The city of Pueblo recently made national headlines as a top destination for retirees, due to its scenic views, fun events and attractions, affordability, and proximity to the Denver metro area.
But how much money does a person need to retire comfortably in the Home of Heroes? It depends on who you ask.
Based on a poll of retirement plan participants, Charles Schwab recently put the magic number at $1.8 million, Schroders put the number at $1.2 million, and Northwestern Mutual split the difference at $1.5 million.
Using $1.5 million as a basis for a retirement-planning exercise, the personal finance website GOBankingRates examined in August how long that sum would last a retiree in every state.
“A common concern among many Americans — and not just those who are approaching retirement age or already have reached retirement age — is whether their retirement savings and Social Security benefits will provide them with financial security in retirement,” the report states.
“The politicization of Social Security can make the program’s future questionable, and the increasingly high cost of living across the United States makes retirement affordability a daunting proposition.”
The report calculated the annual cost of living in each state, after Social Security income is deducted, to determine just how long $1.5 million in savings might last in retirement.
How long would $1.5 million last you in retirement in Colorado?
The state of Colorado ranked 35th on the GoBankingRates list.
With an annual cost of living of $38,559 after Social Security, the report estimates $1.5 million would last a retiree approximately 39 years.
That money would likely carry you a bit farther in Pueblo, where the cost of living is still significantly lower than in other parts of the Centennial State. But either way, $1.5 million would likely give a retiree plenty of cushion in Colorado, as the 39-year estimate would see a 65-year-old retiree through their 104th birthday.
What states are the most and least expensive to retire in?
According to GoBankingRates’ list, $1.5 million would take you the farthest in West Virginia, where the estimated annual cost of living is $27,803 after Social Security, lasting you about 54 years.
If you dream of retiring near the pristine, white sand beaches of Hawaii, you’ll need quite a bit more: $1.5 million would only last about 17 years in the Aloha State, as the annual cost of living after Social Security totals $87,770.
The top five states where your retirement savings would carry you longest are:
West Virginia (54 years)Kansas (52 years)Mississippi (51 years)Oklahoma (51 years)Alabama (50 years)
The bottom five states where your retirement savings would deplete the quickest are:
Hawaii (17 years)Massachusetts (23 years)California (24 years)New York (29 years)Alaska (29 years)Why is Pueblo a great place to retire?
A September analysis of the 50 best places to retire in the United States by the financial news website Investopedia ranked Pueblo 10th in the U.S. for aspiring retirees.
Pueblo was the only Colorado town that made the list, which examined median costs of housing, food, and taxes, proximity to a major airport, and access to health care, arts, and entertainment outlets to determine the nation’s best locations for retirees.
“With a charming river walk winding through the city center, a revitalized downtown, and a year-round calendar of festivals and community activities, Pueblo does not lack for diversions,” the Investopedia report states.
“Better yet, access to health care, cultural events, and outdoor activities is available at a fraction of the cost of living found in other Centennial State retirement locations. While Pueblo is not directly in the mountains, the Wet Mountains can be seen from the city’s Liberty Point, and picturesque hikes can be found just 30 to 60 minutes outside town. Pueblo is also just a 40-minute drive from the Colorado Springs Airport and two hours from Denver International Airport.”
In addition to its scenic views and proximity to larger Colorado cities, the report notes that Pueblo has “an affordability not found in many popular parts of the state.”
Citing data from the U.S. Census and the Economic Policy Institute’s (EPI) Family Budget Calculator, the report notes that the median monthly expenses in Pueblo County are about $1,083 for housing and $608 for food, while median monthly taxes in Pueblo County are $612.
Chieftain Editor Zach Hillstrom can be reached at zhillstrom@gannett.com or on X, at @ZachHillstrom. Support local news; subscribe to the Pueblo Chieftain at subscribe.chieftain.com.