See how long your retirement savings will last in each city.
After you’ve spent your working years building up your nest egg, make sure you retire somewhere that fits your budget so you can live comfortably — but without worrying that your money will run out and leave you penniless. The average person has about $150,000 in retirement savings, but living in some cities will blow through that quickly.
See what a comfortable retirement will cost you and the cities where your retirement savings won’t last long.
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Chicago is the least expensive city in this study, but that doesn’t mean it’s a cheap place to live. Housing, which is also the cheapest among the cities studied, makes up almost $17,000 of the $50,743.40 annual cost of living for retirees age 65 and older. Chicago also had the seventh most expensive groceries, costing almost $4,000 per month.
Aurora’s annual costs of $51,612.77 edged out Chicago for the 19th slot on the list. The most expensive category relative to other cities is medical care, ranking 14th overall at $6,233.76. Aurora did have the lowest utilities costs, second-lowest housing costs, and the fourth-lowest grocery costs among the cities studied.