“Discover the Heartland Haven: Why This Underrated Midwestern Gem Tops the List for Retirees”

The Best Retirement Cities for Those with $2 Million or More in Savings

When it comes to planning for retirement, many people aim to save a significant amount of money to ensure a comfortable and stress-free life after they stop working. Having $2 million or more in savings is a remarkable achievement, and with it, retirees have the means to live in some of the most desirable destinations in the United States. GoBankingRates, a personal finance website, has identified the best spots for retirement around the U.S. for anyone with $2 million in their retirement accounts.

To create the ranking, GoBankingRates first compiled a list of “retirement hot spots” by selecting cities with a population of at least 20,000. The researchers then considered the percentage of residents over 65, total population, population above 65, total number of households, and household median income. This data was sourced from the U.S. Census American Community Survey, Zillow Home Value Index, Federal Reserve Economic Data, Sperling’s BestPlaces, and the Bureau of Labor Statistics Consumer Expenditure Survey.

Next, the team calculated the cost of living for each city, assuming that people retire at 65 and live to 80. They used Social Security Administration data to find the average Social Security benefits and calculated the cost of living for each of the 15 years after retirement. Cities with a 15-year cost of living over $2 million were removed from the list. The remaining cities were then sorted to show the cities with the highest livability first, representing the best retirement cities to live in with $2 million in savings.

According to GoBankingRates, Rocky River, Ohio, comes in at number two on this list, with a score of 88 out of 100 in terms of livability. The researchers noted that the monthly cost of living in Rocky River is $4,111, while the total annual cost of living with Social Security benefits is $26,917. The 15-year cost of living with Social Security benefits is $403,761. Additionally, Rocky River is a pleasant place to live, with a suburb of Cleveland and a scenic location along Lake Erie.

Other cities that made the list include Fort Lee, New Jersey, which took the top spot with a score of 88 out of 100, due to its higher share of retirees. Sunny Isles Beach, Florida, came in third, with a score of 85 out of 100, followed by Highland Park, Illinois, and Dunedin, Florida, in fourth and fifth, respectively, each with an 84 out of 100.

For those with $2 million or more in savings, the options for retirement are endless. With the right planning and research, it’s possible to find the perfect destination that fits your lifestyle and budget. According to GoBankingRates, the best retirement cities for those with $2 million or more in savings are:

1. Fort Lee, New Jersey
2. Rocky River, Ohio
3. Sunny Isles Beach, Florida
4. Highland Park, Illinois
5. Dunedin, Florida

For more information on these retirement options and to explore other destinations, visit GoBankingRates.com.

FAQ:

Q: What are the top five retirement cities for those with $2 million or more in savings?
A: According to GoBankingRates, the top five retirement cities are Fort Lee, New Jersey, Rocky River, Ohio, Sunny Isles Beach, Florida, Highland Park, Illinois, and Dunedin, Florida.

Q: How did GoBankingRates create the list of retirement cities?
A: GoBankingRates compiled a list of “retirement hot spots” by selecting cities with a population of at least 20,000. The researchers then considered various factors such as the percentage of residents over 65, total population, population above 65, total number of households, and household median income.

Q: What cost of living factors did GoBankingRates consider when creating the list?
A: GoBankingRates calculated the cost of living for each city, assuming that people retire at 65 and live to 80. They used Social Security Administration data to find the average Social Security benefits and calculated the cost of living for each of the 15 years after retirement.

Conclusion:

Having $2 million or more in savings is a significant achievement, and with it, retirees have the means to live in some of the most desirable destinations in the United States. By considering factors such as the percentage of residents over 65, total population, population above 65, total number of households, and household median income, GoBankingRates has identified the best retirement cities for those with $2 million or more in savings. Whether you’re looking for a relaxing beachside lifestyle or a vibrant city experience, these top five retirement cities offer a range of options to suit your lifestyle and budget.