LOS ANGELES, Dec. 5, 2017 /PRNewswire/ -- Detroit and other midwestern cities are the best regions in the U.S. to stretch your retirement savings the furthest, found a new study.
Personal finance website GOBankingRates examined the average costs for a 65-year-old for housing, utilities, groceries and healthcare in the 100 largest cities to calculate where a retiree can stretch their retirement savings the furthest. To put these costs in perspective, GoBankingRates took the approximate median nest egg retirees have saved — $150,000 — and subtracted one year's worth of costs in each of those cities to show how much of a hit their savings will take.
For full study results and more details on methodology, visit: Cities Where Your Retirement Nest Egg Will Stretch the Furthest.
Top 5 Cities Where Your Retirement Savings Will Last the Longest
Retiree cost of living: $33,356.12
Nest egg left over: $116,643.88
2. Memphis, Tenn.
Retiree cost of living: $33,859.44
Nest egg left over: $116,140.56
3. Toledo, Ohio
Retiree cost of living: $35,094.85
Nest egg left over: $114,905.15
4. Cleveland, Ohio
Retiree cost of living: $36,055.73
Nest egg left over: $113,944.27
5. Fort Wayne, Ind.
Retiree cost of living: $37,153.87
Nest egg left over: $112,846.13
Additional Study Insights
- Most of the top 10 cities for your retirement savings are located in the Midwest. However, two cities in Texas land on this list this year: El Paso and Corpus Christi.
- Despite the state's popularity among retirees, Jacksonville is the only city in Florida that rank in the top ten.
- Lexington-Fayette, Ky. tops the list for most expensive housing expenditures.
GOBankingRates.com is a personal finance news and features website dedicated to helping visitors live a richer life. From tips on saving money, to investing for retirement or finding a good interest rate, GOBankingRates helps turn financial goals into milestones and money dreams into realities. Its content is regularly featured on top-tier media outlets, including MSN, MONEY, AOL Finance, CBS MoneyWatch, Business Insider and dozens of others. GOBankingRates specializes in connecting consumers with the financial institutions and products that best match their needs. Start your journey toward a rich mind and full wallet with us here.
Kim Dahlgren, Media Relations