“Luxury” means different things to different people, especially when it comes to where you live. But as a general rule, it typically means you live near upscale amenities, stunning scenery and pricey homes. For retirees, you can add warm weather to the mix, though that’s not always a deal breaker.
You don’t necessarily need to spend a lot of money to enjoy a luxe lifestyle, but it certainly helps. Unfortunately, most Americans don’t have nearly enough savings to finance a luxurious retirement in an expensive city.
As GOBankingRates previously reported, a recent Prudential Financial survey found that 55-year-olds have median retirement savings of less than $50,000, which is “significantly short of the recommended goal of having eight times one’s annual income saved by this age.”
A nest egg of $50,000 is not enough to retire comfortably in most U.S. cities, let alone pricey ones that offer access to a luxurious lifestyle. No matter where you live, you need at least $500,000 to retire comfortably, even if you wait until age 70 to retire. In some places, you need more than $1 million.
Research from GOBankingRates looked at all U.S. cities with populations over 15,000 and 65-plus populations of more than 25% to find some of the most expensive cities to retire in. Here were some of the key findings:
- California is home to the largest number of expensive retirement cities, while Florida ranks second.
- Naples, Florida, has the largest percentage of 65+ residents of any area on the list. More than half (55%) of its population is age 65 or older.
- The median income in the richest retirement town in America is $166,747.
When it comes to expensive retirement cities that also throw in large doses of luxury, you need to find cities or towns with easy access to high-end shops, restaurants and resort areas, as well as amenities that might range from award-winning golf courses to Instagram-ready beaches or mountains.
Here’s a look at 12 of the most expensive luxury retirement cities in America based on home prices and cost of living. Home prices are from the latest Realtor.com data, while cost-of-living scores are from BestPlaces. Any score above 100 means the cost of living is higher than the U.S. average.
Boulder, Colorado
- Median listing home price: $1.2 million
- Cost-of-living index score: 141.3
The Hamptons, New York
- Median listing home price: $2.8 million
- Cost-of-living index score: 147.1
Honolulu, Hawaii
- Median listing home price: $630,000
- Cost-of-living index score: 171.5
Los Angeles, California
- Median listing home price: $1.2 million
- Cost-of-living index score: 161.7
Miami, Florida
- Median listing home price: $655,000
- Cost-of-living index score: 118.9
Naples, Florida
- Median listing home price: $750,000
- Cost-of-living index score: 113
San Diego, California
- Median listing home price: $998,000
- Cost-of-living index score: 154.9
San Francisco, California
- Median listing home price: $1.2 million
- Cost-of-living index score: 245.5
San Jose, California
- Median listing home price: $1.3 million
- Cost-of-living index score: 231
Santa Barbara, California
- Median listing home price: $2.6 million
- Cost-of-living index score: 154.7
Santa Rosa, California
- Median listing home price: $875,000
- Cost-of-living index score: 151.8
Seattle, Washington
- Median listing home price: $800,000
- Cost-of-living index score: 158.1