Saving for retirement is a crucial aspect of preparing for your golden years, but that’s only one part of the planning — you have to know where you’ll be spending that nest egg, and which cities will be most affordable for you. Let’s say you save $500,000 for your retirement — what are the best cities to retire in with that amount?
To answer that question, GOBankingRates located the best cities in every state for retirees with $500,000 in savings. To do so, we utilized the U.S. Census Bureau’s 5-year American Community Survey to determine retirement populations and household median incomes for various cities. Cost of living indexes were taken from Sperling’s BestPlaces in order to determine what each city would cost over a 20-year retirement, as well as monthly and yearly costs of living. Finally, all data was organized by state, including the very retirement-friendly state of Arizona, which boasts warm, lovely weather and no taxes on Social Security income.
Ranked from highest to lowest in terms of their overall livability, below are the 11 best Arizona cities to retire in if you’ve amassed $500,000 in savings.