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How long $1 million in will last in retirement in 10 major U.S. cities


Financial experts often recommend saving up $1 million for a comfortable retirement. But for many Americans, that may no longer be enough to last throughout their golden years — especially if you live in a costly city, such as New York or San Francisco.To determine how long a $1 million retirement fund would last, personal finance website SmartAsset looked at average expenses for seniors, including food, health care, transportation, housing and utilities, cost of living and investment returns in major U.S. cities. The site used data from the Bureau of Labor Statistics and the Council for Community and Economic Research to calculate how many years a $1 million portfolio would cover in each place, including any investment returns earned.Unsurprisingly, large coastal cities fared poorly. In places like Manhattan and Boston, $1 million would only be able to cover retirement expenses for less than 15 years. However, in more affordable areas, such as Memphis, Tennessee, and Wichita Falls, Texas, the same amount of money would last closer to 30 years — more than twice as long.Here’s a closer look at how far a $1 million retirement portfolio would get you in 10 major U.S. cities, from most to least number of years.Columbus, OhioNumber of years $1 million will last in retirement: 25Annual housing expenses: $7,175Annual food expenses: $6,067Annual transportation expenses: $6,965Houston, TexasNumber of years $1 million will last in retirement: 24Annual housing expenses: $8,983Annual food expenses: $5,421Annual transportation expenses: $7,430Houston, TexasTim Leviston | EyeEm | Getty ImagesPhoenix, ArizonaNumber of years $1 million will last in retirement: 23.6Annual housing expenses: $8,751Annual food expenses: $6,244Annual transportation expenses: $7,453Atlanta, GeorgiaNumber of years $1 million will last in retirement: 22.2Annual housing expenses: $9,845Annual food expenses: $6,301Annual transportation expenses: $7,521Atlanta, GeorgiaSteve Kelley | Getty ImagesPhiladelphia, PennsylvaniaNumber of years $1 million will last in retirement: 20Annual housing expenses: $11,523Annual food expenses: $7,382Annual transportation expenses: $8,557Chicago, IllinoisNumber of years $1 million will last in retirement: 18.6Annual housing expenses: $14,545Annual food expenses: $6,497Annual transportation expenses: $9,436Chicago, Illinois.Twenty20Los Angeles, CaliforniaNumber of years $1 million will last in retirement: 16.2Annual housing expenses: $21,988Annual food expenses: $7,091Annual transportation expenses: $8,933Boston, MassachusettsNumber of years $1 million will last in retirement: 15.2Annual housing expenses: $19,801Annual food expenses: $6,864Annual transportation expenses: $8,760Boston, MassachusettsDenisTangneyJr | E+ | Getty ImagesSan Francisco, CaliforniaNumber of years $1 million will last in retirement: 12.3Annual housing expenses: $32,983Annual food expenses: $8,268Annual transportation expenses: $9,962Manhattan, New YorkAriel Skelley | Getty Images

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