If you’re considering the most affordable cities for retirement, a new ranking makes a strong case for Ohio.
The folks at GoBankingRates.com ranked the 100 largest U.S. cities based on how much annual retirement income would be needed to cover the cost of housing, healthcare, transportation, food, and utilities.
For each city, GoBankingRates also factored in a seven-category “livability score” courtesy of AreaVibes.com — and filtered out cities that have a senior population of less than 9.5%.
When the dust settled from the various algorithms, the crown jewels of cheap retirement emerged. Here are the 15 cheapest major cities for retirement.
Image Credit: DepositPhotos.com.
15. Milwaukee, Wisconsin
Annual Expenditures: $44,588
Image Credit: DepositPhotos.com.
14. Columbus, Ohio
Annual Expenditures: $44,588
Image Credit: DepositPhotos.com.
13. Mobile, Alabama
Annual Expenditures: $43,597
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12. St. Louis, Missouri
Annual Expenditures: $43,597
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11. Indianapolis
Annual Expenditures: $43,597
Image Credit: DepositPhotos.com.
10. Winston-Salem, North Carolina
Annual Expenditures: $43,102
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9. El Paso, Texas
Annual Expenditures: $43,102
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8. Wichita, Kansas
Annual Expenditures: $42,606
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7. Lubbock, Texas
Annual Expenditures: $42,111
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6. Memphis, Tennessee
Annual Expenditures: $41,615
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5. Greensboro, North Carolina
Annual Expenditures: $41,120
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4. Fort Wayne, Indiana
Annual Expenditures: $41,120
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3. Buffalo, New York
Annual Expenditures: $40,624
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2. Toledo, Ohio
Annual Expenditures: $38,643
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1. Cleveland, Ohio
Annual Expenditures: $38,147
Image Credit: DepositPhotos.com.
Are you prepared for retirement?
Retiring comfortably continues to grow more challenging. As the cost of living continues to rise many adults are working longer than ever, and many retirement-age Americans do not have enough retirement savings. Expanding the geographical range of your search could ease the pressure.
This article originally appeared on Considerable.com and was syndicated by MediaFeed.org.
Image Credit: DepositPhotos.com.
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