24 places in the US where retirement savings will last the longest
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- The most affordable US cities were ranked by housing, utilities, groceries, and healthcare costs.
- Many of the cities on the list are located in the Midwest.
- No cities from California, New York, or New England made the top 24.
The choice of where you want to spend your retirement years doesn't only come down to money. Knowing that you can afford to live the lifestyle you want in retirement also plays an important role in choosing where you retire.
To help you answer the question, "How long will my retirement nest egg last?" GOBankingRates looked at the average costs for a 65-year-old for housing, utilities, groceries, and healthcare in the largest 100 cities in the country. To put these costs in perspective, GOBankingRates took the approximate median nest egg retirees have saved — $150,000 — and subtracted one year's worth of costs in each of the most affordable cities to show you how long your nest egg will last.
Read on to see how long your retirement savings will last in these 24 cities.
Methodology: GOBankingRates analyzed the top 100 largest cities U.S. by population and ranked them based on their cost of living for retirees 65 and older. In order to find the average annual expenditures for retirees, GOBankingRates.com used data from the BLS Consumer Expenditure Survey. Cost of living indices were taken from Sperling's Best Places on Nov. 9, 2017.
24. Lincoln, Nebraska
Wikimedia CommonsRetiree cost of living: $42,233
Nest egg left over: $107,767
Lincoln, a city of almost 300,000 people, is the capital of Nebraska and home to the flagship campus of the state's university system. Lincoln's low cost of living is led by housing costs that are just 83% of the national average. Groceries and healthcare costs are also below the national average, at 92% and 97%, respectively. The only cost over the national average is utilities, at just 1% higher than average.
23. Jacksonville, Florida
Shutterstock / Sean PavoneRetiree cost of living: $42,096
Nest egg left over: $107,904
If you're looking to retire in a city with a northern feel but with Florida temperatures, consider Jacksonville. Jacksonville excels in low annual costs for housing at under $12,000, but its utility costs are 4% higher than the average. It also performed well in healthcare expenditures, at just 88% of the average, which can be quite important in your retirement years.
22. Lexington-Fayette, Kentucky
Wikimedia CommonsRetiree cost of living: $42,050
Nest egg left over: $107,950
Lexington-Fayette barely edged out Jacksonville for the 22nd spot on this list, with an overall cost of living of just $50 less per year. Even if you don't love bluegrass music or horse racing, you'll appreciate the lower housing costs — housing here costs just 84% of the national average. Plus, at just 90.3% of the national average, you'll enjoy paying just $3,224 per year for groceries.
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