It may be the cardinal rule of retirement: Living in a cheaper city means your money will last longer. So which is the best city to guarantee your nest egg doesn’t dry up?
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In order to pinpoint the cheapest places, GOBankingRates evaluated 150 U.S. cities, comparing the average annual cost of food, healthcare, transportation and housing for those 65 and older. That information was combined with data from the U.S. Bureau of Labor Statistic to determine annual expenditures.
Analysts from the personal finance resource then determined how long a retiree could live on savings of $1 million.
The cheapest cities for a retiree, according to the survey, are Houston, where $1 million would last 25 years and 11 months; Oklahoma City, 24 years and seven months; Austin, Texas, 24 years and six months; Tulsa, Oklahoma, 24 years and four months; and Memphis, Tennessee, 24 years and three months.
The most expensive are New York, 17 years and six months; Boston,17 years and 11 months; San Francisco, 17 years and 11 months; Philadelphia, 18 years; and San Jose, California, 18 years and two months.
According to the survey, more than half of Americans have less than $10,000 saved for retirement.