Looking to retire with $1 million? Look no further than Memphis, Tennessee! With a cost of living 14% below the national average and no income tax, your retirement funds will go a long way. Plus, you’ll be able to enjoy world-famous barbecue and a thriving music scene while having access to quality healthcare. San Antonio, Texas, and Pittsburgh, Pennsylvania, are also great options for retirees with $1 million. So start planning your golden years in these budget-friendly cities!
The Best Place to Retire with $1 Million
Retirement is a time to relax, enjoy life, and reflect on all the hard work you put in during your working years. For many people, having $1 million in savings is a dream come true, but where you choose to retire can make a big difference in how long that money lasts.
The Clear Winner: Memphis, Tenn.
After analyzing various factors such as cost of living, taxes, healthcare, and other expenses, the clear winner for retirees with $1 million is Memphis, Tenn. Here, $1 million buys you more than 45 years of retirement. In other words, it’ll take you longer to spend your money than it did to acquire it.
Memphis is a vibrant city with a rich history and culture. It’s known for its world-famous barbecue, music scene, and outdoor activities. The cost of living is 14% below the national average, and the state of Tennessee has no income tax. This means that your retirement savings can go a lot further in Memphis than in many other cities.
Another advantage of retiring in Memphis is the access to quality healthcare. The city is home to several top-rated hospitals, including St. Jude Children’s Research Hospital and the Baptist Memorial Health Care System. This means that you can enjoy your retirement without worrying about healthcare expenses.
Other Great Options
While Memphis may be the clear winner, there are other great options for retirees with $1 million. For example, in San Antonio, Texas, $1 million can last for more than 26 years. San Antonio is a beautiful city with a rich history and plenty of things to do, including the famous River Walk.
Another great option is Pittsburgh, Pennsylvania, where $1 million can last for more than 30 years. Pittsburgh is a thriving city with a low cost of living and access to quality healthcare. It’s also known for its sports teams and outdoor activities.
Retiring with $1 million is a great accomplishment, but it’s important to choose the right location to make your money last. Memphis, Tenn. is the clear winner, offering retirees more than 45 years of retirement. However, San Antonio, Texas and Pittsburgh, Pennsylvania are also great options to consider. No matter where you choose to retire, make sure to do your research and find a location that meets your needs and budget.
A video on this subject that might interest you:
TO READ THIS LATER, SAVE THIS IMAGE ON YOUR PINTEREST: