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

ISLAM GAMAL25 May 2024Last Update :
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.

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Davel5957 / iStock.com

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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Sean Pavone / Shutterstock.com

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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JNix / Shutterstock.com

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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Ron and Patty Thomas / Getty Images/iStockphoto

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

Ultima_Gaina / Getty Images/iStockphotoUltima_Gaina / Getty Images/iStockphoto

Ultima_Gaina / Getty Images/iStockphoto

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

Tory Garcia / Getty Images/iStockphotoTory Garcia / Getty Images/iStockphoto

Tory Garcia / Getty Images/iStockphoto

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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f11photo / Getty Images/iStockphoto

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

Harold Stiver / Shutterstock.comHarold Stiver / Shutterstock.com

Harold Stiver / Shutterstock.com

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

DenisTangneyJr / Getty Images/iStockphotoDenisTangneyJr / Getty Images/iStockphoto

DenisTangneyJr / Getty Images/iStockphoto

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

Sean Pavone / Getty Images/iStockphotoSean Pavone / Getty Images/iStockphoto

Sean Pavone / Getty Images/iStockphoto

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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Checubus / Shutterstock.com

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

Kruck20 / Getty Images/iStockphotoKruck20 / Getty Images/iStockphoto

Kruck20 / Getty Images/iStockphoto

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

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gregobagel / Getty Images

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

DenisTangneyJr / Getty ImagesDenisTangneyJr / Getty Images

DenisTangneyJr / Getty Images

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

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benedek / Getty Images

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

peeterv / Getty Images/iStockphotopeeterv / Getty Images/iStockphoto

peeterv / Getty Images/iStockphoto

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

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Shots by Natalie / Shutterstock.com

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

Davel5957 / Getty Images/iStockphotoDavel5957 / Getty Images/iStockphoto

Davel5957 / Getty Images/iStockphoto

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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Jacob Boomsma / Getty Images/iStockphotoJacob Boomsma / Getty Images/iStockphoto

Jacob Boomsma / Getty Images/iStockphoto

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

Alexphotographic / Getty Images/iStockphotoAlexphotographic / Getty Images/iStockphoto

Alexphotographic / Getty Images/iStockphoto

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

TraceRouda / Getty Images/iStockphotoTraceRouda / Getty Images/iStockphoto

TraceRouda / Getty Images/iStockphoto

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

Steve Debenport / Getty ImagesSteve Debenport / Getty Images

Steve Debenport / Getty Images

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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Ultima_Gaina / Getty Images

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

DenisTangneyJr / Getty ImagesDenisTangneyJr / Getty Images

DenisTangneyJr / Getty Images

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

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Aerial_Views / Getty Images

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

Davel5957 / Shutterstock.comDavel5957 / Shutterstock.com

Davel5957 / Shutterstock.com

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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ferrantraite / Getty Images

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

April Ann Canada / Getty Images/iStockphotoApril Ann Canada / Getty Images/iStockphoto

April Ann Canada / Getty Images/iStockphoto

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

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benedek / Getty Images

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

Barbara Smyers / Getty Images/iStockphotoBarbara Smyers / Getty Images/iStockphoto

Barbara Smyers / Getty Images/iStockphoto

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

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halbergman / Getty Images

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

Davel5957 / Getty Images/iStockphotoDavel5957 / Getty Images/iStockphoto

Davel5957 / Getty Images/iStockphoto

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

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lucky-photographer / Getty Images

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

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©Shutterstock.com

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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RoschetzkyIstockPhoto / Getty Images

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

David Wilson / Flickr.comDavid Wilson / Flickr.com

David Wilson / Flickr.com

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

Sean Pavone / Getty Images/iStockphotoSean Pavone / Getty Images/iStockphoto

Sean Pavone / Getty Images/iStockphoto

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

Kyle Sprague / Shutterstock.comKyle Sprague / Shutterstock.com

Kyle Sprague / Shutterstock.com

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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emiliomarin66 / Getty Images/iStockphotoemiliomarin66 / Getty Images/iStockphoto

emiliomarin66 / Getty Images/iStockphoto

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

gchapel / Getty Images/iStockphotogchapel / Getty Images/iStockphoto

gchapel / Getty Images/iStockphoto

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

Christopher Boswell / Shutterstock.comChristopher Boswell / Shutterstock.com

Christopher Boswell / Shutterstock.com

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

Jonathan Ross / Getty Images/iStockphotoJonathan Ross / Getty Images/iStockphoto

Jonathan Ross / Getty Images/iStockphoto

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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Davel5957 / Getty Images/iStockphotoDavel5957 / Getty Images/iStockphoto

Davel5957 / Getty Images/iStockphoto

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

rodclementphotography / iStock.comrodclementphotography / iStock.com

rodclementphotography / iStock.com

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

Rocky Grimes / Getty Images/iStockphotoRocky Grimes / Getty Images/iStockphoto

Rocky Grimes / Getty Images/iStockphoto

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

Kruck20 / iStock.comKruck20 / iStock.com

Kruck20 / iStock.com

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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Yongqi Gou / Getty Images/iStockphotoYongqi Gou / Getty Images/iStockphoto

Yongqi Gou / Getty Images/iStockphoto

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

Arina P Habich / Shutterstock.comArina P Habich / Shutterstock.com

Arina P Habich / Shutterstock.com

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

DenisTangneyJr / Getty Images/iStockphotoDenisTangneyJr / Getty Images/iStockphoto

DenisTangneyJr / Getty Images/iStockphoto

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

EJ_Rodriquez / Getty Images/iStockphotoEJ_Rodriquez / Getty Images/iStockphoto

EJ_Rodriquez / Getty Images/iStockphoto

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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Michael Warren / Getty Images

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

DenisTangneyJr / Getty Images/iStockphotoDenisTangneyJr / Getty Images/iStockphoto

DenisTangneyJr / Getty Images/iStockphoto

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

Chris LaBasco / Getty Images/iStockphotoChris LaBasco / Getty Images/iStockphoto

Chris LaBasco / Getty Images/iStockphoto

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

drnadig / Getty Images/iStockphotodrnadig / Getty Images/iStockphoto

drnadig / Getty Images/iStockphoto

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

cristianl / Getty Images/iStockphotocristianl / Getty Images/iStockphoto

cristianl / Getty Images/iStockphoto

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

John Penney / Getty ImagesJohn Penney / Getty Images

John Penney / Getty Images

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

Mike Liu / Getty ImagesMike Liu / Getty Images

Mike Liu / Getty Images

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

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DenisTangneyJr / Getty Images/iStockphotoDenisTangneyJr / Getty Images/iStockphoto

DenisTangneyJr / Getty Images/iStockphoto

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

DenisTangneyJr / Getty Images/iStockphotoDenisTangneyJr / Getty Images/iStockphoto

DenisTangneyJr / Getty Images/iStockphoto

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

OlegAlbinsky / Getty Images/iStockphotoOlegAlbinsky / Getty Images/iStockphoto

OlegAlbinsky / Getty Images/iStockphoto

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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