GOBankingRates analyzed retirement communities and living costs to see where your money is spent the most. Ohio dominated the rankings, with 12 of top 50 cities in Buckeye State. The Midwest is home to more than half of these 50 cities. Continue reading to discover which city topped the list.
Savings retirement It is getting harder for many. Americans believe that they need $1.26M to retire comfortably in the year 2025. This is according to a study by Northwestern Mutual. It can be a very uncomfortable feeling. out of reach for many. Nevertheless, a recent study by GOBankingRates According to reports, you may only need half of this amount in order to retire in many locations across the U.S.
This website examined 50 locations across the United States where people with $500,000 of savings can still live a comfortable life and enjoy a good quality of living. The company considered cities that had at least 1,000 residents over 65, analyzed retirement data and cost of life, then selected the best. It then calculated the cost to retire if a person stopped working at 65 and lived in retirement for another 20 years.
Canfield, Ohio was ranked No. 1 after all the math. 1 spot.
This community of only 8,000 residents has an impressive 87 out of 100 livability rating. The cost of living here for a single individual with Social Security is $390698 over a period of 20 years. According to GOBankingRates’ estimates, the annual cost is $43,564, and monthly expenses are $3,630.
Canfield isn’t the only Buckeye State city to make this list. GOBankingRates reported that “Ohio swept this list with 12 out of the 50 best cities to retire in with $500,000 savings.” Canfield was then followed by Fairlawn, which ranked No. North Canton was ranked No. 2, followed by Canfield. Middleburg Heights is No. Chesterland, at No. Cortland is at No. 9, Lyndhurst at No. Seven Hills at No. Vermilion, at No. Huron is at No. 28, Milford at No. Port Clinton, at No. 42.
Florida, too, had a strong showing. Eleven destinations made the list. Sebastian was its best performer at No. 7.
The report found that 26 out of 50 places to retire are in the Midwest. Beyond Ohio, GOBankingRates found five communities in Illinois—Princeton, Geneseo, Crestwood, Westchester, and Metropolis—and three in Michigan—Ludington, Grand Haven, and Grand Rapids.
Find out where you can save up to $500,000 and still retire. gobankingrates.com.
