Retirement savings of $1 million: how long they’ll last in various US cities

Financial experts often recommend to accumulate $1 million for a comfortable retirement. But for many Americans, this amount may be insufficient to carefree living during retirement years. This writes CNBC.

Пенсионные сбережения в $1 млн: на сколько их хватит в разных городах США

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To determine how much of the Fund of $1 million, was considered the average spending of retirees, including spending on food, health, transport, housing and utilities, cost of living and the profitability of investments in major U.S. cities.

For the study used data from the Bureau of labor statistics and the Council for community and economic research. According to these data, it was estimated how many years will be enough retirement savings to $1 million in different cities of the United States.

Columbus (Oh)

How many years have enough savings to $1 million: 25

Annual housing costs: $175 7

The annual cost of food: $6 067

Annual transportation costs: $6 965

Houston (TX)

How many years have enough savings to $1 million: 24

Annual housing costs: $8 983

Annual spending on food: $5 421

Annual transportation costs: $7 430

Phoenix (AZ)

How many years have enough savings to $1 million: 23,6

Annual housing costs: $8 751

The annual cost of food: $6 244

Annual transportation costs: $7 453

Atlanta (GA)

How many years have enough savings to $1 million: 22,2

Annual housing costs: $9 845

The annual cost of food: $6 310

Annual transportation costs: $7 521

Philadelphia (PA)

How many years have enough savings to $1 million: 20

Annual housing costs: $11 523

Annual spending on food: $7 382

Annual transportation costs: $8 557

Chicago (Il)

How many years have enough savings to $1 million: 18,6

Annual housing costs: $14 545

The annual cost of food: $6 497

Annual transport costs: $9 436

Los Angeles (CA)

How many years have enough savings to $1 million: 16,2

Annual housing costs: $21 988

Annual spending on food: $7 091

Annual transportation costs: $8 933

Boston (MA)

How many years have enough savings to $1 million: 15,2

Annual housing costs: $19 801

The annual cost of food: $6 864

Annual transportation costs: $8 760

San Francisco (CA)

How many years have enough savings to $1 million: 12,3

Annual housing costs: $32 983

Annual food costs: $8 268

Annual transportation costs: $9 962

Manhattan (New York)

How many years have enough savings to $1 million: 10,2

Annual housing costs: $48 464

Annual food costs: $8 825

Annual transportation costs: $9 534