According to data from the 2022 Survey of Consumer Finances, the average retirement savings for all families in the U.S. is $333,940, while the median retirement savings for all families is $87,000. That’s far less than the $1.26 million Americans say they need for a comfortable retirement. However, if you do happen to have lots and lots of cash ready for your golden years, there are some seriously high-end places you can look to move.
On Thursday, GOBankingRates revealed its list of the 30 most expensive retirement towns in the U.S.—and the top five are all located in one state.
To determine its list, the team created a seed list of cities with a total population over 25,000, where at least a quarter of the population was also over the age of 65. It then sourced the average single-family home value and the cost of living (which included things like groceries and healthcare), which were then added to the cost of a mortgage or rent to give a full picture of how expensive retirement can be in each spot.
After looking at all the available information, GOBankingRates found that California is home to the nation’s five most expensive retirement towns, with Saratoga coming in first place.
It found that 26 percent of the city’s population is over 65, meaning retirees will be in good company. However, they’ll need a substantial amount of money to make it happen, as the average single-family home value is $4,118,931, while the average annual cost of groceries is $6,165. That’s in addition to the average annual healthcare cost of $8,544, making the yearly total cost of living for a homeowner $282,625.
It’s joined by Rancho Palos Verdes, Walnut Creek, Cerritos, and Palm Springs, all of which require at least $1 million for a single-family home, and at least $86,550 for an annual cost of living.
However, California wasn’t alone in its high cost of living. GOBankingRates also named towns in Massachusetts, Arizona, and Florida, which also cracked the top 10. This included Gloucester and Barnstable Town in Massachusetts at No. 8 and No. 10, respectively, along with Scottsdale, Arizona, at No. 6, and Palm Beach Gardens, Florida, at No. 9.
Of course, Florida has a major presence on the list as well, with 14 of the 30 most expensive spots going to the Sunshine State. That includes the above mentioned Palm Beach Gardens, along with Aventura (No. 11), Bonita Springs (No. 15), Delray Beach (No. 16), Dunedin (No. 19), Tarpon Springs (No. 20), Sarasota (No. 21), New Smyrna Beach (No. 23), Venice (No. 24), Bradenton (No. 25), Tamarac (No. 26), Cape Coral (No. 28), Largo (No. 29), and Ormond Beach (No. 30).
If you’ve got a stash of cash burning a hole in your retirement pocket, check out the full list of most expensive towns at gobankingrates.com. Otherwise, read up on the 10 cheapest places to retire around the world to make your money stretch even further.
