GoBankingRates examined the top retirement spots in two of the most popular places for retirees: Arizona, and Florida. Rio Verde, Arizona was ranked No. 1 within both states—and calculated how much you need to save to move there.
You’ve probably worked hard all your life and have saved your pennies. If so, you deserve to be able enjoy an amazing retirement, wherever you choose, surrounded with other retirees who are also doing the exact same thing. The economy could make some popular retirement locations more expensive than they appear. But do not worry. GoBankingRates The most affordable retirement option is also identified.
Two of the most popular retirement states in America Florida Arizona, is well-known for its excellent weather. lower taxesGoBankingRates made a public statement about this. Travel + Leisure. It’s no surprise that these two states are home to 50 of America’s most popular retirement locations.
It is surprising to learn how much money a couple or single person would need to retire in these hotspots.
GoBankingRates reported that, “Depending on your metro, you’ll need at least $1,000,000 if not more to cover 15 years of Social Security benefits.”
GoBankingRates discovered that Rio Verde, Arizona is the No. The area is the No. 1 place for retirees, with 86.6% of its residents in this age group. It was one of the more affordable locations in both hotspot states. GoBankingRates determined that “a Rio Verde single retiree would need $896,947 for 15 years. [of retirement] While a couple will need $726,239. The Social Security is included in both amounts, which makes it the No. 7 spot.
Methodology
The team used the US Census 2023 5-year American Community Survey to determine which towns and city in these two states have the highest concentrations of retirees, and how much money they need in order to live in the best retirement locations. It narrowed it down to cities with a minimum of 1,000 residents, at least 30% had to be over 65. It sourced the cost-of living indexes from Sperling’s BestPlaces. These included food, healthcare, utilities, housing, transportation and other cost-of-living categories. The Bureau of Labor Statistics Consumer Expenditure survey was used to find the national average of expenditures for households with residents over 65. It then factored the average Social Security income of a single person and a couple in order to calculate the cost of retirement. The findings assume someone retires at age 65 and lives up to 80 years of age, which gives them a 15-year window for retirement.
Arizona is a great place to live. Carefree, Arizona (No. 45 on the list is the only Arizona location where a retirement for 15 years costs more than one million dollars. The cost of one person is $1,416,504, while the cost of two people is $1,245,795. The No. The number one spot was awarded to Quartzsite in Arizona. You will only need $230,067 for a single person to retire.
On the flipside, GoBankingRates found that retirees—both singles and couples—will need at least $1 million in savings in eight Floridian cities, including Indian River Shores (No. Longboat Key (No. Highland Beach (No. Palm Beach (No. 16), Marco Island No. 22 22), Holmes Beach (No. Siesta Key (No. Siesta Key (No. 43). Sanibel (No. Both Sanibel (No. Florida requires solo retirees with a minimum of $1.1 million in savings.
The most expensive place was Palm Beach in Florida. You need to have at least $11,637.136 for a solo retirement and $11,466,427 for a couple.
The full report is available at gobankingrates.com.
