Best retirement cities if you don't have $1M saved

By Personal FinanceFOXBusiness

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Planning for retirement can be a challenge for Americans at a time when many are having trouble saving.

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Nearly half of Americans (48 percent) don’t think their retirement savings will ever reach $1 million, according to a study by Fidelity, even though more than 30 percent of Americans expect to need more than $1 million to live on after they stop working.

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However, for those who don’t make it to their $1 million goal – there are still a number of cities where older Americans can get by on much less.

GOBankingRates compiled a list of the top cities for those without $1 million saved up. The study looked at the 200 largest U.S. cities and what the average older American spends multiplied by each city’s cost of living index. The study also took into account characteristics like nearby amenities, crime rates, employment, weather and cost of living.

Here’s are the top 5 places to retire for those with less than $1 million in their retirement accounts:

Tucson, Arizona

In Tucson, Arizona, the average older American could get by on $650,000 in savings for a little more than 10 years. With $750,000 stashed away, they could live comfortably in this city for more than 15 years.

The annual expenditures for older Americans in Tucson is about $49,047.

The city is also home to the University of Arizona.

Aurora, Illinois

Aurora, Illinois, is an outer suburb of Chicago. It is also one of the most populous cities in the state.

The cost of annual living in Aurora is similar to Tuscon. In this city, $850,000 in retirement savings would last about 17.3 years.

Baton Rouge, Louisiana

Baton Rouge – the capital of Louisiana – is the third top choice for retirees without $1 million in savings.

In this city, where the average annual expenditure is about $49,294, $650,000 in savings would last a retiree about 10.1 years.

Tallahassee, Florida

Tallahassee, Florida – another state capital – ranked fourth in the study. The average older American would spend an estimated $49,542 each year in this city.

Savings of $750,000 would last about 15.1 years.

The median home value in the city is $184,100, according to online real estate site Zillow.

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Norfolk, Virginia

In Norfolk, Virginia, $650,000 would last a retiree slightly more than ten years.

Norfolk is home to the naval base on Chesapeake Bay.

The average listing price for a home in this city is $210,000, according to Zillow.