Yahoo Finance Here’s How Much You Need Saved To Retire Rich in America’s Largest Cities
If you’ve ever considered retirement, you know your savings target should be millions of dollars. How many million you actually need to save up to retire will depend on a couple of factors, the top being your lifestyle and retirement location.
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Of course, this can be a different ballgame if you’re looking to retire rich, as inflation is changing the numbers. This is because how much you need to retire is not the same as how much you want to retire and this is the determinant for the kind of retirement you seek.
Predicting your financial future may be difficult but not impossible, as retirement savings is subjective. But, according to this GOBankingRates study, you’ll need $974,135 at the low end and $4,757,745 at the high end if you’re planning to retire rich in America’s largest cities.
Here is how much you’ll need to save in the 50 largest American cities to retire rich over 20, 25 and 30 years — ranked from the city where you need the least through the city where you need the most.
1. El Paso, Texas
Savings Needed for 20 years of Retiring Rich: $974,135
Savings Needed for 25 Years of Retiring Rich: $1,217,666
Savings Needed for 30 Years of Retiring Rich: $1,462,666
Annual Cost of Living After Social Security: $24,353
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2. 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
Annual Cost of Living After Social Security: $24,874
3. 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
Annual Cost of Living After Social Security: $26,319
4. 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
Annual Cost of Living After Social Security: $26,435
5. 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
Annual Cost of Living After Social Security: $26,551
6. 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
Annual Cost of Living After Social Security: $26,608
7. 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
Annual Cost of Living After Social Security: $27,880
8. 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
Annual Cost of Living After Social Security: $28,112
9. 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
Annual Cost of Living After Social Security: $28,921
10. 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
Annual Cost of Living After Social Security: $29,499
11. San Antonio, Texas
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
Annual Cost of Living After Social Security: $29,788
12. 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
Annual Cost of Living After Social Security: $29,846
13. Detroit
Savings Needed for 20 years of Retiring Rich: $1,203,895
Savings Needed for 25 Years of Retiring Rich: $1,503,868
Savings Needed for 30 Years of Retiring Rich: $1,806,448
Annual Cost of Living After Social Security: $30,077
14. 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
Annual Cost of Living After Social Security: $30,193
15. 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
Annual Cost of Living After Social Security: $30,540
16. 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
Annual Cost of Living After Social Security: $32,332
17. 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
Annual Cost of Living After Social Security: $33,026
18. 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
Annual Cost of Living After Social Security: $33,084
19. 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
Annual Cost of Living After Social Security: $34,703
20. 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
Annual Cost of Living After Social Security: $34,934
21. Arlington, Texas
Savings Needed for 20 years of Retiring Rich: $1,427,428
Savings Needed for 25 Years of Retiring Rich: $1,784,286
Savings Needed for 30 Years of Retiring Rich: $2,143,286
Annual Cost of Living After Social Security: $35,686
22. Fort Worth, Texas
Savings Needed for 20 years of Retiring Rich: $1,427,428
Savings Needed for 25 Years of Retiring Rich: $1,784,286
Savings Needed for 30 Years of Retiring Rich: $2,143,286
Annual Cost of Living After Social Security: $35,686
23. Charlotte, North Carolina
Savings Needed for 20 years of Retiring Rich: $1,450,556
Savings Needed for 25 Years of Retiring Rich: $1,813,195
Savings Needed for 30 Years of Retiring Rich: $2,178,011
Annual Cost of Living After Social Security: $36,264
24. Fresno, California
Savings Needed for 20 years of Retiring Rich: $1,478,308
Savings Needed for 25 Years of Retiring Rich: $1,847,885
Savings Needed for 30 Years of Retiring Rich: $2,219,682
Annual Cost of Living After Social Security: $36,958
25. Philadelphia
Savings Needed for 20 years of Retiring Rich: $1,492,985
Savings Needed for 25 Years of Retiring Rich: $1,865,231
Savings Needed for 30 Years of Retiring Rich: $2,240,517
Annual Cost of Living After Social Security: $37,305
26. Nashville, Tennessee
Savings Needed for 20 years of Retiring Rich: $1,501,435
Savings Needed for 25 Years of Retiring Rich: $1,876,794
Savings Needed for 30 Years of Retiring Rich: $2,254,408
Annual Cost of Living After Social Security: $37,536
27. Virginia Beach, Virginia
Savings Needed for 20 years of Retiring Rich: $1,503,748
Savings Needed for 25 Years of Retiring Rich: $1,879,685
Savings Needed for 30 Years of Retiring Rich: $2,257,880
Annual Cost of Living After Social Security: $37,594
28. Chicago
Savings Needed for 20 years of Retiring Rich: $1,524,563
Savings Needed for 25 Years of Retiring Rich: $1,905,703
Savings Needed for 30 Years of Retiring Rich: $2,289,133
Annual Cost of Living After Social Security: $38,114
29. Raleigh, North Carolina
Savings Needed for 20 years of Retiring Rich: $1,526,875
Savings Needed for 25 Years of Retiring Rich: $1,908,594
Savings Needed for 30 Years of Retiring Rich: $2,292,606
Annual Cost of Living After Social Security: $38,172
30. Minneapolis
Savings Needed for 20 years of Retiring Rich: $1,559,253
Savings Needed for 25 Years of Retiring Rich: $1,949,067
Savings Needed for 30 Years of Retiring Rich: $2,341,221
Annual Cost of Living After Social Security: $38,981
31. Colorado Springs
Savings Needed for 20 years of Retiring Rich: $1,630,948
Savings Needed for 25 Years of Retiring Rich: $2,038,685
Savings Needed for 30 Years of Retiring Rich: $2,448,871
Annual Cost of Living After Social Security: $40,774
32. Las Vegas
Savings Needed for 20 years of Retiring Rich: $1,637,886
Savings Needed for 25 Years of Retiring Rich: $2,047,357
Savings Needed for 30 Years of Retiring Rich: $2,459,288
Annual Cost of Living After Social Security: $40,947
33. Mesa, Arizona
Savings Needed for 20 years of Retiring Rich: $1,693,391
Savings Needed for 25 Years of Retiring Rich: $2,116,739
Savings Needed for 30 Years of Retiring Rich: $2,542,629
Annual Cost of Living After Social Security: $42,335
33. Phoenix
Savings Needed for 20 years of Retiring Rich: $1,693,391
Savings Needed for 25 Years of Retiring Rich: $2,116,739
Savings Needed for 30 Years of Retiring Rich: $2,542,629
Annual Cost of Living After Social Security: $42,335
35. Atlanta
Savings Needed for 20 years of Retiring Rich: $1,700,329
Savings Needed for 25 Years of Retiring Rich: $2,125,412
Savings Needed for 30 Years of Retiring Rich: $2,553,047
Annual Cost of Living After Social Security: $42,508
36. Miami
Savings Needed for 20 years of Retiring Rich: $1,829,842
Savings Needed for 25 Years of Retiring Rich: $2,287,302
Savings Needed for 30 Years of Retiring Rich: $2,747,510
Annual Cost of Living After Social Security: $45,746
37. Sacramento, California
Savings Needed for 20 years of Retiring Rich: $2,021,797
Savings Needed for 25 Years of Retiring Rich: $2,527,247
Savings Needed for 30 Years of Retiring Rich: $3,035,732
Annual Cost of Living After Social Security: $50,545
38. Denver
Savings Needed for 20 years of Retiring Rich: $2,031,048
Savings Needed for 25 Years of Retiring Rich: $2,538,810
Savings Needed for 30 Years of Retiring Rich: $3,049,622
Annual Cost of Living After Social Security: $50,776
39. Portland, Oregon
Savings Needed for 20 years of Retiring Rich: $2,033,361
Savings Needed for 25 Years of Retiring Rich: $2,541,701
Savings Needed for 30 Years of Retiring Rich: $3,053,095
Annual Cost of Living After Social Security: $50,834
40. Austin, Texas
Savings Needed for 20 years of Retiring Rich: $2,065,739
Savings Needed for 25 Years of Retiring Rich: $2,582,174
Savings Needed for 30 Years of Retiring Rich: $3,101,710
Annual Cost of Living After Social Security: $51,643
41. Boston
Savings Needed for 20 years of Retiring Rich: $2,567,599
Savings Needed for 25 Years of Retiring Rich: $3,209,499
Savings Needed for 30 Years of Retiring Rich: $3,855,254
Annual Cost of Living After Social Security: $64,190
42. Washington, D.C.
Savings Needed for 20 years of Retiring Rich: $2,662,421
Savings Needed for 25 Years of Retiring Rich: $3,328,026
Savings Needed for 30 Years of Retiring Rich: $3,997,69
Annual Cost of Living After Social Security: $66,561
43. San Diego
Savings Needed for 20 years of Retiring Rich: $2,662,421
Savings Needed for 25 Years of Retiring Rich: $3,328,026
Savings Needed for 30 Years of Retiring Rich: $3,997,629
Annual Cost of Living After Social Security: $66,561
44. Seattle
Savings Needed for 20 years of Retiring Rich: $2,736,428
Savings Needed for 25 Years of Retiring Rich: $3,420,535
Savings Needed for 30 Years of Retiring Rich: $4,108,751
Annual Cost of Living After Social Security: $68,411
45. Long Beach, California
Savings Needed for 20 years of Retiring Rich: $2,819,686
Savings Needed for 25 Years of Retiring Rich: $3,524,607
Savings Needed for 30 Years of Retiring Rich: $4,233,763
Annual Cost of Living After Social Security: $70,492
46. Los Angeles
Savings Needed for 20 years of Retiring Rich: $2,819,304
Savings Needed for 25 Years of Retiring Rich: $3,524,607
Savings Needed for 30 Years of Retiring Rich: $4,233,763
Annual Cost of Living After Social Security: $70,492
47. New York City
Savings Needed for 20 years of Retiring Rich: $3,069,460
Savings Needed for 25 Years of Retiring Rich: $3,836,825
Savings Needed for 30 Years of Retiring Rich: $4,608,798
Annual Cost of Living After Social Security: $76,736
48. Oakland, California
Savings Needed for 20 years of Retiring Rich: $3,601,385
Savings Needed for 25 Years of Retiring Rich: $4,501,732
Savings Needed for 30 Years of Retiring Rich: $5,407,485
Annual Cost of Living After Social Security: $90,035
49. San Jose, California
Savings Needed for 20 years of Retiring Rich: $4,422,401
Savings Needed for 25 Years of Retiring Rich: $5,528,001
Savings Needed for 30 Years of Retiring Rich: $6,640,241
Annual Cost of Living After Social Security: $110,560
50. San Francisco
Savings Needed for 20 years of Retiring Rich: $4,757,745
Savings Needed for 25 Years of Retiring Rich: $5,947,182
Savings Needed for 30 Years of Retiring Rich: $7,143,762
Annual Cost of Living After Social Security: $118,944
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 expenditures for people 65 and up 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 in 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 was collected on and is up to date as of June 17, 2024.
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This article originally appeared on GOBankingRates.com: Here’s How Much You Need Saved To Retire Rich in America’s Largest Cities
