Instant Alert: 22 American cities where $1 million goes the furthest during retirement

MANAGE SUBSCRIPTIONS   |   UNSUBSCRIBE   |   VIEW ONLINE   22 American cities where $1 million goes the furthest during retirement by Myelle Lansat on Sep 21, 2018, 11:25 AM Advertisement It is getting harder to retire with only $1 million saved up. SmartAsset calculated the average cost of living for retirees to see how many years $1 million would last in over 250 cities. Southern states dominated the list, with Texas claiming the most spots. Major cities in Texas have affordable housing markets and the state is home to many of the best places to live in 2018, according to US News. It is getting harder to retire with only $1 million saved up. Ten years ago, $1 million had the same buying power of just under $1.2 million, according to the Bureau of Labor Statistics inflation calculator. In a new study, SmartAsset calculated the average cost of living for retirees to see how many years $1 million would last in over 250 big and mid-sized US cities. SmartAsset looked at average annual expenses for seniors throughout the country and applied cost of living data on housing, food, healthcare, transportation, and utilities.  To determine how long $1 million would last in each city, SmartAsset assumed $1 million would grow at 2% rate of return (that's interest minus inflation). The sum of each annual number was divided by $1 million to calculate how many years it would last retirees.  Southern states dominated the list, with Texas claiming the most spots. Major cities in Texas have affordable housing markets and the state is home to many of the best places to live in 2018, according to US News. Below, check out the top 22 cities where $1 million would last retirees 28 years or more, along with the average annual expenses for housing, food, and healthcare. SEE ALSO: How much money you need to retire early depends almost entirely on 2 factors SEE ALSO: 5 small changes to your retirement savings that get big results 22. Salina, Kansas — 28.16 years Housing expenses: $6,463 Food expenses: $5,214 Healthcare expenses: $5,839 21. Burlington, Iowa — 28.20 years Housing expenses: $5,936 Food expenses: $5,493 Healthcare expenses: $6,222 20. Oklahoma City, Oklahoma — 28.24 years Housing expenses: $6,599 Food expenses: $5,426 Healthcare expenses: $5,789 See the rest of the story at Business Insider   Share the latest business news with your network:    Email sent to: nguyenvu1187.love5@blogger.com   |   Manage your email preferences   |   Unsubscribe Terms of Service   |   Privacy Policy Business Insider. 150 Fifth Avenue, New York, NY 10011