Want To Retire In One of America’s Safest Cities? $1 Million Might Not Get You Far
See how long your nest egg will last in these safe cities.
North Ridgeville
- Total crime rate per 1,000 residents: 3.6
- Total cost of living index: 88.7
- Total annual expenditures: $42,670.02
- Annual expenditures after annual Social Security benefits are used: $25,501.26
How long $1 million will last: 39 years, 2 months and 9 days
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Alexandria Bova contributed to the reporting for this article.
Methodology: GOBankingRates looked at the 50 safest cities in America as sourced from NeighborhoodScout's 2021 Top 100 Safest Cities in America Report, in order to find out how long $1 million will last you in retirement in America's safest cities. GOBankingRates determined the amount of time that $1 million will last during retirement in each city by multiplying the annual expenditures for someone 65 and older, sourced from the midyear 2019-2020 Consumer Expenditure Survey as conducted by the Bureau of Labor Statistics, by each city's overall cost of living index as sourced from Sperling's Best Places. This Annual Expenditure figure was then reduced by the annual Social Security Benefits a retiree would receive based on the Social Security Administration's Monthly Statistical Snapshot, May 2021. Once the final annual expenditure minus Social Security benefits total was found, GOBankingRates took this figure and divided it by 1,000,000 to get the years, months and days that a million would last in retirement for each city. Each city's crime rate (per 1,000) residents was sourced from NeighborhoodScout. All data is up to date and compiled on June 30, 2021.
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