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The Most Expensive US Cities for a Comfortable Retirement - Business Insider

San Jose California
San Jose, California, is one of the most expensive places to retire.
Sean Duan/Getty

Some of the most expensive cities for retirement aren't the biggest cities in the US

According to data from GOBankingRates, it could cost you a lot to retire comfortably in several cities across the US. All with a needed income of over $100,000 per year to live comfortably, saving for retirement could be a challenge if you're hoping to live in one of these cities. 

Insider used GOBankingRates' data on what it would cost to live annually as a homeowner to calculate the total amount needed for retirement using the 4% rule. The 4% rule is commonly used by financial planners to create a ballpark estimate for how much money is needed for retirement. To find the total, the rule multiplies desired annual income by 25. 

Here are the 14 US cities where retirement will be the most expensive, and the amount that would be needed to retire comfortably.

14. Miami, Florida

Miami Florida homes
travelview/Shutterstock

Miami will cost over $100,000 per year to live comfortably, and that can add up to needing $2.6 million to retire. 

Annual income needed to live comfortably as a homeowner: $104,965

Retirement savings you'd need to live comfortably: $2,624,125

13. Portland, Oregon

portland oregon
Getty Images/RyanJLane

Portland is becoming increasingly expensive, and retiring there might require a large amount of savings. 

Annual income needed to live comfortably as a homeowner: $106,256

Retirement savings you'd need to live comfortably: $2,656,400

12. Denver, Colorado

People cool off in the water at the confluence of the South Platte River and Cherry Creek in Denver, Colorado on June 14, 2021.
AP Photo/Brittany Peterson

Denver could be a relatively expensive place to retire, compared to other similarly-sized cities.

Annual income needed to live comfortably as a homeowner: $109,020

Retirement savings you'd need to live comfortably: $2,725,500

11. Boston, Massachusetts

Boston Massachusetts
Prasit/Getty Images

You'd need almost $130,000 per year to retire comfortably in Boston. 

Annual income needed to live comfortably as a homeowner: $129,389

Retirement savings you'd need to live comfortably: $3,234,725

10. San Diego, California

San Diego, California
Shutterstock

San Diego is the cheapest of the California cities on this list, but it could still cost upwards of $130,000 per year. 

Annual income needed to live comfortably as a homeowner: $137,826

Retirement savings you'd need to live comfortably: $3,445,650

9. Long Beach, California

A man works out at Shoreline Park in Long Beach, California, April 22, 2020.
Reuters/Mario Anzuoni

If you want to live in Long Beach, be prepared for a high cost of living. 

Annual income needed to live comfortably as a homeowner: $138,698

Retirement savings you'd need to live comfortably: $3,467,450

8. Washington, DC

A person rides a bike on an empty street on January 17, 2021 in Washington, DC.
Spencer Platt/Getty Images

The nation's capital can be an expensive place to live, and an expensive place to retire.

Annual income needed to live comfortably as a homeowner: $142,230

Retirement savings you'd need to live comfortably: $3,555,750

7. Seattle, Washington

The skyline of Seattle, Washington at sunset
Matteo Colombo/Getty Images

Seattle offers retirees an abundance of nature, but also high costs of living. 

Annual income needed to live comfortably as a homeowner: $144,786

Retirement savings you'd need to live comfortably: $3,619,650

6. Oakland, California

Oakland, California skyline at sunset
DenisTangneyJr/Getty Images

Retiring in Oakland, California, could require about $3.6 million in savings.

Annual income needed to live comfortably as a homeowner: $145,274

Retirement savings you'd need to live comfortably: $3,631,850

5. New York City, New York

People cross a street in New York City, New York
Alexander Spatari/Getty Images

Living and retiring comfortably in New York City could cost well over $140,000 per year. 

Annual income needed to live comfortably as a homeowner: $148,448.00

Retirement savings you'd need to live comfortably: $3,711,200

4. Los Angeles, California

An aerial view shows MacArthur Park and downtown.
Mario Tama/Getty Images

In Los Angeles, living comfortably will cost about $150,000 per year. 

Annual income needed to live comfortably as a homeowner: $150,392

Retirement savings you'd need to live comfortably: $3,759,800

3. Honolulu, Hawaii

Storm chasing surfers and body boarders enjoy the waves before the pandemic in Honolulu, Hawaii.
Kat Wade/Getty Images

Honolulu is picturesque, but it's also the third most expensive city on this list. 

Annual income needed to live comfortably as a homeowner: $190,201

Retirement savings you'd need to live comfortably: $4,755,025

2. San Jose, California

Homes at night in San Jose, California
Sean Duan/Getty

Retiring in San Jose, California, could require an income of almost $200,000 per year. 

Annual income needed to live comfortably as a homeowner: $197,502

Retirement savings you'd need to live comfortably: $4,937,550

1. San Francisco, California

A house for sale in San Francisco, California.
Robert Galbraith/Reuters

San Francisco is the most expensive city on this list: It would take a nest egg of $5.7 million to retire comfortably here. 

Annual income needed to live comfortably as a homeowner: $230,286

Retirement savings you'd need to live comfortably: $5,757,150

Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.

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