It prices retirees $a hundred,000 a 12 months to are living in these four cities

Retirement doesn't come cheap.

The general over-sixty five family unit spends simply over $49,000 a year, on ordinary, which shakes out to roughly $4,000 a month, based on statistics released by way of the Bureau of Labor statistics. Housing eats up the biggest share of that (more than $sixteen,000 a yr), although health care, transportation and food additionally aspect in closely.

however what you spend in your golden years will range extensively counting on what metropolis you come to a decision to live in. And in some cities -- ahem, San Francisco, San Jose -- the charge is remarkable.

On Thursday, own finance website GoBankingRates.com calculated the probably typical spending for the over-65 set in roughly one hundred cities throughout america, using govt expenditure and value-of-dwelling information. In 4 spots, retirees probably have to spend a typical of greater than $a hundred,000 a yr:

5 most costly cities to retire in AmericaProjected annual spending for americans over 651. San Francisco: $151,1032. San Jose, Calif.: $128,8093. long island: $103,5434. Seattle: $one hundred and one,0665. Honolulu: $ninety nine,579Rounding out the exact 10 (in this order) are Oakland, Calif., la, Washington, D.C., Boston and lengthy seaside, Calif.

The largest cause the Bay area takes three of the top 10 spots on this record? Housing costs, explains GoBankingRates's Lead Researcher and statistics Analyst Andrew DePietro: "Housing is the biggest component of average can charge of dwelling, and with median home prices simply above and under $1 million — San Fran. is over $1 million, San Jose in the $900,000s — the charge is highly heavy." He provides that non-housing charges like fitness care are additionally "markedly extra expensive" in the Bay enviornment than in decrease cost areas.

in exactly two cities in america, they will seemingly spend lower than $forty,000.

5 most low in cost cities to retire in AmericaProjected annual spending for people over 651. Cleveland: $38,1472. Toledo, Ohio: $38,6433. Buffalo, N.Y.: $40,6244. fortress Wayne, Ind.: $forty one,1205. Memphis, Tenn.: $41,615Cities like Lubbock, Tex., Wichita, Kan., El Paso, Tex., Winston-Salem, N.C., and Indianapolis circular out the true 10. again, housing drives the can charge-of-residing with Cleveland and Toledo providing chiefly cost-efficient buildings — median homes can charge under $one hundred,000 — which is one large rationale retirees can also spend under $forty,000 a yr.

questioning where your metropolis matches in? here's a listing of cities through how an awful lot you'll possible spend in retirement in each.

What it charges to retire in the us

Projected annual spending for americans over 65 less than $forty five,000 Cleveland, Toledo, Buffalo, citadel Wayne, Memphis, Lubbock, Wichita, El Paso, Winston-Salem, Indianapolis, St. Louis, Greensboro, mobile, Columbus, Milwaukee, Tulsa, Cincinnati, Columbia, Corpus Christi $45,000 - $forty nine,999 Oklahoma city, Kansas metropolis, Pensacola, Knoxville, Pittsburgh, Omaha, Lexington, Louisville, Lincoln, Baltimore, Spokane, San Antonio, Albuquerque, Tucson, Jacksonville, Baton Rouge, Tallahassee, Norfolk $50,000 - $fifty four,999 Durham, Lawrenceville, Houston, Charlotte, fortress worth, Saint Petersburg, Dallas, Fresno, New Orleans, Arlington, Tampa, Bakersfield, Saint Paul, Nashville, Madison, Philadelphia, Raleigh $fifty five,000 - $fifty nine,999 Orlando, Phoenix, Colorado Springs, Glendale, Mesa, Atlanta, Virginia seashore, Minneapolis, San Bernardino, Chicago, Las Vegas, Plano, Marietta, Stockton $60,000 - $69,999 Naples, Modesto, Chandler, Newark, Reno, Sacramento, Henderson, Austin, Aurora, Hialeah, Islip, Miami, Anchorage $70,000 - $seventy nine,999 Denver, Riverside, Portland, Silver Spring, Santa Ana $80,000 - $89,999 Jersey city, Chula Vista, Anaheim, San Diego, lengthy seaside, Boston $90,000 and up Washington D.C., la, Oakland, Honolulu, Seattle, big apple, San Jose, San Francisco

That pointed out, many people are looking to live close our households who may additionally reside in costly cities. So MarketWatch asked experts for a few of their most efficient assistance on cutting charges in retirement — in spite of the fact that you live in a dear location.

as a result of housing is the No. 1 rate for the over-65 set, the primary factor that you could do to diminish expenses dramatically is reduce housing prices. repay your personal loan before retiring, downsize as plenty as that you would be able to, seek more cost-effective neighborhoods, get a roommate.

And in case you're touring, employ out your place on a website like Airbnb, says Kristin McFarland, an authorized fiscal planner and wealth consultant at Darrow Wealth administration in Boston. "Given the recent fashion of recent retirees settling on low-preservation condo dwelling nearer to a city, their property may well be pleasing to other travelers."

Transportation is often the 2d biggest charge for these 65 and up, so accept as true with no matter if you and your partner could reside with only one car in retirement, or no matter if moving nearer to public transit could make feel.

here's an inventory of other positive concepts for slashing costs in retirement.