The 2022 Survey of Consumer Finances reveals the average retirement savings for U.S. families is $333,940, with a median of $87,000, far below the $1.26 million needed for comfort. GOBankingRates compiled a list of the 30 most expensive retirement towns, all of which feature a population over 25,000 and a significant percentage over 65. The top five are located in California, with Saratoga ranked highest, necessitating high home values and living costs. Other states, such as Massachusetts, Arizona, and Florida, also feature high-cost retirement locations.
According to the 2022 Survey of Consumer Finances, the average U.S. retirement savings is $333,940, and the median is $87,000, which is significantly lower than the $1.26 million deemed necessary for comfortable retirement.
GOBankingRates identified the five most expensive U.S. retirement towns, all located in California. Saratoga ranks first, with a population of which 26% are over 65.
In Saratoga, retirees face high costs, including an average single-family home value of $4,118,931 and an annual cost of living totaling $282,625.
Cities like Rancho Palos Verdes, Walnut Creek, Cerritos, and Palm Springs also require at least $1 million for single-family homes and $86,550 for annual living expenses.
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