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How Much a Comfortable Retirement Will Cost You in the 50 Largest Metros

April 19, 2024

9 min Read

Written by Jordan Rosenfeld

Edited by Chris Cluff

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GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

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Retirees are drawn to large metros because they are more likely to have a wide variety of amenities, good transportation, access to leisure and cultural activities, and opportunities for connection that older adults want in their golden years.

However, sometimes living in a bigger metropolitan area costs more money, too. City life can sometimes be more expensive than small-town life. A comfortable retirement means different things to different people, but GOBankingRates wanted to get a baseline of expenses and how much you would need to have saved in order to live in these top 50 metro areas in the United States.

To do so, GOBankingRates analyzed the essential expenditures of Americans aged 65 and older, based on data sourced from the Bureau of Labor Statistics’ (BLS) most recent Consumer Expenditure Survey. An additional savings buffer of 20% was calculated. GOBankingRates then assumed 20 years of retirement in determining the retirement savings needed to live comfortably and retirement savings needed with Social Security benefits.

50. San Jose, California

Cost-of-living index: 230.2
Total annual expenditures: $133,097
Annual comfortable retirement costs: $159,716
Retirement savings needed without Social Security: $3,194,329
Retirement savings needed with Social Security: $2,746,844

49. San Francisco

Cost-of-living index: 213.4
Total annual expenditures: $123,384
Annual comfortable retirement costs: $148,060
Retirement savings needed without Social Security: $2,961,207
Retirement savings needed with Social Security: $2,513,722

48. Los Angeles

Cost-of-living index: 166.6
Total annual expenditures: $96,325
Annual comfortable retirement costs: $115,590
Retirement savings needed without Social Security: $2,311,795
Retirement savings needed with Social Security: $1,864,310

47. San Diego

Cost-of-living index: 157.1
Total annual expenditures: $90,832
Annual comfortable retirement costs: $108,999
Retirement savings needed without Social Security: $2,179,970
Retirement savings needed with Social Security: $1,732,485

Today’s Top Offers

46. New York

Cost-of-living index: 150.4
Total annual expenditures: $66,375
Annual comfortable retirement costs: $79,650
Retirement savings needed without Social Security: $1,593,002
Retirement savings needed with Social Security: $1,145,517

45. Seattle

Cost-of-living index: 147.3
Total annual expenditures: $85,166
Annual comfortable retirement costs: $102,199
Retirement savings needed without Social Security: $2,043,982
Retirement savings needed with Social Security: $1,596,497

44. Boston

Cost-of-living index: 142.2
Total annual expenditures: $82,217
Annual comfortable retirement costs: $98,661
Retirement savings needed without Social Security: $1,973,213
Retirement savings needed with Social Security: $1,525,728

43. Washington, D.C.

Cost-of-living index: 137.5
Total annual expenditures: $79,500
Annual comfortable retirement costs: $95,400
Retirement savings needed without Social Security: $1,907,994
Retirement savings needed with Social Security: $1,460,509

42. Sacramento, California

Cost-of-living index: 132.7
Total annual expenditures: $76,724
Annual comfortable retirement costs: $92,069
Retirement savings needed without Social Security: $1,841,388
Retirement savings needed with Social Security: $1,393,903

41. Denver

Cost-of-living index: 129.5
Total annual expenditures: $74,874
Annual comfortable retirement costs: $89,849
Retirement savings needed without Social Security: $1,796,983
Retirement savings needed with Social Security: $1,349,499

40. Riverside, California

Cost-of-living index: 129.4
Total annual expenditures: $74,816
Annual comfortable retirement costs: $89,780
Retirement savings needed without Social Security: $1,795,596
Retirement savings needed with Social Security: $1,348,111

39. Portland, Oregon

Cost-of-living index: 126.2
Total annual expenditures: $72,966
Annual comfortable retirement costs: $87,560
Retirement savings needed without Social Security: $1,751,192
Retirement savings needed with Social Security: $1,303,707

38. Austin, Texas

Cost-of-living index: 122.9
Total annual expenditures: $71,058
Annual comfortable retirement costs: $85,270
Retirement savings needed without Social Security: $1,705,400
Retirement savings needed with Social Security: $1,257,915

37. Salt Lake City

Cost-of-living index: 120.2
Total annual expenditures: $69,497
Annual comfortable retirement costs: $83,397
Retirement savings needed without Social Security: $1,667,934
Retirement savings needed with Social Security: $1,220,449

Today’s Top Offers

36. Miami

Cost-of-living index: 114.8
Total annual expenditures: $66,375
Annual comfortable retirement costs: $79,650
Retirement savings needed without Social Security: $1,593,002
Retirement savings needed with Social Security: $1,145,517

35. Providence, Rhode Island

Cost-of-living index: 114
Total annual expenditures: $65,913
Annual comfortable retirement costs: $79,095
Retirement savings needed without Social Security: $1,581,901
Retirement savings needed with Social Security: $1,134,416

34. Phoenix

Cost-of-living index: 112.7
Total annual expenditures: $65,161
Annual comfortable retirement costs: $78,193
Retirement savings needed without Social Security: $1,563,861
Retirement savings needed with Social Security: $1,116,376

33. Las Vegas

Cost-of-living index: 111.7
Total annual expenditures: $64,583
Annual comfortable retirement costs: $77,499
Retirement savings needed without Social Security: $1,549,985
Retirement savings needed with Social Security: $1,102,500

32. Baltimore

Cost-of-living index: 108.6
Total annual expenditures: $62,790
Annual comfortable retirement costs: $75,348
Retirement savings needed without Social Security: $1,506,968
Retirement savings needed with Social Security: $1,059,484

31. Philadelphia

Cost-of-living index: 108.5
Total annual expenditures: $62,733
Annual comfortable retirement costs: $75,279
Retirement savings needed without Social Security: $1,505,581
Retirement savings needed with Social Security: $1,058,096

30. Nashville, Tennessee

Cost-of-living index: 106.5
Total annual expenditures: $61,576
Annual comfortable retirement costs: $73,891
Retirement savings needed without Social Security: $1,477,828
Retirement savings needed with Social Security: $1,030,343

29. Atlanta

Cost-of-living index: 105.9
Total annual expenditures: $61,229
Annual comfortable retirement costs: $73,475
Retirement savings needed without Social Security: $1,469,502
Retirement savings needed with Social Security: $1,022,017

28. Hartford, Connecticut

Cost-of-living index: 105.5
Total annual expenditures: $60,998
Annual comfortable retirement costs: $73,198
Retirement savings needed without Social Security: $1,463,952
Retirement savings needed with Social Security: $1,016,467

27. Minneapolis

Cost-of-living index: 105.5
Total annual expenditures: $60,998
Annual comfortable retirement costs: $73,198
Retirement savings needed without Social Security: $1,463,952
Retirement savings needed with Social Security: $1,016,467

Today’s Top Offers

26. Dallas

Cost-of-living index: 103.8
Total annual expenditures: $60,015
Annual comfortable retirement costs: $72,018
Retirement savings needed without Social Security: $1,440,362
Retirement savings needed with Social Security: $992,877

25. Orlando

Cost-of-living index: 103.4
Total annual expenditures: $59,784
Annual comfortable retirement costs: $71,741
Retirement savings needed without Social Security: $1,434,812
Retirement savings needed with Social Security: $987,327

24. Chicago

Cost-of-living index: 102.9
Total annual expenditures: $59,495
Annual comfortable retirement costs: $71,394
Retirement savings needed without Social Security: $1,427,873
Retirement savings needed with Social Security: $980,389

23. Tampa, Florida

Cost-of-living index: 102.2
Total annual expenditures: $59,090
Annual comfortable retirement costs: $70,908
Retirement savings needed without Social Security: $1,418,160
Retirement savings needed with Social Security: $970,675

22. Raleigh, North Carolina

Cost-of-living index: 101.2
Total annual expenditures: $58,512
Annual comfortable retirement costs: $70,214
Retirement savings needed without Social Security: $1,404,284
Retirement savings needed with Social Security: $956,799

21. Jacksonville, Florida

Cost-of-living index: 100
Total annual expenditures: $57,818
Annual comfortable retirement costs: $69,382
Retirement savings needed without Social Security: $1,387,632
Retirement savings needed with Social Security: $940,147

20. Houston

Cost-of-living index: 99.8
Total annual expenditures: $57,702
Annual comfortable retirement costs: $69,243
Retirement savings needed without Social Security: $1,384,857
Retirement savings needed with Social Security: $937,372

19. New Orleans

Cost-of-living index: 99.1
Total annual expenditures: $57,298
Annual comfortable retirement costs: $68,757
Retirement savings needed without Social Security: $1,375,143
Retirement savings needed with Social Security: $927,659

18. Virginia Beach, Virginia

Cost-of-living index: 99.1
Total annual expenditures: $57,298
Annual comfortable retirement costs: $68,757
Retirement savings needed without Social Security: $1,375,143
Retirement savings needed with Social Security: $927,659

17. Charlotte, North Carolina

Cost-of-living index: 98.8
Total annual expenditures: $57,124
Annual comfortable retirement costs: $68,549
Retirement savings needed without Social Security: $1,370,980
Retirement savings needed with Social Security: $923,496

Today’s Top Offers

16. Detroit

Cost-of-living index: 98.2
Total annual expenditures: $56,777
Annual comfortable retirement costs: $68,133
Retirement savings needed without Social Security: $1,362,655
Retirement savings needed with Social Security: $915,170

15. Richmond, Virginia

Cost-of-living index: 96.7
Total annual expenditures: $55,910
Annual comfortable retirement costs: $67,092
Retirement savings needed without Social Security: $1,341,840
Retirement savings needed with Social Security: $894,355

14. Milwaukee

Cost-of-living index: 95.5
Total annual expenditures: $55,216
Annual comfortable retirement costs: $66,259
Retirement savings needed without Social Security: $1,325,189
Retirement savings needed with Social Security: $877,704

13. San Antonio

Cost-of-living index: 93.7
Total annual expenditures: $54,175
Annual comfortable retirement costs: $65,011
Retirement savings needed without Social Security: $1,300,211
Retirement savings needed with Social Security: $852,726

12. Kansas City

Cost-of-living index: 93.5
Total annual expenditures: $54,060
Annual comfortable retirement costs: $64,872
Retirement savings needed without Social Security: $1,297,436
Retirement savings needed with Social Security: $849,951

11. Columbus, Ohio

Cost-of-living index: 93
Total annual expenditures: $53,771
Annual comfortable retirement costs: $64,525
Retirement savings needed without Social Security: $1,290,498
Retirement savings needed with Social Security: $843,013

10. Buffalo, New York

Cost-of-living index: 91.9
Total annual expenditures: $53,135
Annual comfortable retirement costs: $63,762
Retirement savings needed without Social Security: $1,275,234
Retirement savings needed with Social Security: $827,749

9. Cincinnati

Cost-of-living index: 90.6
Total annual expenditures: $52,383
Annual comfortable retirement costs: $62,860
Retirement savings needed without Social Security: $1,257,195
Retirement savings needed with Social Security: $809,710

8. Indianapolis

Cost-of-living index: 90.2
Total annual expenditures: $52,152
Annual comfortable retirement costs: $62,582
Retirement savings needed without Social Security: $1,251,644
Retirement savings needed with Social Security: $804,159

7. Pittsburgh

Cost-of-living index: 90.1
Total annual expenditures: $52,094
Annual comfortable retirement costs: $62,513
Retirement savings needed without Social Security: $1,250,256
Retirement savings needed with Social Security: $802,772

Today’s Top Offers

6. Louisville, Kentucky

Cost-of-living index: 89.9
Total annual expenditures: $51,978
Annual comfortable retirement costs: $62,374
Retirement savings needed without Social Security: $1,247,481
Retirement savings needed with Social Security: $799,996

5. Birmingham, Alabama

Cost-of-living index: 89.5
Total annual expenditures: $51,747
Annual comfortable retirement costs: $62,097
Retirement savings needed without Social Security: $1,241,931
Retirement savings needed with Social Security: $794,446

4. St. Louis, Missouri

Cost-of-living index: 88.8
Total annual expenditures: $51,342
Annual comfortable retirement costs: $61,611
Retirement savings needed without Social Security: $1,232,217
Retirement savings needed with Social Security: $784,732

3. Oklahoma City

Cost-of-living index: 87.1
Total annual expenditures: $50,359
Annual comfortable retirement costs: $60,431
Retirement savings needed without Social Security: $1,208,628
Retirement savings needed with Social Security: $761,143

2. Memphis, Tennessee

Cost-of-living index: 86.1
Total annual expenditures: $49,781
Annual comfortable retirement costs: $59,738
Retirement savings needed without Social Security: $1,194,751
Retirement savings needed with Social Security: $747,266

1. Cleveland

Cost-of-living index: 84.4
Total annual expenditures: $48,798
Annual comfortable retirement costs: $58,558
Retirement savings needed without Social Security: $1,171,161
Retirement savings needed with Social Security: $723,677

Methodology: GOBankingRates analyzed the following expenditures of Americans aged 65 and older, based on data sourced from the Bureau of Labor Statistics’ (BLS) most recent Consumer Expenditure Survey release for the full year of 2022: (1) overall average annual expenditures. Spending estimates were adjusted to the metro level by multiplying each cost category by its corresponding cost-of-living index score in each state, sourced from Sperling’s Best Cost-of-living index data. After calculating total consumption expenditures, an additional (2) savings buffer was calculated by assuming that total expenditures consume 80% of ones budget (50% for necessities and 30% for discretionary spending), with 20% left over for savings. GOBankingRates then combined factors (1) and (2) and factored it out by 20 (assuming 20 years of retirement) to give (3) retirement savings needed to live comfortably and (4) retirement savings needed with Social Security benefits. All data was collected on and is up to date as of April 17, 2024.

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