The Most Expensive Luxury Retirement Cities in America

Luxury retirement living is a dream for many, but for most Americans, it remains just that – a dream. A recent Prudential Financial survey found that the median retirement savings for 55-year-olds is less than $50,000, far below the recommended goal of having eight times one’s annual income saved by that age. With such limited savings, retiring in one of the most expensive cities in the country seems out of reach for many.

Research from GOBankingRates identified some of the most expensive cities to retire in, taking into account home prices and cost of living. California emerged as the state with the largest number of expensive retirement cities, followed closely by Florida. Cities like Boulder, Colorado; The Hamptons, New York; and Honolulu, Hawaii, topped the list with median home prices well above $600,000.

For those looking to retire in luxury, cities like Los Angeles, San Francisco, and Santa Barbara in California offer high-end amenities and stunning scenery, but come with a hefty price tag. With median home prices ranging from $1.2 million to $2.6 million, these cities require a substantial nest egg to retire comfortably.

While the allure of a luxurious retirement in a pricey city may be tempting, it’s important to consider the financial implications. With the cost of living in these cities well above the national average, retirees need to have at least $500,000 saved up to retire comfortably, and in some cases, even more than $1 million.

Ultimately, the definition of luxury in retirement varies from person to person, but one thing is clear – it comes at a cost. For those with the means to afford it, retiring in a high-end city with upscale amenities and stunning views can be a dream come true. But for the majority of Americans, the reality of a luxurious retirement remains out of reach.