What a Comfortable Retirement Will Cost You in 61 of the Largest US Cities - MASHAHER

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There are a few reasons why planning for a comfortable retirement has become extra difficult in recent years, among them the wide shift away from pension plans and the rising cost of living. Because of persistent hurdles, many working Americans aren’t feeling so confident about the prospect of retirement. According to a 2023 Gallup poll, non-retired Americans’ expectations for a comfortable retirement were the most pessimistic they had been since 2012, dropping 10 percentage points since 2021.

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Rather than feel negative about your eventual retirement, you might want to take a proactive and aggressive approach. To best plan for a comfortable retirement, you need to consider not only how you will live in retirement, but where you will live. Note that every big city differs to some degree, in terms of cost of living expenses.

GOBankingRates conducted research to determine how much you’ll need for a comfortable retirement in 61 of the largest cities in the U.S. To accomplish this, GOBankingRates found the most populated 100 cities, as sourced from the U.S. Census American Community Survey. For each city, we factored in a number of data points, including the population aged 65 and over, average household retirement income, cost of living, livability index and the average rental cost. The cost of living indexes were multiplied by the national average expenditure costs for retired residents to find the average expenditure cost for each city, then the average rental cost was added to the average expenditure cost to find the total cost of living for each city.

Only cities with a livability index of 75 and over were considered. Cities are ranked here from least to most expensive, according to the annual cost of living.

Fort Wayne, Indiana

Percentage of population aged 65 and over: 14.7%
Household average retirement income: $23,152
Livability index: 83
Average monthly expenditures cost: $1,738
Average rent cost: $1,174
Total cost of living monthly: $2,912

Total cost of living annually: $34,940

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Oklahoma City

Percentage of population aged 65 and over: 13.1%
Household average retirement income: $30,088
Livability index: 81
Average monthly expenditures cost: $1,850
Average rent cost: $1,261
Total cost of living monthly: $3,111

Total cost of living annually: $37,328

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Lexington, Kentucky

Percentage of population aged 65 and over: 14.2%
Household average retirement income: $38,804
Livability index: 86
Average monthly expenditures cost: $1,779
Average rent cost: $1,360
Total cost of living monthly: $3,139

Total cost of living annually: $37,668

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Milwaukee

Percentage of population aged 65 and over: 11.3%
Household average retirement income: $28,253
Livability index: 78
Average monthly expenditures cost: $1,863
Average rent cost: $1,294
Total cost of living monthly: $3,157

Total cost of living annually: $37,883

Indianapolis

Percentage of population aged 65 and over: 12.8%
Household average retirement income: $27,344
Livability index: 77
Average monthly expenditures cost: $1,803
Average rent cost: $1,376
Total cost of living monthly: $3,179

Total cost of living annually: $38,154

Kansas City, Missouri

Percentage of population aged 65 and over: 13.9%
Household average retirement income: $28,311
Livability index: 77
Average monthly expenditures cost: $1,827
Average rent cost: $1,361
Total cost of living monthly: $3,188

Total cost of living annually: $38,250

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San Antonio

Percentage of population aged 65 and over: 12.8%
Household average retirement income: $33,391
Livability index: 80
Average monthly expenditures cost: $1,790
Average rent cost: $1,417
Total cost of living monthly: $3,208

Total cost of living annually: $38,493

Cincinnati

Percentage of population aged 65 and over:12.9%
Household average retirement income: $38,980
Livability index: 80
Average monthly expenditures cost: $1,805
Average rent cost: $1,415
Total cost of living monthly: $3,219

Total cost of living annually: $38,630

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Corpus Christie, Texas

Percentage of population aged 65 and over: 14.5%
Household average retirement income: $32,766
Livability index: 80
Average monthly expenditures cost: $1,830
Average rent cost: $1,404
Total cost of living monthly: $3,233

Total cost of living annually: $38,802

El Paso, Texas

Percentage of population aged 65 and over: 13.5%
Household average retirement income: $30,891
Livability index: 81
Average monthly expenditures cost: $1,716
Average rent cost: $1,521
Total cost of living monthly: $3,237

Total cost of living annually: $38,840

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Columbus, Ohio

Percentage of population aged 65 and over: 10.7%
Household average retirement income: $35,257
Livability index: 79
Average monthly expenditures cost: $1,821
Average rent cost: $1,422
Total cost of living monthly: $3,243

Total cost of living annually: $38,913

Greensboro, North Carolina

Percentage of population aged 65 and over: 13.6%
Household average retirement income: $34,578
Livability index: 83
Average monthly expenditures cost: $1,813
Average rent cost: $1,452
Total cost of living monthly: $3,265

Total cost of living annually: $39,179

Spokane, Washington

Percentage of population aged 65 and over: 16.2%
Household average retirement income: $28,416
Livability index: 80
Average monthly expenditures cost: $1,792
Average rent cost: $1,482
Total cost of living monthly: $3,273

Total cost of living annually: $39,282

Lubbock, Texas

Percentage of population aged 65 and over: 12.3%
Household average retirement income: $31,083
Livability index: 78
Average monthly expenditures cost: $1,906
Average rent cost: $1,381
Total cost of living monthly: $3,287

Total cost of living annually: $39,449

Buffalo, New York

Percentage of population aged 65 and over: 13.4%
Household average retirement income: $27,361
Livability index: 78
Average monthly expenditures cost: $2,025
Average rent cost: $1,312
Total cost of living monthly: $3,337

Total cost of living annually: $40,048

Pittsburgh

Percentage of population aged 65 and over: 15.1%
Household average retirement income: $28,958
Livability index: 82
Average monthly expenditures cost: $1,896
Average rent cost: $1,460
Total cost of living monthly: $3,356

Total cost of living annually: $40,269

Omaha, Nebraska

Percentage of population aged 65 and over: 13.8%
Household average retirement income: $28,718
Livability index: 82
Average monthly expenditures cost: $2,053
Average rent cost: $1,315
Total cost of living monthly: $3,368

Total cost of living annually: $40,413

Norfolk, Virginia

Percentage of population aged 65 and over: 12.3%
Household average retirement income: $28,618
Livability index: 81
Average monthly expenditures cost: $1,904
Average rent cost: $1,542
Total cost of living monthly: $3,446

Total cost of living annually: $41,353

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Lincoln, Nebraska

Percentage of population aged 65 and over: 14.0%
Household average retirement income: $33,200
Livability index: 83
Average monthly expenditures cost: $2,173
Average rent cost: $1,301
Total cost of living monthly: $3,474

Total cost of living annually: $41,687

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Baltimore

Percentage of population aged 65 and over: 14.8%
Household average retirement income: $29,136
Livability index: 77
Average monthly expenditures cost: $1,807
Average rent cost: $1,687
Total cost of living monthly: $3,493

Total cost of living annually: $41,921

Jacksonville, Florida

Percentage of population aged 65 and over: 14.4%
Household average retirement income: $30,927
Livability index: 84
Average monthly expenditures cost: $1,876
Average rent cost: $1,627
Total cost of living monthly: $3,503

Total cost of living annually: $42,038

Arlington, Texas

Percentage of population aged 65 and over: 11.1%
Household average retirement income: $36,492
Livability index: 78
Average monthly expenditures cost: $1,883
Average rent cost: $1,621
Total cost of living monthly: $3,504

Total cost of living annually: $42,052

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Madison, Wisconsin

Percentage of population aged 65 and over: 12.8%
Household average retirement income: $44,736
Livability index: 82
Average monthly expenditures cost: $1,967
Average rent cost: $1,548
Total cost of living monthly: $3,516

Total cost of living annually: $42,190

Mesa, Arizona

Percentage of population aged 65 and over:16.9%
Household average retirement income: $31,657
Livability index: 82
Average monthly expenditures cost: $1,833
Average rent cost: $1,689
Total cost of living monthly: $3,523

Total cost of living annually: $42,271

Minneapolis

Percentage of population aged 65 and over: 10.7%
Household average retirement income: $37,496
Livability index: 78
Average monthly expenditures cost: $1,895
Average rent cost: $1,628
Total cost of living monthly: $3,523

Total cost of living annually: $42,278

Irving, Texas

Percentage of population aged 65 and over: 8.3%
Household average retirement income: $30,168
Livability index: 78
Average monthly expenditures cost: $1,877
Average rent cost: $1,657
Total cost of living monthly: $3,534

Total cost of living annually: $42,408

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Richmond, Virginia

Percentage of population aged 65 and over: 13.8%
Household average retirement income: $34,390
Livability index: 84
Average monthly expenditures cost: $1,984
Average rent cost: $1,553
Total cost of living monthly: $3,536

Total cost of living annually: $42,435

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Raleigh, North Carolina

Percentage of population aged 65 and over: 11.4%
Household average retirement income: $36,179
Livability index: 84
Average monthly expenditures cost: $1,870
Average rent cost: $1,669
Total cost of living monthly: $3,539

Total cost of living annually: $42,463

Dallas

Percentage of population aged 65 and over: 11.0%
Household average retirement income: $36,043
Livability index: 81
Average monthly expenditures cost: $1,876
Average rent cost: $1,710
Total cost of living monthly: $3,586

Total cost of living annually: $43,028

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Fort Worth, Texas

Percentage of population aged 65 and over: 10.1%
Household average retirement income: $34,435
Livability index: 80
Average monthly expenditures cost: $1,886
Average rent cost: $1,700
Total cost of living monthly: $3,586

Total cost of living annually: $43,028

Glendale, Arizona

Percentage of population aged 65 and over: 12.8%
Household average retirement income: $29,223
Livability index: 78
Average monthly expenditures cost: $1,839
Average rent cost: $1,749
Total cost of living monthly: $3,588

Total cost of living annually: $43,059

Durham, North Carolina

Percentage of population aged 65 and over: 12.7%
Household average retirement income: $33,693
Livability index: 82
Average monthly expenditures cost: $1,879
Average rent cost: $1,713
Total cost of living monthly: $3,592

Total cost of living annually: $43,104

Las Vegas

Percentage of population aged 65 and over: 15.3%
Household average retirement income: $35,289
Livability index: 82
Average monthly expenditures cost: $1,881
Average rent cost: $1,732
Total cost of living monthly: $3,614

Total cost of living annually: $43,366

Charlotte, North Carolina

Percentage of population aged 65 and over: 10.7%
Household average retirement income: $33,845
Livability index: 80
Average monthly expenditures cost: $1,862
Average rent cost: $1,762
Total cost of living monthly: $3,624

Total cost of living annually: $43,492

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Austin, Texas

Percentage of population aged 65 and over: 9.8%
Household average retirement income: $42,283
Livability index: 83
Average monthly expenditures cost: $1,898
Average rent cost: $1,730
Total cost of living monthly: $3,629

Total cost of living annually: $43,545

Plano, Texas

Percentage of population aged 65 and over: 13.7%
Household average retirement income: $38,150
Livability index: 83
Average monthly expenditures cost: $1,898
Average rent cost: $1,738
Total cost of living monthly: $3,636

Total cost of living annually: $43,638

Colorado Springs, Colorado

Percentage of population aged 65 and over: 14.3%
Household average retirement income: $41,394
Livability index: 80
Average monthly expenditures cost: $1,855
Average rent cost: $1,809
Total cost of living monthly: $3,664

Total cost of living annually: $43,969

Portland, Oregon

Percentage of population aged 65 and over: 14.0%
Household average retirement income: $38,251
Livability index: 78
Average monthly expenditures cost: $1,926
Average rent cost: $1,746
Total cost of living monthly: $3,671

Total cost of living annually: $44,057

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Philadelphia

Percentage of population aged 65 and over:14.0%
Household average retirement income: $27,882
Livability index: 76
Average monthly expenditures cost: $1,952
Average rent cost: $1,726
Total cost of living monthly: $3,678

Total cost of living annually: $44,136

Reno, Nevada

Percentage of population aged 65 and over:15.8%
Household average retirement income: $40,641
Livability index: 80
Average monthly expenditures cost: $1,849
Average rent cost: $1,869
Total cost of living monthly: $3,718

Total cost of living annually: $44,621

North Las Vegas, Nevada

Percentage of population aged 65 and over: 11.5%
Household average retirement income: $33,425
Livability index: 76
Average monthly expenditures cost: $1,883
Average rent cost: $1,859
Total cost of living monthly: $3,743

Total cost of living annually: $44,911

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Nashville, Tennessee

Percentage of population aged 65 and over: 12.6%
Household average retirement income: $28,655
Livability index: 78
Average monthly expenditures cost: $1,865
Average rent cost: $1,887
Total cost of living monthly: $3,753

Total cost of living annually: $45,032

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Chandler, Arizona

Percentage of population aged 65 and over: 12.5%
Household average retirement income: $33,372
Livability index: 77
Average monthly expenditures cost: $1,845
Average rent cost: $1,944
Total cost of living monthly: $3,790

Total cost of living annually: $45,476

Atlanta

Percentage of population aged 65 and over: 12.0%
Household average retirement income: $42,380
Livability index: 78
Average monthly expenditures cost: $1,884
Average rent cost: $1,939
Total cost of living monthly: $3,823

Total cost of living annually: $45,873

Anchorage, Alaska

Percentage of population aged 65 and over: 12.0%
Household average retirement income: $52,406
Livability index: 77
Average monthly expenditures cost: $2,303
Average rent cost: $1,552
Total cost of living monthly: $3,854

Total cost of living annually: $46,254

Orlando, Florida

Percentage of population aged 65 and over: 10.8%
Household average retirement income: $28,686
Livability index: 81
Average monthly expenditures cost: $1,924
Average rent cost: $1,974
Total cost of living monthly: $3,898

Total cost of living annually: $46,773

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Virginia Beach, Virginia

Percentage of population aged 65 and over:15.0%
Household average retirement income: $41,131
Livability index: 83
Average monthly expenditures cost: $2,050
Average rent cost: $1,874
Total cost of living monthly: $3,923

Total cost of living annually: $47,079

Aurora, Colorado

Percentage of population aged 65 and over: 11.9%
Household average retirement income: $34,682
Livability index: 76
Average monthly expenditures cost: $1,981
Average rent cost: $1,946
Total cost of living monthly: $3,927

Total cost of living annually: $47,129

Gilbert, Arizona

Percentage of population aged 65 and over: 10.2%
Household average retirement income: $34,627
Livability index: 89
Average monthly expenditures cost: $1,844
Average rent cost: $2,170
Total cost of living monthly: $4,015

Total cost of living annually: $48,179

Chicago

Percentage of population aged 65 and over: 13.3%
Household average retirement income: $38,501
Livability index: 78
Average monthly expenditures cost: $1,911
Average rent cost: $2,126
Total cost of living monthly: $4,037

Total cost of living annually: $48,446

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Tampa, Florida

Percentage of population aged 65 and over: 13.0%
Household average retirement income: $35,075
Livability index: 80
Average monthly expenditures cost: $1,892
Average rent cost: $2,167
Total cost of living monthly: $4,059

Total cost of living annually: $48,707

Scottsdale, Arizona

Percentage of population aged 65 and over: 25.1%
Household average retirement income: $45,771
Livability index: 77
Average monthly expenditures cost: $1,868
Average rent cost: $2,195
Total cost of living monthly: $4,063

Total cost of living annually: $48,760

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Sacramento, California

Percentage of population aged 65 and over: 13.8%
Household average retirement income: $46,344
Livability index: 76
Average monthly expenditures cost: $2,033
Average rent cost: $2,089
Total cost of living monthly: $4,122

Total cost of living annually: $49,464

Arlington, Virginia

Percentage of population aged 65 and over: 11.3%
Household average retirement income: $68,180
Livability index: 86
Average monthly expenditures cost: $2,153
Average rent cost: $2,502
Total cost of living monthly: $4,656

Total cost of living annually: $55,866

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Chula Vista, California

Percentage of population aged 65 and over: 12.2%
Household average retirement income: $43,493
Livability index: 77
Average monthly expenditures cost: $2,088
Average rent cost: $2,933
Total cost of living monthly: $5,021

Total cost of living annually: $60,250

Miami

Percentage of population aged 65 and over: 16.3%
Household average retirement income: $53,788
Livability index: 81
Average monthly expenditures cost: $1,914
Average rent cost: $3,125
Total cost of living monthly: $5,039

Total cost of living annually: $60,469

Jersey City, New Jersey

Percentage of population aged 65 and over: 11.3%
Household average retirement income: $27,085
Livability index: 77
Average monthly expenditures cost: $2,012
Average rent cost: $3,042
Total cost of living monthly: $5,054

Total cost of living annually: $60,648

Fremont, California

Percentage of population aged 65 and over: 13.0%
Household average retirement income: $46,263
Livability index: 83
Average monthly expenditures cost: $2,148
Average rent cost: $3,007
Total cost of living monthly: $5,154

Total cost of living annually: $61,854

San Jose, California

Percentage of population aged 65 and over: 13.7%
Household average retirement income: $42,727
Livability index: 81
Average monthly expenditures cost: $2,272
Average rent cost: $3,142
Total cost of living monthly: $5,414

Total cost of living annually: $64,965

Boston

Percentage of population aged 65 and over: 12.3%
Household average retirement income: $41,437
Livability index: 77
Average monthly expenditures cost: $2,169
Average rent cost: $3,277
Total cost of living monthly: $5,447

Total cost of living annually: $65,360

New York

Percentage of population aged 65 and over: 15.5%
Household average retirement income: $34,875
Livability index: 76
Average monthly expenditures cost: $2,477
Average rent cost: $3,462
Total cost of living monthly: $5,939

Total cost of living annually: $71,268

Methodology: For this study, GOBankingRates analyzed major cities across the United States to find the cost of a comfortable retirement. First, GOBankingRates found the most populated 100 cities as sourced from the U.S. Census American Community Survey. For each city, a number of factors were found, including: total population, population aged 65 and over, total households, percent households with retirement income, and average household retirement income, all sourced from the U.S. Census American Community Survey; the cost of living indexes, as sourced from Sperlings BestPlaces; livability index, as sourced from AreaVibes; and the average rental cost, as sourced from the Zillow Observed Rental Index. The cost of living indexes were multiplied by the national average expenditure costs for retired residents, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey for retired residents, to find the average expenditure cost for each city. The average rental cost was added to the average expenditure cost to find the total cost of living for each city. The cities with a livability of 75 and below were removed for this study. The cities were sorted to show the highest to lowest total cost of living, representing the highest to lowest cost for a comfortable retirement. All data was collected on and is up to date as of May 16, 2024.

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This article originally appeared on GOBankingRates.com: What a Comfortable Retirement Will Cost You in 61 of the Largest US Cities

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What a Comfortable Retirement Will Cost You in 61 of the Largest US Cities – MASHAHER