed With Social Security: $1,474,386

Tokeneke, Connecticut

Annual Comfortable Retirement Costs: $96,163
Retirement Savings Needed Without Social Security: $1,923,258
Annual Comfortable Retirement Costs With Social Security: $73,789
Retirement Savings Needed With Social Security: $1,475,773

Dover, Massachusetts

Annual Comfortable Retirement Costs: $99,493
Retirement Savings Needed Without Social Security: $1,989,864
Annual Comfortable Retirement Costs With Social Security: $77,119
Retirement Savings Needed With Social Security: $1,542,379

Great Falls, Virginia

Annual Comfortable Retirement Costs: $103,864
Retirement Savings Needed Without Social Security: $2,077,285
Annual Comfortable Retirement Costs With Social Security: $81,490
Retirement Savings Needed With Social Security: $1,629,800

Poipu, Hawaii

Annual Comfortable Retirement Costs: $107,264
Retirement Savings Needed Without Social Security: $2,145,279
Annual Comfortable Retirement Costs With Social Security: $84,890
Retirement Savings Needed With Social Security: $1,697,794

Today’s Top Offers

Clyde Hill, Washington

Annual Comfortable Retirement Costs: $109,692
Retirement Savings Needed Without Social Security: $2,193,846
Annual Comfortable Retirement Costs With Social Security: $87,318
Retirement Savings Needed With Social Security: $1,746,361

Brookville, New York

Annual Comfortable Retirement Costs: $111,427
Retirement Savings Needed Without Social Security: $2,228,537
Annual Comfortable Retirement Costs With Social Security: $89,053
Retirement Savings Needed With Social Security: $1,781,052

East Basin, Utah

Annual Comfortable Retirement Costs: $117,255
Retirement Savings Needed Without Social Security: $2,345,098
Annual Comfortable Retirement Costs With Social Security: $94,881
Retirement Savings Needed With Social Security: $1,897,613

Hoback, Wyoming

Annual Comfortable Retirement Costs: $125,511
Retirement Savings Needed Without Social Security: $2,510,226
Annual Comfortable Retirement Costs With Social Security: $103,137
Retirement Savings Needed With Social Security: $2,062,741

Atherton, California

Annual Comfortable Retirement Costs: $173,454
Retirement Savings Needed Without Social Security: $3,469,080
Annual Comfortable Retirement Costs With Social Security: $151,079
Retirement Savings Needed With Social Security: $3,021,595

Methodology: GOBankingRates analyzed the following expenditures of Americans aged 65 and older, based on data sourced from the Bureau of Labor Statistics’ (BLS) most recent Consumer Expenditure Survey release for the full year of 2022: (1) overall average annual expenditures. Spending estimates were adjusted to the city level by multiplying each cost category by its corresponding cost of living index score in each state, sourced from Sperling’s Best cost of living index data. After calculating total consumption expenditures, an additional (2) savings buffer was calculated by assuming that total expenditures consume 80% of ones budget (50% for necessities and 30% for discretionary spending), with 20% left over for savings. GOBankingRates then combined factors (1) and (2) and factored it out by 20 (assuming 20 years of retirement) to give (3) retirement savings needed to live comfortably and (4) retirement savings needed with Social Security benefits. To be considered you had to have between 500 to 15,000 households, and GOBankingRates took the “small town” with the highest average household income from each state. All data was collected on and up to date as of April 17, 2024.

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