Have $2 Million Saved? You Can Retire Rich in These 20 Big Cities
If you’re looking for a luxurious retirement, $2 million might not get you very far in New York or San Francisco, but if you’ve managed to amass such an impressive nest egg, you can retire rich in at least 20 other major American cities.
GOBankingRates used data from the Social Security Administration, Bureau of Labor Statistics and Sperling’s BestPlaces to determine the minimum nest egg required to retire comfortably in some of America’s largest metros and then doubled it.
Read Next: Early Retirement: Here’s How Much Savings Is Needed To Retire by 40 in Every State
Find Out: The Surprising Way You Can Get Guaranteed Retirement Income for Life
In 20 of them, $2 million is enough to buy you a high-end retirement for three decades without worry.
When reading, keep in mind that the savings needed to retire rich in the U.S. overall is $1,392,738 for 20 years, $1,740,922 for 25 years and $2,091,198 for 30 years.
El Paso, Texas
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
Be Aware: Retirement Planning: How Much the Average Person Under 70 Spends Monthly
Trending Now: 5 Places in America To Retire That Are Just as Cheap as Mexico, Portugal and Costa Rica
Wealthy people know the best money secrets. Learn how to copy them.
Wichita, Kansas
Savings needed for 20 years of retiring rich: $994,950
Savings needed for 25 years of retiring rich: $1,243,687
Savings needed for 30 years of retiring rich: $1,493,919
Try This: 3 Cities To Retire In That Are as Awesome as Honolulu and San Francisco but Way Cheaper
Tulsa, Oklahoma
Savings needed for 20 years of retiring rich: $1,052,768
Savings needed for 25 years of retiring rich: $1,315,960
Savings needed for 30 years of retiring rich: $1,580,732
Oklahoma City
Savings needed for 20 years of retiring rich: $1,057,393
Savings needed for 25 years of retiring rich: $1,321,742
Savings needed for 30 years of retiring rich: $1,587,677
Indianapolis
Savings needed for 20 years of retiring rich: $1,062,019
Savings needed for 25 years of retiring rich: $1,327,523
Savings needed for 30 years of retiring rich: $1,594,623
Memphis, Tennessee
Savings needed for 20 years of retiring rich: $1,064,331
Savings needed for 25 years of retiring rich: $1,330,414
Savings needed for 30 years of retiring rich: $1,598,095
Check Out: 8 Things Boomers Should Sell Right Before Retiring
Milwaukee
Savings needed for 20 years of retiring rich: $1,115,211
Savings needed for 25 years of retiring rich: $1,394,014
Savings needed for 30 years of retiring rich: $1,674,491
Kansas City, Missouri
Savings needed for 20 years of retiring rich: $1,124,462
Savings needed for 25 years of retiring rich: $1,405,578
Savings needed for 30 years of retiring rich: $1,688,382
Louisville, Kentucky
Savings needed for 20 years of retiring rich: $1,156,840
Savings needed for 25 years of retiring rich: $1,446,050
Savings needed for 30 years of retiring rich: $1,736,997
Omaha, Nebraska
Savings needed for 20 years of retiring rich: $1,179,967
Savings needed for 25 years of retiring rich: $1,474,959
Savings needed for 30 years of retiring rich: $1,771,723
Learn More: Retirement Savings: 4 Expenses Retirees Regret Keeping in Their Budgets, According to Experts
San Antonio
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
Columbus, Ohio
Savings needed for 20 years of retiring rich: $1,193,844
Savings needed for 25 years of retiring rich: $1,492,305
Savings needed for 30 years of retiring rich: $1,792,558
Detroit
Savings needed for 20 years of retiring rich: $1,203,095
Savings needed for 25 years of retiring rich: $1,503,868
Savings needed for 30 years of retiring rich: $1,806,448
Albuquerque, New Mexico
Savings needed for 20 years of retiring rich: $1,207,720
Savings needed for 25 years of retiring rich: $1,509,650
Savings needed for 30 years of retiring rich: $1,813,393
Discover More: 4 Things Boomers Should Never Sell in Retirement
Baltimore
Savings needed for 20 years of retiring rich: $1,221,596
Savings needed for 25 years of retiring rich: $1,526,995
Savings needed for 30 years of retiring rich: $1,834,229
Jacksonville, Florida
Savings needed for 20 years of retiring rich: $1,293,291
Savings needed for 25 years of retiring rich: $1,616,613
Savings needed for 30 years of retiring rich: $1,941,878
Houston
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
Tucson, Arizona
Savings needed for 20 years of retiring rich: $1,323,356
Savings needed for 25 years of retiring rich: $1,654,195
Savings needed for 30 years of retiring rich: $1,987,021
Read More: 4 Reasons Retired Women Need More Money Than Men — And What To Do About it
Bakersfield, California
Savings needed for 20 years of retiring rich: $1,388,112
Savings needed for 25 years of retiring rich: $1,735,140
Savings needed for 30 years of retiring rich: $2,084,252
Dallas
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
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 BestPlaces. 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.
More From GOBankingRates
In Less Than a Year, You Might Not Be Able To Afford To Live in These 6 US Housing Markets
This is The Single Most Overlooked Tool for Becoming Debt-Free
This article originally appeared on GOBankingRates.com: Have $2 Million Saved? You Can Retire Rich in These 20 Big Cities