Have $2 Million Saved? You Can Retire Rich in These 20 Big Cities

If you’re looking for a luxurious retirement, $2 million might not get you very far in New York or San Francisco, but if you’ve managed to amass such an impressive nest egg, you can retire rich in at least 20 other major American cities.

GOBankingRates used data from the Social Security Administration, Bureau of Labor Statistics and Sperling’s BestPlaces to determine the minimum nest egg required to retire comfortably in some of America’s largest metros and then doubled it.

In 20 of them, $2 million is enough to buy you a high-end retirement for three decades without worry.

When reading, keep in mind that the savings needed to retire rich in the U.S. overall is $1,392,738 for 20 years, $1,740,922 for 25 years and $2,091,198 for 30 years.

• Savings needed for 20 years of retiring rich: $974,135
• Savings needed for 25 years of retiring rich: $1,217,669
• Savings needed for 30 years of retiring rich: $1,462,666

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• Savings needed for 20 years of retiring rich: $1,203,095
• Savings needed for 25 years of retiring rich: $1,503,868
• Savings needed for 30 years of retiring rich: $1,806,448

• 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

• 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

• 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

• 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

• 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

• 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

• 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

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 the 65 year and older expenditures 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, 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 is collected and is up to date as of June 17, 2024.