Money

Activist Post - The cost of living in American cities has skyrocketed so much that retirees now need more than $3 million to be considered “wealthy” in them, according to a new study from GoBankingRates. In this study, a team of researchers first calculated the minimum savings needed to retire for 20, 25 and 30 years in America’s 50 largest cities. The study found:

1. It takes more than $3,000,000 to be considered wealthy in 10 cities. The top three cities where you’ll need the most savings to be rich are all in California: San Francisco (~$6,000,000), San Jose (~$5.5M) and Oakland (~$4.5M).
2. It takes significantly less savings to be wealthy in New York than it does in San Francisco. You’ll need roughly $3.8M to retire rich in New York, which is substantially less than the $5.95M needed in San Francisco.
3. Austin is more expensive than many people realize. Austin was the 11th most expensive city on our list, ranking right next to Boston. In Austin, you’ll need more than $2.5M to be considered rich for 25 years of retirement.