- A new study by GOBankingRates has calculated the amount you’ll need for retirement in the U.S.
- California dominated top five but Arizona, Maryland, Florida, and Maryland made appearances on the list.
- Georgia, South Carolina, Arkansas, and Georgia are among the “cheapest” towns where you can retire wealthy.
You may be able to save enough money retire comfortablyWhat if you don’t want to? Feel free to contact us if you have any questions. rich Enjoy your golden years?
GOBankingRates – a publication on personal finance and banking – recently revealed the amount of money needed to retire in wealth in the top 50 retirement destinations in America. These are defined as “50 major cities in the U.S. with a population above 15,000 people and the highest percentage of residents over 65 years old.”
It first calculated how much money you would need to save in order to become wealthy in each of these cities. annual cost of expenses for retirees Each location. The annual social security earnings were also taken into consideration. GOBankingRates cited Northwestern Mutual as having a “magic number”. $1.26 million It was found that the amount of money most Americans need to retire comfortably is not enough to retire in America’s most popular retirement cities.
California has some of the best places to retire, and retirees in California will need at least $3 million. retire rich for at least 20 years in Laguna Woods (No. Seal Beach (No. 2). You will need more than 2 million dollars to accomplish your goal. retire in Palm Springs (No. Palm Desert (No. Rancho Mirage, No. 5).
A “rich” retirement lasting 25 years in these five places will cost between $2.7 and $3.8million, while a retirement lasting 30 years can cost anywhere from $3.3 to $4.5million. If you plan to retire in Laguna Woods for 25 years, you will need to spend at least $1.9million.
Although California towns dominated this list, there were several other places that made the top 10 as well: Parole in Maryland (No. 6); Prescott, Arizona (No. 7); Marco Island, Florida (No. Sun City West Arizona (No. Sun City West (Arizona) (No. 10). If you want to retire in these places for at least 20 years, then you’ll need $1.8 million. You will also need $2.2 million for a 25-year retirement.
St. Simons (Georgia), North Myrtle Beach (South Carolina) and Hot Springs Village (Arkansas) are among the affordable places to retire wealthy.
Explore the full report to find out where you can save money on your retirement. GOBankingRates’ website.
