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- It is getting harder to retire with only $1 million saved up.
- SmartAsset calculated the average cost of living for retirees to see how many years $1 million would last in over 250 cities.
- Southern states dominated the list, with Texas claiming the most spots. Major cities in Texas have affordable housing markets and the state is home to many of the best places to live in 2018, according to US News.
It is getting harder to retire with only $1 million saved up. Ten years ago, $1 million had the same buying power of just under $1.2 million, according to the Bureau of Labor Statistics inflation calculator.
In a new study, SmartAsset calculated the average cost of living for retirees to see how many years $1 million would last in over 250 big and mid-sized US cities. SmartAsset looked at average annual expenses for seniors throughout the country and applied cost of living data on housing, food, healthcare, transportation, and utilities.
To determine how long $1 million would last in each city, SmartAsset assumed $1 million would grow at 2% rate of return (that’s interest minus inflation). The sum of each annual number was divided by $1 million to calculate how many years it would last retirees.
Southern states dominated the list, with Texas claiming the most spots. Major cities in Texas have affordable housing markets and the state is home to many of the best places to live in 2018, according to US News.
Below, check out the top 22 cities where $1 million would last retirees 28 years or more, along with the average annual expenses for housing, food, and healthcare.
22. Salina, Kansas — 28.16 years
Housing expenses: $6,463
Food expenses: $5,214
Healthcare expenses: $5,839
21. Burlington, Iowa — 28.20 years
Housing expenses: $5,936
Food expenses: $5,493
Healthcare expenses: $6,222
20. Oklahoma City, Oklahoma — 28.24 years
Housing expenses: $6,599
Food expenses: $5,426
Healthcare expenses: $5,789
19. Brownsville, Texas — 28.30 years
Housing expenses: $6,954
Food expenses: $5,323
Healthcare expenses: $5,576
17 (TIE). Sherman, Texas — 28.38 years
play17 (TIE). Sherman, Texas — 28.38 years
(Sherman, Texas – Classic Town. Broad Horizon./Facebook)
Housing expenses: $6,545
Food expenses: $5,935
Healthcare expenses: $5,720
17 (TIE). Danville, Virginia — 28.38 years
Housing expenses: $7,581
Food expenses: $5,856
Healthcare expenses: $5,990
16. Muskogee, Oklahoma — 28.44 years
Housing expenses: $6,608
Food expenses: $6,014
Healthcare expenses: $5,551
15. Pittsburg, Kansas — 28.55 years
Housing expenses: $5,963
Food expenses: $6,008
Healthcare expenses: $5,576
14. Ashland, Ohio — 28.75 years
Housing expenses: $5,299
Food expenses: $6,020
Healthcare expenses: $5,356
13. Jonesboro, Arkansas — 28.85 years
Housing expenses: $6,745
Food expenses: $5,511
Healthcare expenses: $5,143
12. Statesboro, Georgia — 28.87 years
Housing expenses: $6,427
Food expenses: $5,493
Healthcare expenses: $5,124
11. Martinsville, Virginia — 28.95 years
Housing expenses: $6, 508
Food expenses: $5,547
Healthcare expenses: $5,488
10. Memphis, Tennessee — 29.12 years
Housing expenses: $5,981
Food expenses: $5,529
Healthcare expenses: $5,343
9. Hattiesburg, Mississippi — 29.47
Housing expenses: $6,454
Food expenses: $6,008
Healthcare expenses: $5,701
8. Knoxville, Tennessee — 29.75 years
Housing expenses: $6,527
Food expenses: $5,226
Healthcare expenses: $5,500
7. Wichita Falls, Texas — 29.78 years
Housing expenses: $6,345
Food expenses: $5,099
Healthcare expenses: $5,576
6. Kalamazoo, Michigan — 29.84 years
Housing expenses: $5,509
Food expenses: $4,899
Healthcare expenses: $5,708
5. Tupelo, Mississippi — 30.05 years
Housing expenses: $6,263
Food expenses: $5,505
Healthcare expenses: $5,883
4. Conway, Arkansas — 31.28 years
Housing expenses: $5,881
Food expenses: $5,226
Healthcare expenses: $5,394
3. Richmond, Indiana — 31.30 years
Housing expenses: $5,672
Food expenses: $5,650
Healthcare expenses: $4,759
2. Harlingen, Texas — 31.68 years
Housing expenses: $6,154
Food expenses: $4,996
Healthcare expenses: $5,519
1. McAllen, Texas — 33.03 years
Housing expenses: $5,681
Food expenses: $5,039
Healthcare expenses: $4,646
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