More Americans are celebrating their 65th birthday than ever before. In fact, an average of 11,400 people in the U.S. are hitting retirement age every single day. If you're one of the millions of folks out there thinking about the how, when, and where of your next chapter, you may want to start with a review of your finances. The amount of money you've tucked away could determine where you land and how lavishly you're able to live there.
Sunny California claims the top five retirement destinations
in the country based on the percentage of residents over the age of 65. But in order to spend your golden years in The Golden State, you'd better save up. A new study conducted by the personal finance group GOBankingRates shows that you'll need more than $3.7 million to live rich in California's top two spots: Laguna Woods and Seal Beach. The price tag for retiring wealthy in the state's other top destinations of Palm Springs, Palm Desert, and Rancho Mirage is more than $2.7 million. These figures represent the yearly cost of expenses minus Social Security incomes for those planning on a 25-year retirement. If you're hoping to get started earlier, 30 years will cost you between $3.3 and $4.5 million in these prime locations.
Read more: 12 Destinations And Attractions That Should Absolutely Be Considered Wonders Of The World
Live Your Retirement Life To The Fullest In These American Cities
If California's retirement rates have you in sticker shock, there are other options on the East Coast. Parole, Maryland, and Marco Island, Florida, still rank among the top 10 retirement locations, but require closer to $2 million in savings to live comfortably for 25 years. Speaking of Florida, the study's list of 50 cities includes 20 Sunshine State locations where you can save less than $1 million and still cover the minimum costs of living. One of those destinations is a 35,000-acre community called The Villages, one of the best places to retire in 2025. Known as "Florida's Friendliest Hometown", its population has exploded at record rates and continues to expand across Central Florida.
In the Southwest, a favorite state among retirees is Arizona. Sun City comes in at number 10 on the study's list and costs roughly $2 million to live out your retirement in style. Lake life enthusiasts might enjoy retiring in Lake Havasu City, a place known as "Arizona's Playground" and one of America's best retirement destinations. Ranked as one of the state's safest cities, the price tag for a wealthy retirement here is $1.8 million. Near the bottom at number 47, Fortuna Foothills will only require $1.5 million in savings to feel rich.
But perhaps living large in retirement is not your top priority. Maybe you'd rather pick a spot with quiet, small-town charm, rich historic sites, or top-notch healthcare? If so, there are plenty of states across the U.S. that are considered the best to retire in.
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