- If you want to retire comfortably, you could need $2 million or more in these US 14 cities.
- GOBankingRates data shows the cost of a comfortable life in cities across the US.
- The most expensive cities include San Francisco, San Jose, and Honolulu.
- Read more Personal Finance Insider coverage »
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.
Popular Articles
Here are the 14 US cities where retirement will be the most expensive, and the amount that would be needed to retire comfortably.
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
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
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
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
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
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
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
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
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
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
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
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
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
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.
For you
"expensive" - Google News
September 01, 2021 at 02:00AM
https://ift.tt/3yDHuly
The Most Expensive US Cities for a Comfortable Retirement - Business Insider
"expensive" - Google News
https://ift.tt/2GwwnlN
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update
Bagikan Berita Ini
0 Response to "The Most Expensive US Cities for a Comfortable Retirement - Business Insider"
Post a Comment