- How long $850K will last: 23 years, 5 months
- How long $750K will last: 20 years, 8 months
- How long $650K will last: 13 years, 5 months
- Livability score: 69
- Percent of seniors 65 and older: 14.2%
With the lowest cost of living of any major city and an average annual expenditure for seniors of $36,166, Akron is the city where a retirement nest egg of less than $1 million will stretch the furthest.
If you do have $1 million saved, click through to see how long $1 million in retirement will last in every state.
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Methodology: GOBankingRates determined the top 20 cities to retire if you didn’t save a $1 million by analyzing the 200 largest U.S. cities based on the following factors: (1) average annual expenditure for an American aged 65 and older ($49,542) sourced from the Bureau of Labor Statistics’ 2017 Consumer Expenditure Survey (latest data available); this was multiplied by each city’s (2) cost of living index, sourced from Sperling’s Best Places on Jan. 28, 2019; (3) number of years that $650,000 would last in retirement; (4) number of years that $750,000 would last in retirement; and (5) number of years that $850,000 would last in retirement. Livability scores from AreaVibes are included, and they take into account dozens of characteristics in seven different categories including nearby amenities, cost of living, crime rates, education, employment, housing and weather. Percent of seniors in each city was also included from Census Bureau’s Quick Facts from July 1, 2018 (latest data available). All factors are given a score, with annual expenditures being weighted 1.5 times because that data point directly affects how long each given amount will last in retirement.