As we spend our whole lives saving for the rest of our lives, making sure you can actually afford your own lifestyle during retirement can be stressful. Whether you choose to live where you currently live or are looking to move to a new city after you retire, part of making that decision is finding a city that’s affordable.
Most retirees don’t have as large of an income as they used to, which is obviously due to the fact that they are retired. Some retirees also have smaller retirement savings funds, leaving them to be smart about what they spend their money on. Finding a city to live in that’s easy on the wallet can be especially tough today, as in some cities, rent and homeownership are harder to manage than ever.
To help retirees find cities that are affordable to live in as a retiree, Coventry Direct ranked the 50 largest U.S. cities on their retirement affordability based on six factors. These factors include the 10-year cost of living, average retirement savings, average rent, median mortgage value, flight costs and the percent of the population that’s retired.
Here are the top 5 most affordable cities to retire in (including ties):
- Buffalo, New York
- Louisville, Kentucky
- Saint Louis, Missouri
- Cleveland, Ohio
- Detroit, Michigan
- Milwaukee, Wisconsin
- Indianapolis, Indiana
In addition to finding a city that you can afford to live in during retirement, there are also other ways to spend your retirement savings wisely. Some benefits retirees can take advantage of our senior discounts, accumulated interest, and more.
You can see the other cities included in the rankings by clicking here.