How Poor Can You Be and Still Afford To Retire in These 11 Big Cities?

Americans who qualify as “poor” will find it hard to retire comfortably anywhere in the U.S., let alone a big city. A 2023 GOBankingRates analysis found that even in the cheapest retirement state, West Virginia, you still need more than $678,000 in savings to retire comfortably. That’s a big piece of change, considering that the median 401(k) balance for people in their 60s is $209,382, according to financial services company Empower.

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One advantage West Virginia has over other states is that it is not heavily populated — and living costs tend to go up in places with dense populations. The combined population of West Virginia’s two biggest cities, Charleston and Huntington, doesn’t even reach 100,000 people. That’s barely the size of a neighborhood in cities like New York, Los Angeles and Chicago.

One way to look at retirement living costs in big cities is to determine how much income you need to live there comfortably when you’re still working. A recent study from SmartAsset found that on average, an individual needs $96,500 a year for “sustainable comfort” in a major U.S. city. That figure includes being able to pay off debt and invest for the future — two items many retirees have already taken care of — so you can assume retirees need less money.

Following is a look at 11 big U.S. cities analyzed by SmartAsset and the minimum amount of income you need to live comfortably. The dollar figures represent the yearly income needed for an individual. For most people of retirement age, that means a combination of Social Security checks and retirement plan distributions.

  1. Houston, Texas: $75,088 a year

  2. Milwaukee, Wisconsin: $79,664

  3. Cleveland, Ohio: $81,786

  4. Oakland, California: $118,768

  5. Seattle, Washington: $119,392

  6. San Francisco, California: $119,558

  7. San Diego, California: $122,803

  8. Boston, Massachusetts: $124,966

  9. Irvine, California (part of Los Angeles metro area): $126,797

  10. San Jose, California: $136,739

  11. New York, New York: $138,570

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This article originally appeared on GOBankingRates.com: How Poor Can You Be and Still Afford To Retire in These 11 Big Cities?

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