GOBankingRates analyzed living costs and retiree communities to find where your money goes furthest. Ohio dominated the ranking, with 12 of the top 50 cities located in the Buckeye State. Over half of all 50 cities on the list are located in the Midwest. Keep reading to find out which city came out on top.
Saving for retirement is becoming increasingly difficult for many. Americans believe they need $1.26 million to retire comfortably in 2025, according to a report by Northwestern Mutual. And that can feel out of reach for many. However, a new study by GOBankingRates reports that you may need less than half of that to retire in many destinations across the U.S.
The website looked into 50 places across the nation where people can comfortably live out their golden years with $500,000 in savings and still enjoy an excellent quality of life. The company considered cities with at least 1,000 residents aged 65 and older, and analyzed retirement income data, along with the cost of living. Lastly, it calculated the cost of retirement, assuming a person stops working at age 65 and lives in retirement for an additional 20 years.
After doing all that math, it named Canfield, Ohio, the No. 1 spot.
The community of just 8,000 residents boasts an impressive 87 livability score out of 100, while its cost of living for a single person with Social Security over 20 years is $390,698. According to GOBankingRates, the annual cost of living here is $43,564, while monthly expenses are estimated at $3,630.Â
Canfield wasn’t the only place in the Buckeye State to make an appearance on this list. As GOBankingRates noted, “Ohio swept the rankings with 12 of the top 50 cities among the best places to retire with $500,000 in savings.” Canfield was followed by Fairlawn at No. 2, North Canton at No. 3, Middleburg Heights at No. 5, Chesterland at No. 6, Cortland at No. 9, Lyndhurst at No. 12, Seven Hills at No. 17, Vermilion at No. 26, Huron at No. 28, Milford at No. 38, and Port Clinton at No. 42.
Unsurprisingly, Florida also had a strong showing, with 11 destinations making the list, including its top performer, Sebastian, at No. 7.
The report also noted that the Midwest is a true hotspot for those looking to retire on a tight budget, with 26 of the 50 spots situated in the region. Beyond Ohio, GOBankingRates found five communities in Illinois—Princeton, Geneseo, Crestwood, Westchester, and Metropolis—and three in Michigan—Ludington, Grand Haven, and Grand Rapids.
See the full list and where else you can retire with $500,000 in savings at gobankingrates.com.
