What a Comfortable Retirement Will Cost You in America’s Richest Small Towns
You might imagine that retiring to a small town would help you enjoy a more relaxed lifestyle while enjoying a less expensive way of life than you’d find in the big city. However, if you settle in one of the richest small towns in America, you’ll find that the ease of small-town living doesn’t always translate into small-town affordability.
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GOBankingRates took a look at the numbers you’d have to crunch to fund a comfortable retirement in the 50 richest small towns across the country. Whether you prefer the sunny climates of California or the sightseeing in Alaska, you’ll find a town here that just might suit you — so you might want to start budgeting now, if you can.
Nichols Hills, Oklahoma
Annual Comfortable Retirement Costs: $59,321
Retirement Savings Needed Without Social Security: $1,186,425
Annual Comfortable Retirement Costs With Social Security: $36,947
Retirement Savings Needed With Social Security: $738,941
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Meridian Hills, Indiana
Annual Comfortable Retirement Costs: $59,460
Retirement Savings Needed Without Social Security: $1,189,201
Annual Comfortable Retirement Costs With Social Security: $37,086
Retirement Savings Needed With Social Security: $741,716
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Mountain Brook, Alabama
Annual Comfortable Retirement Costs: $60,362
Retirement Savings Needed Without Social Security: $1,207,240
Annual Comfortable Retirement Costs With Social Security: $37,988
Retirement Savings Needed With Social Security: $759,755
River Hills, Wisconsin
Annual Comfortable Retirement Costs: $61,056
Retirement Savings Needed Without Social Security: $1,221,116
Annual Comfortable Retirement Costs With Social Security: $38,682
Retirement Savings Needed With Social Security: $773,631
The Village of Indian Hill, Ohio
Annual Comfortable Retirement Costs: $61,264
Retirement Savings Needed Without Social Security: $1,225,279
Annual Comfortable Retirement Costs With Social Security: $38,890
Retirement Savings Needed With Social Security: $777,794
University Heights, Iowa
Annual Comfortable Retirement Costs: $62,166
Retirement Savings Needed Without Social Security: $1,243,318
Annual Comfortable Retirement Costs With Social Security: $39,792
Retirement Savings Needed With Social Security: $795,833
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Goshen, Arkansas
Annual Comfortable Retirement Costs: $62,305
Retirement Savings Needed Without Social Security: $1,246,094
Annual Comfortable Retirement Costs With Social Security: $39,930
Retirement Savings Needed With Social Security: $798,609
Anchorage, Kentucky
Annual Comfortable Retirement Costs: $62,305
Retirement Savings Needed Without Social Security: $1,246,094
Annual Comfortable Retirement Costs With Social Security: $39,930
Retirement Savings Needed With Social Security: $798,609
Cheat Lake, West Virginia
Annual Comfortable Retirement Costs: $62,305
Retirement Savings Needed Without Social Security: $1,246,094
Annual Comfortable Retirement Costs With Social Security: $39,930
Retirement Savings Needed With Social Security: $798,609
Horace, North Dakota
Annual Comfortable Retirement Costs: $62,860
Retirement Savings Needed Without Social Security: $1,257,195
Annual Comfortable Retirement Costs With Social Security: $40,486
Retirement Savings Needed With Social Security: $809,710
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Sandia Heights, New Mexico
Annual Comfortable Retirement Costs: $63,831
Retirement Savings Needed Without Social Security: $1,276,621
Annual Comfortable Retirement Costs With Social Security: $41,457
Retirement Savings Needed With Social Security: $829,137
Ladue, Missouri
Annual Comfortable Retirement Costs: $64,594
Retirement Savings Needed Without Social Security: $1,291,885
Annual Comfortable Retirement Costs With Social Security: $42,220
Retirement Savings Needed With Social Security: $844,401
Madison, Mississippi
Annual Comfortable Retirement Costs: $64,664
Retirement Savings Needed Without Social Security: $1,293,273
Annual Comfortable Retirement Costs With Social Security: $42,289
Retirement Savings Needed With Social Security: $845,788
Dakota Dunes, South Dakota
Annual Comfortable Retirement Costs: $64,733
Retirement Savings Needed Without Social Security: $1,294,661
Annual Comfortable Retirement Costs With Social Security: $42,359
Retirement Savings Needed With Social Security: $847,176
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Hanover, New Hampshire
Annual Comfortable Retirement Costs: $65,496
Retirement Savings Needed Without Social Security: $1,309,925
Annual Comfortable Retirement Costs With Social Security: $43,122
Retirement Savings Needed With Social Security: $862,440
Papillion, New Hampshire
Annual Comfortable Retirement Costs: $66,051
Retirement Savings Needed Without Social Security: $1,321,026
Annual Comfortable Retirement Costs With Social Security: $43,677
Retirement Savings Needed With Social Security: $873,541
Des Allemands, Louisiana
Annual Comfortable Retirement Costs: $66,190
Retirement Savings Needed Without Social Security: $1,323,801
Annual Comfortable Retirement Costs With Social Security: $43,816
Retirement Savings Needed With Social Security: $876,316
Hunters Creek Village, Texas
Annual Comfortable Retirement Costs: $67,231
Retirement Savings Needed Without Social Security: $1,344,615
Annual Comfortable Retirement Costs With Social Security: $44,857
Retirement Savings Needed With Social Security: $897,131
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Helena Valley Northeast, Montana
Annual Comfortable Retirement Costs: $69,520
Retirement Savings Needed Without Social Security: $1,390,407
Annual Comfortable Retirement Costs With Social Security: $47,146
Retirement Savings Needed With Social Security: $942,922
Woodstock, Vermont
Annual Comfortable Retirement Costs: $70,561
Retirement Savings Needed Without Social Security: $1,411,222
Annual Comfortable Retirement Costs With Social Security: $48,187
Retirement Savings Needed With Social Security: $963,737
Chena Ridge, Alaska
Annual Comfortable Retirement Costs: $72,157
Retirement Savings Needed Without Social Security: $1,443,137
Annual Comfortable Retirement Costs With Social Security: $49,783
Retirement Savings Needed With Social Security: $995,652
Greenville, Delaware
Annual Comfortable Retirement Costs: $72,226
Retirement Savings Needed Without Social Security: $1,444,525
Annual Comfortable Retirement Costs With Social Security: $49,852
Retirement Savings Needed With Social Security: $997,040
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Belle Meade, Tennessee
Annual Comfortable Retirement Costs: $72,643
Retirement Savings Needed Without Social Security: $1,452,851
Annual Comfortable Retirement Costs With Social Security: $50,268
Retirement Savings Needed With Social Security: $1,005,366
Druid Hills, Georgia
Annual Comfortable Retirement Costs: $72,712
Retirement Savings Needed Without Social Security: $1,454,238
Annual Comfortable Retirement Costs With Social Security: $50,338
Retirement Savings Needed With Social Security: $1,006,754
Orchard Lake Village, Michigan
Annual Comfortable Retirement Costs: $72,781
Retirement Savings Needed Without Social Security: $1,455,626
Annual Comfortable Retirement Costs With Social Security: $50,407
Retirement Savings Needed With Social Security: $1,008,141
Winnetka, Illinois
Annual Comfortable Retirement Costs: $73,336
Retirement Savings Needed Without Social Security: $1,466,727
Annual Comfortable Retirement Costs With Social Security: $50,962
Retirement Savings Needed With Social Security: $1,019,242
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Biltmore Forest, North Carolina
Annual Comfortable Retirement Costs: $73,406
Retirement Savings Needed Without Social Security: $1,468,115
Annual Comfortable Retirement Costs With Social Security: $51,032
Retirement Savings Needed With Social Security: $1,020,630
Mission Hills, Kansas
Annual Comfortable Retirement Costs: $73,683
Retirement Savings Needed Without Social Security: $1,473,665
Annual Comfortable Retirement Costs With Social Security: $51,309
Retirement Savings Needed With Social Security: $1,026,180
Villanova, Pennsylvania
Annual Comfortable Retirement Costs: $74,169
Retirement Savings Needed Without Social Security: $1,483,379
Annual Comfortable Retirement Costs With Social Security: $51,795
Retirement Savings Needed With Social Security: $1,035,894
Deephaven, Minnesota
Annual Comfortable Retirement Costs: $74,377
Retirement Savings Needed Without Social Security: $1,487,542
Annual Comfortable Retirement Costs With Social Security: $52,003
Retirement Savings Needed With Social Security: $1,040,057
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Kiawah Island, South Carolina
Annual Comfortable Retirement Costs: $77,708
Retirement Savings Needed Without Social Security: $1,554,148
Annual Comfortable Retirement Costs With Social Security: $55,333
Retirement Savings Needed With Social Security: $1,106,663
Falmouth Foreside, Maine
Annual Comfortable Retirement Costs: $78,054
Retirement Savings Needed Without Social Security: $1,561,086
Annual Comfortable Retirement Costs With Social Security: $55,680
Retirement Savings Needed With Social Security: $1,113,601
Paradise Valley, Arizona
Annual Comfortable Retirement Costs: $78,401
Retirement Savings Needed Without Social Security: $1,568,024
Annual Comfortable Retirement Costs With Social Security: $56,027
Retirement Savings Needed With Social Security: $1,120,539
Palm Beach, Florida
Annual Comfortable Retirement Costs: $79,164
Retirement Savings Needed Without Social Security: $1,583,288
Annual Comfortable Retirement Costs With Social Security: $56,790
Retirement Savings Needed With Social Security: $1,135,803
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Incline Village, Nevada
Annual Comfortable Retirement Costs: $82,287
Retirement Savings Needed Without Social Security: $1,645,732
Annual Comfortable Retirement Costs With Social Security: $59,912
Retirement Savings Needed With Social Security: $1,198,247
Hidden Springs, Idaho
Annual Comfortable Retirement Costs: $82,980
Retirement Savings Needed Without Social Security: $1,659,608
Annual Comfortable Retirement Costs With Social Security: $60,606
Retirement Savings Needed With Social Security: $1,212,123
Cherry Hills Village, Colorado
Annual Comfortable Retirement Costs: $85,825
Retirement Savings Needed Without Social Security: $1,716,501
Annual Comfortable Retirement Costs With Social Security: $63,451
Retirement Savings Needed With Social Security: $1,269,016
Charlestown, Rhode Island
Annual Comfortable Retirement Costs: $86,241
Retirement Savings Needed Without Social Security: $1,724,827
Annual Comfortable Retirement Costs With Social Security: $63,867
Retirement Savings Needed With Social Security: $1,277,342
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Dunthorpe, Oregon
Annual Comfortable Retirement Costs: $88,600
Retirement Savings Needed Without Social Security: $1,772,006
Annual Comfortable Retirement Costs With Social Security: $66,226
Retirement Savings Needed With Social Security: $1,324,521
Short Hills, New Jersey
Annual Comfortable Retirement Costs: $93,665
Retirement Savings Needed Without Social Security: $1,873,303
Annual Comfortable Retirement Costs With Social Security: $71,291
Retirement Savings Needed Wth Social Security: $1,425,818
Chevy Chase Village, Maryland
Annual Comfortable Retirement Costs: $96,094
Retirement Savings Needed Without Social Security: $1,921,870
Annual Comfortable Retirement Costs With Social Security: $73,719
Retirement Savings Needed With Social Security: $1,474,386
Tokeneke, Connecticut
Annual Comfortable Retirement Costs: $96,163
Retirement Savings Needed Without Social Security: $1,923,258
Annual Comfortable Retirement Costs With Social Security: $73,789
Retirement Savings Needed With Social Security: $1,475,773
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Dover, Massachusetts
Annual Comfortable Retirement Costs: $99,493
Retirement Savings Needed Without Social Security: $1,989,864
Annual Comfortable Retirement Costs With Social Security: $77,119
Retirement Savings Needed With Social Security: $1,542,379
Great Falls, Virginia
Annual Comfortable Retirement Costs: $103,864
Retirement Savings Needed Without Social Security: $2,077,285
Annual Comfortable Retirement Costs With Social Security: $81,490
Retirement Savings Needed With Social Security: $1,629,800
Poipu, Hawaii
Annual Comfortable Retirement Costs: $107,264
Retirement Savings Needed Without Social Security: $2,145,279
Annual Comfortable Retirement Costs With Social Security: $84,890
Retirement Savings Needed With Social Security: $1,697,794
Clyde Hill, Washington
Annual Comfortable Retirement Costs: $109,692
Retirement Savings Needed Without Social Security: $2,193,846
Annual Comfortable Retirement Costs With Social Security: $87,318
Retirement Savings Needed With Social Security: $1,746,361
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Brookville, New York
Annual Comfortable Retirement Costs: $111,427
Retirement Savings Needed Without Social Security: $2,228,537
Annual Comfortable Retirement Costs With Social Security: $89,053
Retirement Savings Needed With Social Security: $1,781,052
East Basin, Utah
Annual Comfortable Retirement Costs: $117,255
Retirement Savings Needed Without Social Security: $2,345,098
Annual Comfortable Retirement Costs With Social Security: $94,881
Retirement Savings Needed With Social Security: $1,897,613
Hoback, Wyoming
Annual Comfortable Retirement Costs: $125,511
Retirement Savings Needed Without Social Security: $2,510,226
Annual Comfortable Retirement Costs With Social Security: $103,137
Retirement Savings Needed With Social Security: $2,062,741
Atherton, California
Annual Comfortable Retirement Costs: $173,454
Retirement Savings Needed Without Social Security: $3,469,080
Annual Comfortable Retirement Costs With Social Security: $151,079
Retirement Savings Needed With Social Security: $3,021,595
Methodology: GOBankingRates analyzed the following expenditures of Americans aged 65 and older, based on data sourced from the Bureau of Labor Statistics’ (BLS) most recent Consumer Expenditure Survey release for the full year of 2022: (1) overall average annual expenditures. Spending estimates were adjusted to the city level by multiplying each cost category by its corresponding cost of living index score in each state, sourced from Sperling’s Best cost of living index data. After calculating total consumption expenditures, an additional (2) savings buffer was calculated by assuming that total expenditures consume 80% of ones budget (50% for necessities and 30% for discretionary spending), with 20% left over for savings. GOBankingRates then combined factors (1) and (2) and factored it out by 20 (assuming 20 years of retirement) to give (3) retirement savings needed to live comfortably and (4) retirement savings needed with Social Security benefits. To be considered you had to have between 500 to 15,000 households, and GOBankingRates took the “small town” with the highest average household income from each state. All data was collected on and up to date as of April 17, 2024.
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This article originally appeared on GOBankingRates.com: What a Comfortable Retirement Will Cost You in America’s Richest Small Towns
