4 of America’s Largest Cities Where You Need More Than $3 Million To Retire Rich
Written by
Vance Cariaga
Edited by
Amber Barkley
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If you have $3 million saved up for retirement, congratulations — you’re much better off than most Americans. Only 16% of retirees even have $1 million saved, according to a recent survey from CNBC and Survey Monkey. A separate report from Guardian found that as of 2022, the median retirement savings for seniors 65 to 74 years old was just $200,000.
In most large U.S. cities, retiring with a $3 million nest egg will let you spend your golden years in luxury. But in four cities, you’ll need over $3 million to retire rich, according to a GOBankingRates study.
New York
- Savings needed for 20 years of retiring rich: $3,069,460
- Annual cost of living after Social Security: $76,736
The Big Apple is expensive, crowded and prone to frigid winters, but’s it’s also a great retirement destination for people who can afford it. New York ranked third overall in U.S. News & World Report’s “2025 Best Places to Retire” report, which analyzed data for the 150 top U.S. cities based on affordability, happiness, desirability, retiree taxes, job market and healthcare quality.
U.S. News gave the Big Apple a perfect 10.0 score for healthcare. New York also earned high marks for being home to “some of the world’s best theaters, restaurants, museums, parks and cultural activities.”
The main challenge for seniors is getting around. Driving — and parking — can be a major headache, and subways aren’t a great option for older folks who want to avoid stairs and packed subway cars. The best options for rich retirees are taxis, rideshare services and hired cars.
Oakland, California
- Savings needed for 20 years of retiring rich: $3,601,385
- Annual cost of living after Social Security: $90,035
U.S. News included Oakland as part of the San Francisco metro area, which had a high ranking of No. 14 overall in its list of best cities to retire. Although crime can be a problem in some areas of Oakland, it’s less so in the wealthier parts of town.
On the upside, Oakland offers moderate weather, a vibrant arts scene, excellent restaurants and plenty of natural beauty.
San Jose, California
- Savings needed for 20 years of retiring rich: $4,422,401
- Annual cost of living after Social Security: $110,560
San Jose is probably best known as a major Silicon Valley tech hub, but there’s much more to the city than just that.
U.S. News, which ranked San Jose No. 38 on its list of best cities to retire, cited the area’s proximity to both the Pacific Ocean and Santa Cruz Mountains, which makes it a great retirement destination for outdoor lovers. You’ll also get about 300 sunny days a year.
San Francisco
- Savings needed for 20 years of retiring rich: $4,757,745
- Annual cost of living after Social Security: $118,944
San Francisco is the most expensive U.S. city to retire in, according to the GOBankingRates study. Even so, it ranked 14th overall on U.S. News’ list of best places to retire. San Francisco is world renowned for its culture and cuisine. You’ll also have access to plenty of parks, waterfronts and outdoor activities. Although the weather can get breezy and foggy, temperatures are moderate throughout the year.
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