Saving $1 million for retirement just doesn’t cut it anymore, at least for the average retiree in Denver and 146 other metro areas in the country, according to a new study from LendingTree.
Saving $1 million for retirement just doesn’t cut it anymore, at least for the average retiree in Denver and 146 other metro areas in the country, according to aBased on the average amount a retiree receives in Social Security payments, and their average annual spending, LendingTree determined how much a retiree would need to pull from a retirement portfolio to cover the spending gap, including taxes.
“Ultimately, each metro is unique and will have its own quirks that can make it more or less expensive,” said LendingTree senior economist Jacob Channel in comments contained in the report. “Anyone thinking about retiring in a given area should thoroughly research it before packing their bags and moving. Don’t let your preconceived notions or vague ideas about an area dictate whether you choose to live there.
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