17 Best Cities To Retire With $1 Million in Savings

If you have $1 million saved up for retirement, you will want to find a state where you can get the most out of your money. After all, the average life expectancy in the United States is 76.4 years, so you will want to make sure you have enough money to last you well into your 70s and then some.

At GOBankingRates, we looked at the national average annual expenditures for people 65 and older to determine which cities would be best to retire if you have saved $1 million for retirement. On average, in the US, $1million will fund a little over 17 years of retirement. In each of the top 17 places, however, your $1 million in retirement savings will last you 20 years or more, ensuring you can live comfortably throughout your golden years.

Here are the 17 best cities to retire with $1 million in retirement savings.

• # of years $1M will last: 20.02 years
• Age you would run out of money if you retired at 65: 85 years old
• Annual expenditure: $49,954.75

With $1 million in retirement savings, you will be able to retire comfortably in Columbus, Ohio. The money will last you approximately 20 years and 6 days, thanks to low annual healthcare and housing expenditures. Overall annual expenditures for people 65 years and older in Columbus are nearly $8,000 less than the national average.

• # of years $1M will last: 20.37 years
• Age you would run out of money if you retired at 65: 85 years old
• Annual expenditure: $49,087.48

If you have always dreamed of retiring in Indianapolis, you will be able to get over 20 years out of your $1 million in savings. Annual expenditures are substantially less than the national average, including annual grocery expenditures of $4,489.99, compared to the U.S. average of $4,797, and annual housing expenditures of $7,330.88, compared to the national average of $11,692.

• # of years $1M will last: 20.42 years
• Age you would run out of money if you retired at 65: 85 years old
• Annual expenditure: $48,971.85

Set along the banks of Lake Michigan, Milwaukee, Wisconsin, is a beautiful, vibrant town. Retirees flock to the area to take advantage of the low cost of living, including annual housing expenditures that are over $5,000 less than the average in the U.S.

• # of years $1M will last: 20.49 years
• Age you would run out of money if you retired at 65: 85 years old
• Annual expenditure: $48,798.39

The picturesque plains of Oklahoma City are not only beautiful, but they are affordable. If you retire with $1 million, it will last you approximately 20 years, 5 months, and 27 days. Several factors contribute to the city’s affordability for retirees, including annual transportation expenditures of $4,720.57, over $200 less than the national average.

• # of years $1M will last: 20.66 years
• Age you would run out of money if you retired at 65: 86 years old
• Annual expenditure: $48,393.67

The coastal community of Corpus Christi is perfect for retirees looking to stretch their budgets. With $1 million in savings, you can expect it to last 20 years, 7 months, and 29 days. If you retire at the age of 65, this means that you will be 86 years old before your money runs out.

• # of years $1M will last: 20.91 years
• Age you would run out of money if you retired at 65: 86 years old
• Annual expenditure: $47,815.49

A little Southern charm goes a long way. Greensboro, North Carolina, offers retirees that and more. With $1 million in savings, you will be around 86 years old before your money runs out if you retire at 65. The city’s affordability is due in part to its low housing and transportation costs. Both are significantly under the national average.

• # of years $1M will last: 20.91 years
• Age you would run out of money if you retired at 65: 86 years old
• Annual expenditure: $47,815.49

You will get well over 20 years and 10 months before your $1 million in retirement savings will run out if you decide to spend your golden years in St. Louis, Missouri. The city is ideal for retirees with an annual expenditure of over $10,000 less than the national average.

• # of years $1M will last: 20.99 years
• Age you would run out of money if you retired at 65: 86 years old
• Annual expenditure: $47,642.03

If you want to make your money last longer or you hope to retire a little earlier, you will want to consider Tulsa, Oklahoma. $1 million in retirement savings will last just under 21 years due to annual housing costs over $5,600 below the average in the U.S.

• # of years $1M will last: 21.09 years
• Age you would run out of money if you retired at 65: 86 years old
• Annual expenditure: $47,410.76

Perhaps the Lone Star State is where you see yourself retiring. You are in luck since cities like Laredo are extremely affordable. $1 million in retirement savings will last you for over 21 years. Annual grocery expenditures of $4,422.83 add to the low cost of living in the area.

• # of years $1M will last: 21.09 years
• Age you would run out of money if you retired at 65: 86 years old
• Annual expenditure: $47,410.76

Another Texas town you may want to consider is El Paso, Texas. The border city is inexpensive and offers a blend of multiple cultures. From rodeos to hundred-year-old Spanish missions, the city is unique and friendly, with a rich, diverse history. Your $1 million in retirement should last you for over 21 years, meaning you will be 86 before it runs out if you retire when you are 65.

• # of years $1M will last: 21.20 years
• Age you would run out of money if you retired at 65: 86 years old
• Annual expenditure: $47,179.49

With an annual expenditure of $47,179.49 for people 65 and older, Wichita should be near the top of your list for ideal locations to retire. $1 million in retirement savings will last you around 21 years, 2 months, and 11 days thanks to lower-than-average transportation and housing costs.

• # of years $1M will last: 21.27 years
• Age you would run out of money if you retired at 65: 86 years old
• Annual expenditure: $47,006.03

Winston-Salem not only has an interesting past playing a key role in the tobacco industry, but it also is highly affordable for retirees. $1 million will last you over 21 years due to a low cost of living. Annual housing expenditures are $7,307.50, over $4,000 less than the national average. 

• # of years $1M will last: 21.43 years
• Age you would run out of money if you retired at 65: 86 years old
• Annual expenditure: $46,659.13

The college town of Lubbock, Texas, isn’t just for coeds. Retirees flock to the West Texas town, knowing that their money can stretch a little further. People over the age of 65 enjoy annual grocery expenditures of $4,408.44, over $300 below the average in the United States.

• # of years $1M will last: 21.46 years
• Age you would run out of money if you retired at 65: 86 years old
• Annual expenditure: $46,601.31

Retiring in Fort Wayne, Indiana, can help ensure your $1 million in retirement savings lasts you well over 21 years. This means that you may be able to retire earlier than you anticipated because of low annual expenditures.

• # of years $1M will last: 22.32 years
• Age you would run out of money if you retired at 65: 87 years old
• Annual expenditure: $44,808.95

If retirement sounds like the Blues, you may want to think about Memphis, Tennessee. Not only will you get your fill of great music, but you will also be able to make your $1 million in retirement savings last 22 years, 3 months, and 25 days. This means that you will not run out of money until you are 87 years old if you stop working at 65.

• # of years $1M will last: 23.92 years
• Age you would run out of money if you retired at 65: 89 years old
• Annual expenditure: $41,802.41

Whether you want to retire a little earlier than your peers or are hoping to live a little longer, you will want to consider retiring in Cleveland, Ohio. The city’s annual housing expenditures are $2,759.31, almost $9,000 less than the national average. Your money will last you for 23 years, 11 months, and 2 days, meaning you will not have to worry until you are 89 years old if you retire at 65.

• # of years $1M will last: 23.96 years
• Age you would run out of money if you retired at 65: 89 years old
• Annual expenditure: $41,744.60

And finally, the number one most affordable city to retire if you have $1 million in savings is Toledo, Ohio. Your savings will last for 23 years, 11 months, and 14 days due to lower-than-normal healthcare and housing expenditures. You will save big on just about everything in Toledo, meaning you can quit your morning commute a few years earlier than you thought.

Methodology: In order to find the best cities to retire with $1,000,000 across the country, GOBankingRates first found (1) the national average annual expenditures for people 65 and older, sourced from the Bureau of Labor Statistics’ 2022 Consumer Expenditure Survey data. Then, GOBankingRates created (2) city-level annual expenditure estimates by multiplying the national figure by each city’s overall cost of living index score from Sperling’s Best Places. Finally, GOBankingRates found (3) how many years $1,000,000 will last in each city by dividing $1,000,000 by each city’s average annual expenditures estimate. All cities were then ranked, with No. 1 being the city where $1,000,000 will last the longest and No. 100 being the city where it will run out most quickly. GOBankingRates provided supplemental information on the average annual cost of groceries, housing, utilities, transportation, and healthcare for people 65 and older in each city by again using Sperling’s Best Places cost of living indices for each category to factor out national estimates from the 2022 CES. Only the 100 most populous cities, according to the 2022 American Community Survey, were considered. All data was collected on and up to date as of October 5, 2023.

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