5 best cities to retire in 2020
Typical 65-year-old couple needs $285,000 to retire
Get all the latest news on coronavirus and more delivered daily to your inbox. Sign up here.
Saving enough money to retire is not always easy, especially in the midst of a global pandemic. Living out retirement on what you’ve managed to save is no different.
Aside from careful budgeting, there’s one thing that could help ease the burden: location.
Researchers in a U.S. News analysis compared the country’s 125 largest metro areas, taking into account housing affordability, taxes and access to health care. The data also incorporates a survey of 2,541 people ages 45 and older about their retirement preferences.
65% OF PRE-RETIREES WORRY THEY WON'T MANAGE TO PAY FOR THIS MAJOR EXPENSE
Here are the top five ideal locations to retire:
1. Fort Myers, Florida
Population: 700,165
Share of the population age 60 or older: 34 percent
Median monthly mortgage cost: $1,377
Median monthly rent: $1,035
2. Sarasota, Florida
Population: 768,381
Share of the population age 60 or older: 38 percent
Median monthly mortgage cost: $1,436
Median monthly rent: $1,089
3 WAYS YOUR SOCIAL SECURITY CHECKS COULD BE REDUCED BY COVID-19
3. Lancaster, Pennsylvania
Population: 536,494
Share of the population age 60 or older: 23 percent
Median monthly mortgage cost: $1,482
Median monthly rent: $957
4. Asheville, North Carolina
Population: 445,625
Share of the population age 60 or older: 28 percent
Median monthly mortgage cost: $1,244
Median monthly rent: $849
5. Port St. Lucie, Florida
Population: 454,482
Share of the population age 60 or older: 32 percent
Median monthly mortgage cost: $1,392
Median monthly rent: $1,074
CLICK HERE TO GET FOX BUSINESS ON THE GO
Nearly 40 percent of Americans age 50 to 59 had less than $50,000 saved for retirement, according to data from a 2020 TD Ameritrade report. And some adults juggling retirement with everyday expenses may not have a steady stream of income to keep them afloat.
The unemployment rate among those ages 55 and older has jumped from 3.3 percent in late March to a striking 13.6 percent in April, the Bureau of Labor Statistics reported.
Data from finical firm Fidelity said the typical 65-year-old woman retiring in 2019 would need $150,000, while her male counterpart would need $135,000. For a couple, that’s $285,000.