The Myth of the $1 Million Retirement and How to Dispel It
The top 20 US cities to retire with $1 million in savings are examined in this article. With a million dollars, what could you do? According to EquityAtlas, you could purchase an opulent car, acquire an island, or embark on a global tour.
Imagine having $1 million in retirement, and the situation becomes different. To be more precise, depending on whether you live in one of the most expensive cities in the country, buying a home may become challenging in many US cities. Redfin Corp. estimates that the median US house price will be $402,523 in January 2024, up 5.2% from the previous year.
This means that purchasing your forever home could cost you a substantial 40% of your retirement savings. Of course, as they look for the US housing markets with the lowest prices, some retirees do wind up paying less. Two of the most popular US states for retirement are Maine and Florida. Redfin Corp reported that the median house prices for these states are $375,300 and $403,700, respectively. The price increases that housing in these states has experienced since 2023—14.1% for Maine and 4.5% for Florida—may be more worrisome.
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In actuality, the number of years that comprise your retirement period determines how long $1 million will last you in retirement. Even though a person’s life expectancy depends on a variety of factors, including their lifestyle, genetics, level of fitness, and health, there are estimates. A retiree who is 65 years old can anticipate living an additional 20 years on average, according to the Organization for Economic Cooperation and Development.
Top 20 US Cities To Retire with $1 Million in Savings
20. Tulsa, Oklahoma
Insider Monkey Score: 6
Livability Score: 73
Years Lived on $1 Million: 30.9
Tulsa, Oklahoma, is the first city on our list of the greatest US cities to retire with $1 million in retirement savings. Tulsa, which lies on the Arkansas River, is one of the most affordable states in the union for retirement. Seniors can take the Art Deco Walking Tour, and visit the Gilcrease Museum, or the Philbrook Museum of Art. After their museum visits, they can grab a bite to eat at the renowned El Rio Verde restaurant.
19. Biloxi, Mississippi
Insider Monkey Score: 7
Livability Score: 72
Years Lived on $1 Million: 31.7
Biloxi, which is well-known for its casinos and beaches, is the ideal place for an adventurous retiree to call home. Retirees can afford to splurge with $1 million lasting more than 30 years in the city. They can buy new gadgets, go on a trip, or even hire domestic help to help with household chores.
18. Asheboro, North Carolina
Insider Monkey Score: 9
Livability Score: 72
Years Lived on $1 Million: 32.1
The North Carolina Zoo is located in Asheboro, a comparatively small American city. Nevertheless, it has a vibrant downtown with a brewery, a concert hall, and several top-notch dining options. The best thing is that the median house price is over $140,000 less than the national median price at $244,000.
17. Roanoke, Virginia
Insider Monkey Score: 11
Livability Score: 75
Years Lived on $1 Million: 32.1
Roanoke is a city in Southwest Virginia that is tucked away in the Blue Ridge Mountains. The Mill Mountain Theatre, the Taubman Museum of Art, and the Mill Mountain Star are just a few of the city’s many attractions. Additionally, Roanoke has a range of grocery stores, including Walmart Supercenter, Aldi, and Kroger.
16. Fayetteville, Arkansas
Insider Monkey Score: 13
Livability Score: 79
Years Lived on $1 Million: 32.1
Fayetteville is a college town where the University of Arkansas is located. With a cost of living 10.2% less than the national average, Fayetteville is among the best US cities to retire to with $1 million in retirement savings. Retirees can go to Wilson Park, the Walton Arts Center, or the Botanical Garden of the Ozarks.
15. Fort Wayne, Indiana
Insider Monkey Score: 14
Livability Score: 83
Years Lived on $1 Million: 32.1
Fort Wayne, an established hub for higher education, is our first choice in Indiana for the top US cities to retire with $1 million in retirement savings. The city, which is home to four universities, has all the benefits of a college town, including a reduced cost of living.
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14. McAllen, Texas
Insider Monkey Score: 17
Livability Score: 74
Years Lived on $1 Million: 32.9
Our next top retirement destination in the US is in Texas, the birthplace of traditional barbecue and southern cuisine. Art lovers can explore the South Texas College Visual Arts Gallery, visit the Nuevo Santander Gallery, and take in the Picasso exhibits at the International Museum of Art & Science. Seniors can dine at Romano’s Macaroni Grill and enjoy a delectable meal after spending the day exploring the area.
13. Midland, Michigan
Insider Monkey Score: 17
Livability Score: 82
Years Lived on $1 Million: 32.9
Midland, Michigan, is the next city on our list of the greatest US cities to retire to with $1 million in retirement savings. Two Fortune 500 corporate headquarters are located in Midland, Michigan, the center of the state’s technological industry: Dow Corning and Dow Chemical. In addition to being a technologically sophisticated city, Midland has a ton of exciting things to do that are ideal for retirees. The Dow Gardens and the Midland Center for the Arts are examples of this.
12. La Grande, Oregon
Insider Monkey Score: 17
Livability Score: 76
Years Lived on $1 Million: 33.3
La Grande, in Oregon, is unquestionably a place to consider retiring with $1 million in mind. La Grande, which is in Union County, provides senior citizens with a cozy and friendly atmosphere where they will feel right at home. Situated amidst mountains, the city’s inhabitants can enjoy outdoor pursuits like riding, trekking, and skiing.
11. Green Bay, Wisconsin
Insider Monkey Score: 18
Livability Score: 70
Years Lived on $1 Million: 33.8
It’s good to know that in this Wisconsin city, $1 million will last for more than 30 years if you’re wondering how long it should last in retirement. Along with being home to the Green Bay Packers, Green Bay has a lot more to offer its citizens. The Lambeau Field, the Neville Public Museum, and the Bay Beach Wildlife Sanctuary are a few of the most well-known.
10. Harlingen, Texas
Insider Monkey Score: 21
Livability Score: 71
Years Lived on $1 Million: 34.2
We begin our list of the top ten US cities to retire to with $1 million in retirement savings with yet another choice from Texas. Harlingen’s suburban atmosphere is ideal for retirees seeking a calmer, more relaxed way of life. The Hugh Ramsey Nature Park, the La Playa Mexican Cafe, and the Harlingen Community Theatre are all accessible to retirees.
9. Brownsville, Texas
Insider Monkey Score: 21
Livability Score: 78
Years Lived on $1 Million: 34.7
Following the trend, Brownsville, Texas, is ranked number two on our list of the greatest US cities for retirement with $1 million in savings. Retirees with $1 million in savings can afford to live opulently in Brownsville, where an individual must make a minimum annual income of $28,800.
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8. Tupelo, Mississippi
Insider Monkey Score: 21
Livability Score: 73
Years Lived on $1 Million: 35.2
Located in Northeast Mississippi, Tupelo is well-known for being Elvis Presley’s birthplace. There is plenty for retirees to do in the city. They can go to the Tombigbee Lake State Park, eat at O’Charley’s Restaurant & Bar, and see wildlife at the Tupelo Buffalo Park and Zoo.
7. Springfield, Missouri
Insider Monkey Score: 23
Livability Score: 72
Years Lived on $1 Million: 36.2
Springfield, a populated city in southwest Missouri, is ideal for retirees seeking a busy lifestyle. All in a day’s work: visit the Dickerson Park Zoo, stroll through the Nathaneal Greene/Close Memorial Park, or explore the Discovery Center’s interactive exhibits.
6. Decatur, Alabama
Insider Monkey Score: 25
Livability Score: 71
Years Lived on $1 Million: 37.3
Decatur, the biggest city in Morgan County, is referred to as the “River City.” For a good 35+ years, retirees can live comfortably on $1 million, which leaves them with plenty of money to spend on luxuries.
5. Youngstown, Ohio
Insider Monkey Score: 26
Livability Score: 80
Years Lived on $1 Million: 37.9
Ohio’s Youngstown is the first of our top five choices. Retirement seekers can find the best of both worlds in Youngstown, with a low cost of living and a high livability score. Seniors can partake in a variety of indoor and outdoor pursuits and cap off the day with a meal at one of Youngstown’s numerous restaurants.
4. Berea, Kentucky
Insider Monkey Score: 31
Livability Score: 72
Years Lived on $1 Million: 39.1
Berea, a popular dining destination and venue for art festivals, is a reasonably priced place for retirees to live. Retirees in Berea can afford to spend money on items other than necessities because their cost of living is 16.1% lower than the national average. This is especially true if they have $1 million saved for retirement. For those senior citizens who choose to live in this city permanently, there are plenty of things to keep them busy. The Berea College Forestry Outreach Center, the Berea Farmers Market, and Smokehouse Grill and Buffet are a few of the most well-liked activities.
3. Marion, Iowa
Insider Monkey Score: 32
Livability Score: 80
Years Lived on $1 Million: 39.1
Marion is the first of our top three cities. Marion, an Iowan town in Linn County, is well known for its festivals and cultural events. Seniors can enjoy the outdoors at Allen’s Orchard, visit the Granger House Victorian Museum, and attend the yearly Marion Arts Festival.
2. Florence, Alabama
Insider Monkey Score: 35
Livability Score: 81
Years Lived on $1 Million: 39.7
Florence, a city in Lauderdale County, is a fantastic area for seniors wishing to relocate for their retirement. Florence is a college town where the University of North Alabama is located. The Frank Lloyd Wright Rosenbaum House Museum, Deibert Park, and the Florence Indian Mound and Museum are all accessible to retirees.
1. Huntington, West Virginia
Insider Monkey Score: 37
Livability Score: 80
Years Lived on $1 Million: 49.6
The city of Huntington, West Virginia, is ranked #1 on our list. Located in the Appalachian foothills, Huntington’s population requires a meagre $20,160 yearly income. Because of this, Huntington is a great place for people who want to retire early or for senior citizens who want to live on less money each day so they can spend it on their wants. Travels abroad, opulent purchases, or even buying a house can all be attainable for the retiree from Huntington.
