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How much do you think you’ll need to save for retirement?
If you’re in one of these major cities, the answer will be at least $1 million to live an average lifestyle, according to MagnifyMoney.
To find the amount needed to retire in each city, analysts used data from the U.S. Bureau of Labor Statistics, Bureau of Economic Analysis, Tax Foundation, Census Bureau and Social Security Administration to calculate the pretax income necessary to meet average retiree spending.
“$1 million is a big number,” said certified financial planner Marguerita Cheng, CEO and co-founder of Blue Ocean Global Wealth and a member of CNBC’s Advisor Council.
She added that people shouldn’t necessarily be overwhelmed seeing that figure. There are things you can do beforehand to ensure you’re prepared for retirement.
“You break it down and you build,” she said.
Where the most expensive cities are
The analysis found that there are 28 cities where you need more than $1 million to retire, about 7% of all the metros that were included in the report.
The most expensive places are concentrated on the East and West coasts, and only five states – Alaska, California, Hawaii, New York and Oregon – have more than two of the costliest cities. California has the most of any state, with 14 cities where retirees should have more than $1 million to live comfortably.
“It wasn’t a huge surprise given that we know that a lot of coastal…
