How Much You Need To Retire Rich in 6 Big Texas Cities

The Lone Star state is regularly touted as one of the most affordable places for retirees, however, not all Texas cities are created equal.

Before moving to the former republic, retirees need to do their research and make sure that the area they have saved enough money to live comfortably in their preferred Texas locale. 

The great thing about a state as big as Texas is that you can find a little bit of everything, from huge metropolitan areas to small towns with populations under one thousand.

If retired life involves vibrant nightlife, cultural attractions, and access to endless amenities, then you will want to know how much you need to retire rich in these six big Texas cities. 

• Savings needed for 20 years of retiring rich: $2,065,739
• Savings needed for 25 years of retiring rich: $2,582, 174
• Savings needed for 30 years of retiring rich: $3,101,710

Austin is one of the most unique cities in Texas. Situated in Hill Country, the city is known for music, arts and stunning lakes.

Unfortunately, retiring near the state capital will cost you. You’ll need a minimum of $1.03 million for 20 years of retirement and considerably more to retire rich.

The cost of living is higher than most other cities with total annual expenditures costing $74,643. Healthcare and housing costs drive this higher cost of living in the city.

• Savings needed for 20 years of retiring rich: $1,427,428
• Savings needed for 25 years of retiring rich: $1,784,286
• Savings needed for 30 years of retiring rich: $2,143,286

The Arlington/Ft. Worth Metroplex is considerably more affordable to retire in compared to Austin, but you will still need a minimum of $713,714 in savings for 20 years of retirement.

The annual cost of living is over $58,685, with transportation costs exceeding the national average by several hundred dollars each year. 

• 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

It’s unlikely you will ever get bored in the Big D, but you’ll want to make sure you have a minimum of $873,352 saved for 25 years of retirement.

While the annual cost of living is only slightly higher than the national average, transportation expenses are over 17% more than what the typical person pays in the U.S.

• 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

As the largest city in the state, Houston is an ideal location for retirees wanting big city vibes.

For 30 years of retirement, you will want to have a minimum of $991,774 in savings. Cost of living in the city is just under the national average, aided by more affordable housing and slightly lower utilities. 

• 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

If nightly strolls on the River Walk and some of the best tex mex in the state is your dream retirement life, then San Antonio may be calling your name. The city is rich in history and cost-effective if you want to retire rich.

You will need a minimum of $595,765 in savings for 20 years of retirement. With an annual cost of living almost 9% less than the national average, you won’t be breaking the bank to live comfortably in this dynamic city.

• 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

Situated far to the West, El Paso is a picturesque setting for retirees hoping to enjoy state parks, museums and a diverse community. El Paso is also one of the few big cities in Texas where under half a million will get you 20 years of retirement.

Make sure you have stashed a minimum of $487,068 to last that long in the city. Factors like inexpensive groceries and annual housing costs of $6,500 contribute to the area’s low cost of living. 

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 Best. 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.