Here’s How Much You Need Saved To Retire Rich in America’s Largest Cities

If you’ve ever considered retirement, you know your savings target should be millions of dollars. How many million you actually need to save up to retire will depend on a couple of factors, the top being your lifestyle and retirement location.

Of course, this can be a different ballgame if you’re looking to retire rich, as inflation is changing the numbers. This is because how much you need to retire is not the same as how much you want to retire and this is the determinant for the kind of retirement you seek.

Predicting your financial future may be difficult but not impossible, as retirement savings is subjective. But, according to this GOBankingRates study, you’ll need $974,135 at the low end and $4,757,745 at the high end if you’re planning to retire rich in America’s largest cities.

Here is how much you’ll need to save in the 50 largest American cities to retire rich over 20, 25 and 30 years — ranked from the city where you need the least through the city where you need the most.

• Savings Needed for 20 years of Retiring Rich: $974,135
• Savings Needed for 25 Years of Retiring Rich: $1,217,666
• Savings Needed for 30 Years of Retiring Rich: $1,462,666
• Annual Cost of Living After Social Security: $24,353

• Savings Needed for 20 years of Retiring Rich: $994,950
• Savings Needed for 25 Years of Retiring Rich: $1,243,687
• Savings Needed for 30 Years of Retiring Rich: $1,493,919
• Annual Cost of Living After Social Security: $24,874

• Savings Needed for 20 years of Retiring Rich: $1,052,768
• Savings Needed for 25 Years of Retiring Rich: $1,315,960
• Savings Needed for 30 Years of Retiring Rich: $1,580,732
• Annual Cost of Living After Social Security: $26,319

• Savings Needed for 20 years of Retiring Rich: $1,057,393
• Savings Needed for 25 Years of Retiring Rich: $1,321,742
• Savings Needed for 30 Years of Retiring Rich: $1,587,677
• Annual Cost of Living After Social Security: $26,435

• Savings Needed for 20 years of Retiring Rich: $1,062,019
• Savings Needed for 25 Years of Retiring Rich: $1,327,523
• Savings Needed for 30 Years of Retiring Rich: $1,594,623
• Annual Cost of Living After Social Security: $26,551

• Savings Needed for 20 years of Retiring Rich: $1,064,331
• Savings Needed for 25 Years of Retiring Rich: $1,330,414
• Savings Needed for 30 Years of Retiring Rich: $1,598,095
• Annual Cost of Living After Social Security: $26,608

• Savings Needed for 20 years of Retiring Rich: $1,115,211
• Savings Needed for 25 Years of Retiring Rich: $1,394,014
• Savings Needed for 30 Years of Retiring Rich: $1,674,491
• Annual Cost of Living After Social Security: $27,880

• Savings Needed for 20 years of Retiring Rich: $1,124,462
• Savings Needed for 25 Years of Retiring Rich: $1,405,578
• Savings Needed for 30 Years of Retiring Rich: $1,688,382
• Annual Cost of Living After Social Security: $28,112

• Savings Needed for 20 years of Retiring Rich: $1,156,840
• Savings Needed for 25 Years of Retiring Rich: $1,446,050
• Savings Needed for 30 Years of Retiring Rich: $1,736,997
• Annual Cost of Living After Social Security: $28,921

• Savings Needed for 20 years of Retiring Rich: $1,179,967
• Savings Needed for 25 Years of Retiring Rich: $1,474,959
• Savings Needed for 30 Years of Retiring Rich: $1,771,723
• Annual Cost of Living After Social Security: $29,499

• Savings Needed for 20 years of Retiring Rich: $1,191,531
• Savings Needed for 25 Years of Retiring Rich: $1,489,414
• Savings Needed for 30 Years of Retiring Rich: $1,789,086
• Annual Cost of Living After Social Security: $29,788

• Savings Needed for 20 years of Retiring Rich: $1,193,844
• Savings Needed for 25 Years of Retiring Rich: $1,492,305
• Savings Needed for 30 Years of Retiring Rich: $1,792,558
• Annual Cost of Living After Social Security: $29,846

• Savings Needed for 20 years of Retiring Rich: $1,203,895
• Savings Needed for 25 Years of Retiring Rich: $1,503,868
• Savings Needed for 30 Years of Retiring Rich: $1,806,448
• Annual Cost of Living After Social Security: $30,077

• Savings Needed for 20 years of Retiring Rich: $1,207,720
• Savings Needed for 25 Years of Retiring Rich: $1,509,650
• Savings Needed for 30 Years of Retiring Rich: $1,813,393
• Annual Cost of Living After Social Security: $30,193

• Savings Needed for 20 years of Retiring Rich: $1,221,596
• Savings Needed for 25 Years of Retiring Rich: $1,526,995
• Savings Needed for 30 Years of Retiring Rich: $1,834,229
• Annual Cost of Living After Social Security: $30,540

• Savings Needed for 20 years of Retiring Rich: $1,293,291
• Savings Needed for 25 Years of Retiring Rich: $1,616,613
• Savings Needed for 30 Years of Retiring Rich: $1,941,878
• Annual Cost of Living After Social Security: $32,332

• Savings Needed for 20 years of Retiring Rich: $1,321,043
• Savings Needed for 25 Years of Retiring Rich: $1,651,304
• Savings Needed for 30 Years of Retiring Rich: $1,983,548
• Annual Cost of Living After Social Security: $33,026

• Savings Needed for 20 years of Retiring Rich: $1,323,356
• Savings Needed for 25 Years of Retiring Rich: $1,654,195
• Savings Needed for 30 Years of Retiring Rich: $1,987,021
• Annual Cost of Living After Social Security: $33,084

• Savings Needed for 20 years of Retiring Rich: $1,388,112
• Savings Needed for 25 Years of Retiring Rich: $1,735,140
• Savings Needed for 30 Years of Retiring Rich: $2,084,252
• Annual Cost of Living After Social Security: $34,703

• Savings Needed for 20 years of Retiring Rich: $1,397,363
• Savings Needed for 25 Years of Retiring Rich: $1,746,704
• Savings Needed for 30 Years of Retiring Rich: $2,098,143
• Annual Cost of Living After Social Security: $34,934

• Savings Needed for 20 years of Retiring Rich: $1,427,428
• Savings Needed for 25 Years of Retiring Rich: $1,784,286
• Savings Needed for 30 Years of Retiring Rich: $2,143,286
• Annual Cost of Living After Social Security: $35,686

• Savings Needed for 20 years of Retiring Rich: $1,427,428
• Savings Needed for 25 Years of Retiring Rich: $1,784,286
• Savings Needed for 30 Years of Retiring Rich: $2,143,286
• Annual Cost of Living After Social Security: $35,686

• Savings Needed for 20 years of Retiring Rich: $1,450,556
• Savings Needed for 25 Years of Retiring Rich: $1,813,195
• Savings Needed for 30 Years of Retiring Rich: $2,178,011
• Annual Cost of Living After Social Security: $36,264

• Savings Needed for 20 years of Retiring Rich: $1,478,308
• Savings Needed for 25 Years of Retiring Rich: $1,847,885
• Savings Needed for 30 Years of Retiring Rich: $2,219,682
• Annual Cost of Living After Social Security: $36,958

• Savings Needed for 20 years of Retiring Rich: $1,492,985
• Savings Needed for 25 Years of Retiring Rich: $1,865,231
• Savings Needed for 30 Years of Retiring Rich: $2,240,517
• Annual Cost of Living After Social Security: $37,305

• Savings Needed for 20 years of Retiring Rich: $1,501,435
• Savings Needed for 25 Years of Retiring Rich: $1,876,794
• Savings Needed for 30 Years of Retiring Rich: $2,254,408
• Annual Cost of Living After Social Security: $37,536

• Savings Needed for 20 years of Retiring Rich: $1,503,748
• Savings Needed for 25 Years of Retiring Rich: $1,879,685
• Savings Needed for 30 Years of Retiring Rich: $2,257,880
• Annual Cost of Living After Social Security: $37,594

• Savings Needed for 20 years of Retiring Rich: $1,524,563
• Savings Needed for 25 Years of Retiring Rich: $1,905,703
• Savings Needed for 30 Years of Retiring Rich: $2,289,133
• Annual Cost of Living After Social Security: $38,114

• Savings Needed for 20 years of Retiring Rich: $1,526,875
• Savings Needed for 25 Years of Retiring Rich: $1,908,594
• Savings Needed for 30 Years of Retiring Rich: $2,292,606
• Annual Cost of Living After Social Security: $38,172

• Savings Needed for 20 years of Retiring Rich: $1,559,253
• Savings Needed for 25 Years of Retiring Rich: $1,949,067
• Savings Needed for 30 Years of Retiring Rich: $2,341,221
• Annual Cost of Living After Social Security: $38,981

• Savings Needed for 20 years of Retiring Rich: $1,630,948
• Savings Needed for 25 Years of Retiring Rich: $2,038,685
• Savings Needed for 30 Years of Retiring Rich: $2,448,871
• Annual Cost of Living After Social Security: $40,774

• Savings Needed for 20 years of Retiring Rich: $1,637,886
• Savings Needed for 25 Years of Retiring Rich: $2,047,357
• Savings Needed for 30 Years of Retiring Rich: $2,459,288
• Annual Cost of Living After Social Security: $40,947

• Savings Needed for 20 years of Retiring Rich: $1,693,391
• Savings Needed for 25 Years of Retiring Rich: $2,116,739
• Savings Needed for 30 Years of Retiring Rich: $2,542,629
• Annual Cost of Living After Social Security: $42,335

• Savings Needed for 20 years of Retiring Rich: $1,693,391
• Savings Needed for 25 Years of Retiring Rich: $2,116,739
• Savings Needed for 30 Years of Retiring Rich: $2,542,629
• Annual Cost of Living After Social Security: $42,335

• Savings Needed for 20 years of Retiring Rich: $1,700,329
• Savings Needed for 25 Years of Retiring Rich: $2,125,412
• Savings Needed for 30 Years of Retiring Rich: $2,553,047
• Annual Cost of Living After Social Security: $42,508

• Savings Needed for 20 years of Retiring Rich: $1,829,842
• Savings Needed for 25 Years of Retiring Rich: $2,287,302
• Savings Needed for 30 Years of Retiring Rich: $2,747,510
• Annual Cost of Living After Social Security: $45,746

• Savings Needed for 20 years of Retiring Rich: $2,021,797
• Savings Needed for 25 Years of Retiring Rich: $2,527,247
• Savings Needed for 30 Years of Retiring Rich: $3,035,732
• Annual Cost of Living After Social Security: $50,545

• Savings Needed for 20 years of Retiring Rich: $2,031,048
• Savings Needed for 25 Years of Retiring Rich: $2,538,810
• Savings Needed for 30 Years of Retiring Rich: $3,049,622
• Annual Cost of Living After Social Security: $50,776

• Savings Needed for 20 years of Retiring Rich: $2,033,361
• Savings Needed for 25 Years of Retiring Rich: $2,541,701
• Savings Needed for 30 Years of Retiring Rich: $3,053,095
• Annual Cost of Living After Social Security: $50,834

• Savings Needed for 20 years of Retiring Rich: $2,065,739
• Savings Needed for 25 Years of Retiring Rich: $2,582,174
• Savings Needed for 30 Years of Retiring Rich: $3,101,710
• Annual Cost of Living After Social Security: $51,643

• Savings Needed for 20 years of Retiring Rich: $2,567,599
• Savings Needed for 25 Years of Retiring Rich: $3,209,499
• Savings Needed for 30 Years of Retiring Rich: $3,855,254
• Annual Cost of Living After Social Security: $64,190

• Savings Needed for 20 years of Retiring Rich: $2,662,421
• Savings Needed for 25 Years of Retiring Rich: $3,328,026
• Savings Needed for 30 Years of Retiring Rich: $3,997,69
• Annual Cost of Living After Social Security: $66,561

• Savings Needed for 20 years of Retiring Rich: $2,662,421
• Savings Needed for 25 Years of Retiring Rich: $3,328,026
• Savings Needed for 30 Years of Retiring Rich: $3,997,629
• Annual Cost of Living After Social Security: $66,561

• Savings Needed for 20 years of Retiring Rich: $2,736,428
• Savings Needed for 25 Years of Retiring Rich: $3,420,535
• Savings Needed for 30 Years of Retiring Rich: $4,108,751
• Annual Cost of Living After Social Security: $68,411

• Savings Needed for 20 years of Retiring Rich: $2,819,686
• Savings Needed for 25 Years of Retiring Rich: $3,524,607
• Savings Needed for 30 Years of Retiring Rich: $4,233,763
• Annual Cost of Living After Social Security: $70,492

• Savings Needed for 20 years of Retiring Rich: $2,819,304
• Savings Needed for 25 Years of Retiring Rich: $3,524,607
• Savings Needed for 30 Years of Retiring Rich: $4,233,763
• Annual Cost of Living After Social Security: $70,492

• Savings Needed for 20 years of Retiring Rich: $3,069,460
• Savings Needed for 25 Years of Retiring Rich: $3,836,825
• Savings Needed for 30 Years of Retiring Rich: $4,608,798
• Annual Cost of Living After Social Security: $76,736

• Savings Needed for 20 years of Retiring Rich: $3,601,385
• Savings Needed for 25 Years of Retiring Rich: $4,501,732
• Savings Needed for 30 Years of Retiring Rich: $5,407,485
• Annual Cost of Living After Social Security: $90,035

• Savings Needed for 20 years of Retiring Rich: $4,422,401
• Savings Needed for 25 Years of Retiring Rich: $5,528,001
• Savings Needed for 30 Years of Retiring Rich: $6,640,241
• Annual Cost of Living After Social Security: $110,560

• Savings Needed for 20 years of Retiring Rich: $4,757,745
• Savings Needed for 25 Years of Retiring Rich: $5,947,182
• Savings Needed for 30 Years of Retiring Rich: $7,143,762
• Annual Cost of Living After Social Security: $118,944

Methodology: In order to find out exactly how much you need to retire in some of America’s biggest cities, GOBankingRates found the annual cost of expenditures for a retired person in each city by multiplying expenditures for people 65 and up from the Bureau of Labor Statistics’ 2022 Consumer Expenditure Survey by the cost-of-living index for each city from Sperling’s BestPlaces. To find how much money a retired person would need to save, we divided each city’s annual expenditures, minus the annual Social Security income as sourced from the Social Security Administration’s Monthly Statistical Snapshot in May 2024, by 0.0333%, 0.04% and 0.05% — assuming 20, 25 and 30 years of retirement respectively. To determine how much one would need to retire rich, GOBankingRates took the 20-, 25- and 30-year minimums and doubled those amounts. All data was collected on and is up to date as of June 17, 2024.