How much you need to retire comfortably in the 10 biggest USA cities

san jose california

Retiring could require $4.9 million in San Jose, CA.
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  • You'll need an norm of $2.8 million to recede as a homeowner in the 10 largest cities in the The States.
  • That's according to GoBankingRates data, and Census data on the 10 largest US cities.
  • Insider calculated totals using the 4% rule (which multiplies annual costs past 25).
  • Read more Personal Finance Insider coverage »

Where you project to live in retreat bequeath have a big touch on on how much you ask to save in order to live comfortably.

New information from GoBankingRates shows how much income is needed to live comfortably in 50 large US cities. How so much you need to live for a year varies widely across the US.

And that substance that the amount of money you'll need to sack out well varies, too.

Insider used the information to calculate how much would be needed for retirement in apiece of these cities victimisation the 4% rule, assuming a retiree will spend the same amount in retirement as during their working life.

The 4% rule is a favorite of financial planners: Information technology helps estimates how much person would need to carry through for retirement based on annual income needs. Insider multiplied the time period income of necessity of each city by 25 to find the total needed in for each one of the 10 cities. The 10 cities were elect based on Census data, and ranked supported on the cost to retire as a homeowner.

On average, people in the 10 largest US cities would need to experience $2.8 million saved and invested to put out comfortably as homeowners. Nevertheless, it's possible to cut costs in retreat, meaning you don't needs need as much to live connected. And, living costs can be lower outside of big cities, which could make for a more inexpensive retreat.

In the 10 biggest cities, here's how information technology wholly breaks down.

10. San Antonio, Texas

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The near affordable of the large cities is San Antonio, Texas — however, it's cheaper to retire as a homeowner here than a tenant.

Annual income you'd need to live comfortably as a homeowner: $71,943

Retirement nest egg you'd indigence to live comfortably as a homeowner: $1,798,575

Annual income you'd need to live comfortably as a renter: $77,871

Retirement savings you'd require to live comfortably as a renter: $1,946,775

9. Houston, Texas

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Houston is another relatively large and affordable city in Texas.

One-year income you'd need to know comfortably as a homeowner: $79,378

Retirement nest egg you'd need to live comfortably as a homeowner: $1,984,450

Annual income you'd need to live comfortably A a renter: $87,658

Retirement savings you'd need to live well as a renter: $2,191,450

8. Philadelphia, Pennsylvania

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Philadelphia offers a vibrant urban life without the high costs of other comparably-moderate-sized cities.

Annual income you'd call for to live comfortably as a homeowner: $82,439

Retirement savings you'd need to live comfortably as a homeowner: $2,060,975

Period income you'd need to live comfortably as a renter: $92,639

Retirement savings you'd need to live comfortably Eastern Samoa a renter: $2,315,975

7. Dallas, Texas

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Life is relatively affordable in Dallas compared to other big cities.

Annual income you'd need to live comfortably equally a homeowner: $83,140

Retirement savings you'd need to hold ou comfortably as a homeowner: $2,078,500

One-year income you'd need to live well as a renter: $87,964

Retreat nest egg you'd need to live comfortably as a renter: $2,199,100

6. Chicago, Illinois

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In Stops, it's cheaper to hit the hay as a homeowner than a renter.

Annual income you'd need to live comfortably as a homeowner: $84,765

Retirement savings you'd need to live comfortably as a homeowner: $2,119,125

Annual income you'd need to live comfortably Eastern Samoa a renter: $94,917

Retirement savings you'd need to live well atomic number 3 a tenant: $2,372,925

5. Phoenix, Arizona

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Retiring in Phoenix can be costly, but it might be right for some.

Annual income you'd need to live well as a homeowner: $86,407

Retreat savings you'd need to live comfortably as a homeowner: $2,160,175

Annual income you'd need to live comfortably as a renter: $86,143

Retirement savings you'd need to live comfortably as a renter: $2,153,575

4. San Diego, CA

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San Diego can glucinium an expensive place to retire, with the characteristic annual income needed in the six-fig range, and the total to retire over $3.4 jillio.

Annual income you'd need to live well American Samoa a householder: $137,826

Retirement nest egg you'd need to live comfortably as a homeowner: $3,445,650

Annual income you'd need to live comfortably as a renter:$120,786

Retirement savings you'd need to live comfortably as a renter: $3,019,650

3. Parvenu York City, New York State

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Empire State can live an costly place to live — you'll need about $3.2 million saved busy retire in that respect equally a renter.

One-year income you'd demand to live well as a homeowner: $148,448 per yr

Retirement savings you'd need to viable well A a homeowner: $3,711,200

Annual income you'd need to live comfortably as a renter: $128,552

Retirement nest egg you'd deman to live well American Samoa a renter: $3,213,800

2. Los Angeles, California

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You'll need a little scra over $3.7 million to retire comfortably in Los Angeles and own your home.

Yearly income you'd need to live comfortably as a homeowner: $150,392

Retirement savings you'd need to viable comfortably as a homeowner: $3,759,800

Annual income you'd need to live comfortably as a renter: $136,208

Retirement nest egg you'd need to live comfortably as a renter: $3,405,200

1. San Jose, California

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Capital of Costa Rica has the highest living costs in the country, and accordingly the highest retirement costs — you'd need close to $5 million to adjourn there as a homeowner.

Period of time income you'd need to animate comfortably American Samoa a homeowner:$197,502

Retreat nest egg you'd need to living comfortably As a householder: $4,937,550

Annual income you'd need to live well as a renter: $143,670

Retirement savings you'd need to live well atomic number 3 a renter:$3,591,750

Liz Knueven

Personal Finance Reporter

Liz was a newsman at Insider, primarily covering personal-finance topics. Before joining Insider, she wrote about financial and automotive topics Eastern Samoa a freelancer for brands comparable LendingTree and Reference Karma. She earned her bachelor's degree in writing from The Savannah College of Art and Design. She lives and deeds in Cincinnati, Ohio. Ascertain her along Chitter at @lizknueven.

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