Nowadays, it’s generally accepted that $1 million is the ideal amount to save for retirement. But if you’re not on track to retire a millionaire, you’re not alone.
Over 40 percent of Americans will retire broke, according to a GOBankingRates survey that found that most Americans have less than $10,000 in retirement savings. And although $10,000 is generally not enough to retire off of, you can retire without $1 million saved if you chose where to retire wisely.
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Powered by Money.com - Yahoo may earn commission from the links above. In a recent study, GOBankingRates looked at the cost of living in America’s major cities and calculated how long a nest egg of $650,000, $750,000 and $850,000 would last in each. This study also takes into account the cities’ livability scores and the percentage of the population age 65 and older. With these factors combined, we found some of the best places to retire in the U.S. for those who didn’t save $1 million.
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How long $850K will last: 19 years, 10 months
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How long $750K will last: 17 years, 6 months
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How long $650K will last: 11 years, 4 months
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Livability score: 62
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Percent of seniors 65 and older: 13.1%
If you’re a senior living in Wichita, you can expect to spend $43,755 a year to cover living expenses. At that cost, you could retire on $750K and have it last 17 and a half years.
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How long $850K will last: 19 years, 8 months
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How long $750K will last: 17 years, 4 months
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How long $650K will last: 11 years, 3 months
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Livability score: 65
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Percent of seniors 65 and older: 13.7%
Winston-Salem is an ideal choice for retirees who are looking for a thriving arts and culture scene. It’s also home to the downtown district of Old Salem, which is filled with historic buildings that date back to the 18th century. The average annual expenditure for retirees in the city is $43,102, making it one of the cheapest places to retire in the U.S.
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How long $850K will last: 19 years, 5 months
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How long $750K will last: 17 years, 2 months
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How long $650K will last: 11 years, 2 months
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Livability score: 69
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Percent of seniors 65 and older: 13.3%
Greensboro is located in central North Carolina, and there’s plenty there to keep retirees busy. The city is home to over 100 local attractions and more than 500 restaurants. With an average annual expenditure of $43,597, if you retire on $650K, it will last just over 11 years in Greensboro.
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How long $850K will last: 20 years, 4 months
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How long $750K will last: 18 years, 0 months
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How long $650K will last: 11 years, 8 months
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Livability score: 65
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Percent of seniors 65 and older: 11.8%
Memphis is the home of blues, soul and rock ‘n’ roll, so it’s well suited for musically inclined retirees — or those who just enjoy live music. The average annual expenditure for seniors living in the city is $41,615.
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How long $850K will last: 19 years, 6 months
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How long $750K will last: 17 years, 3 months
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How long $650K will last: 11 years, 2 months
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Livability score: 65
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Percent of seniors 65 and older: 14.9%
Springfield has the fifth-highest percentage of residents who are senior age compared to the other cities on this list. It also has a relatively low average annual expenditure for seniors, at $43,399.
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How long $850K will last: 19 years, 8 months
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How long $750K will last: 17 years, 4 months
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How long $650K will last: 11 years, 3 months
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Livability score: 64
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Percent of seniors 65 and older: 15.5%
Over 15 percent of Mobile’s population are seniors, giving it the fourth-highest percentage of residents age 65 and older of any city on this list. And with an average annual expenditure for seniors of $43,102, if you retire on $850K, it will last nearly 20 years here.
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How long $850K will last: 20 years, 10 months
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How long $750K will last: 18 years, 5 months
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How long $650K will last: 11 years, 11 months
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Livability score: 63
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Percent of seniors 65 and older: 12.2%
Retirees can expect to spend $40,624 on annual expenditures in Buffalo, which is home to impressive architecture as well as natural beauty. If you have $750,000 in retirement savings, it could last over 18 years in this upstate N.Y. city. Plus, it’s one of the cities with the lowest healthcare costs for retirees, a different GOBankingRates study found.
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How long $850K will last: 19 years, 11 months
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How long $750K will last: 17 years, 7 months
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How long $650K will last: 11 years, 5 months
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Livability score: 75
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Percent of seniors 65 and older: 11.7%
Des Moines is tied with one other city on this list for the fifth-highest livability score. AreaVibes gave it high scores for its available amenities and housing, which are important factors to think about when deciding where to retire. With an average annual expenditure for seniors of $42,606, $650,000 in retirement savings will last over 11 years in this capital city.
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How long $850K will last: 20 years, 2 months
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How long $750K will last: 17 years, 9 months
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How long $650K will last: 11 years, 6 months
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Livability score: 76
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Percent of seniors 65 and older: 11.5%
Lubbock has the fourth-highest livability score of the cities included in this ranking. AreaVibes gave the Texas city top marks for its amenities and a high score for its low cost of living — an average of $42,111 annually for seniors. At that rate, $850,000 in retirement savings will last over 20 years.
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How long $850K will last: 19 years, 8 months
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How long $750K will last: 17 years, 4 months
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How long $650K will last: 11 years, 3 months
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Livability score: 79
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Percent of seniors 65 and older: 12.2%
El Paso has the second-highest livability score of all the cities on this list. According to AreaVibes rankings, its best feature is all of the local amenities. It also scored highly for its weather and low cost of living, with the average annual expenditure for seniors at $43,102. Overall, it’s one of the cheapest and safest places to retire in the America.
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How long $850K will last: 21 years, 5 months
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How long $750K will last: 18 years, 10 months
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How long $650K will last: 12 years, 3 months
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Livability score: 62
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Percent of seniors 65 and older: 13.4%
There’s always something fun for retirees to do in Montgomery. Local events include cruises, comedy shows, concerts and film screenings. Seniors can expect to spend $39,634 on annual expenditures in the Southern city.
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How long $850K will last: 21 years, 5 months
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How long $750K will last: 18 years, 10 months
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How long $650K will last: 12 years, 3 months
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Livability score: 57
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Percent of seniors 65 and older: 15.7%
Rockford is the fifth-most affordable city for seniors, with the average annual expenditure at $39,634. It also has the second-highest percentage of senior residents of all the places included in this ranking.
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How long $850K will last: 20 years, 2 months
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How long $750K will last: 17 years, 9 months
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How long $650K will last: 11 years, 6 months
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Livability score: 78
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Percent of seniors 65 and older: 12.7%
Amarillo ranks highly for livability — the third-highest of the cities on this list — thanks to its local amenities and low cost of living, according to AreaVibes scores. Seniors should expect to spend $42,111 a year to cover living costs, which means an $850,000 retirement nest egg would last over 20 years.
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How long $850K will last: 19 years, 5 months
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How long $750K will last: 17 years, 2 months
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How long $650K will last: 11 years, 2 months
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Livability score: 69
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Percent of seniors 65 and older: 18.5%
In addition to being one of the cities where a retirement nest egg will last the longest with a low average annual expenditure of $43,597, Ocala has a thriving senior population. It’s the city with the highest percentage of residents age 65 and older of any city in this ranking.
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How long $850K will last: 21 years, 11 months
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How long $750K will last: 19 years, 4 months
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How long $650K will last: 12 years, 7 months
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Livability score: 62
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Percent of seniors 65 and older: 13.7%
The average annual expenditure for seniors living in Toledo is $38,643 — the fourth-lowest of any city included in this ranking. That means having $750,000 saved in a retirement fund can last for over 19 years.
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How long $850K will last: 22 years, 3 months
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How long $750K will last: 19 years, 7 months
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How long $650K will last: 12 years, 9 months
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Livability score: 61
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Percent of seniors 65 and older: 13.3%
Cleveland is the third-most affordable city for seniors of any included in this study, with an average annual expenditure of $38,147. Having $650,000 in retirement savings can last nearly 13 years in Cleveland.
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How long $850K will last: 20 years, 7 months
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How long $750K will last: 18 years, 2 months
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How long $650K will last: 11 years, 10 months
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Livability score: 69
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Percent of seniors 65 and older: 15.5%
If you want to live among fellow seniors, Evansville is a good — and affordable — choice. The city has the third-highest percentage of the population that’s age 65 and older of all the cities included in this list. With an average annual expenditure for seniors of $41,120, a $750,000 nest egg will last over 18 years here.
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How long $850K will last: 20 years, 7 months
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How long $750K will last: 18 years, 2 months
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How long $650K will last: 11 years, 10 months
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Livability score: 75
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Percent of seniors 65 and older: 13.4%
Fort Wayne is tied with Des Moines for the fifth-highest livability score in this ranking. The city scored a top mark for its local amenities, and a high score for affordability as well, according to AreaVibes ratings. The city has the same average annual expenditure for seniors as Evansville — $41,120 — but it ranks higher thanks to its high livability score.
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How long $850K will last: 22 years, 10 months
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How long $750K will last: 20 years, 2 months
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How long $650K will last: 13 years, 1 month
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Livability score: 80
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Percent of seniors 65 and older: 11.3%
Brownsville has the highest livability score of any place in this ranking. AreaVibes gave the city top scores for its low cost of living — the second-lowest of any city in this ranking with an average of $37,157 a year for seniors — wide array of available amenities and pleasant weather.
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How long $850K will last: 23 years, 5 months
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How long $750K will last: 20 years, 8 months
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How long $650K will last: 13 years, 5 months
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Livability score: 69
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Percent of seniors 65 and older: 14.2%
With the lowest cost of living of any major city and an average annual expenditure for seniors of $36,166, Akron is the city where a retirement nest egg of less than $1 million will stretch the furthest.
If you do have $1 million saved, click through to see how long $1 million in retirement will last in every state.
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Methodology: GOBankingRates determined the top 20 cities to retire if you didn’t save a $1 million by analyzing the 200 largest U.S. cities based on the following factors: (1) average annual expenditure for an American aged 65 and older ($49,542) sourced from the Bureau of Labor Statistics’ 2017 Consumer Expenditure Survey (latest data available); this was multiplied by each city’s (2) cost of living index, sourced from Sperling’s Best Places on Jan. 28, 2019; (3) number of years that $650,000 would last in retirement; (4) number of years that $750,000 would last in retirement; and (5) number of years that $850,000 would last in retirement. Livability scores from AreaVibes are included, and they take into account dozens of characteristics in seven different categories including nearby amenities, cost of living, crime rates, education, employment, housing and weather. Percent of seniors in each city was also included from Census Bureau’s Quick Facts from July 1, 2018 (latest data available). All factors are given a score, with annual expenditures being weighted 1.5 times because that data point directly affects how long each given amount will last in retirement.
This article originally appeared on GOBankingRates.com: You Don’t Have to Be a Millionaire to Retire in These Places
