If you’re looking to make the most of your golden years, spending them in North Canton might save you a pretty penny.
A new report from GOBankingRates identified the top 50 places to retire in the country if you have only $500,000 in savings. North Canton ranked fifth. The report looked at places where you can live comfortably and enjoy an excellent quality of life.
“Ohio swept the rankings with 12 of the top 50 cities,” according to the report. “There are 26 Midwestern cities where Americans can retire with $500,000, the most out of any U.S. region.”
Retiring in North Canton — a community of about 17,700 people and home to ATM-maker Diebold Nixdorf and Walsh University — cost around $332,744 for 20 years after Social Security income, according to the study.
Canfield topped the list, with 20 years of retirement after Social Security income costing around $410,679 for one person. Fairlawn was No. 2, with a cost around $399,890.
The other Ohio cities ranked were: Middleburg Heights (No. 7), Chesterland (No. 8), Cortland (No. 11), Lyndhurst (No. 15), Seven Hills (No. 24), Sheffield (No. 31), Vermillion (No. 40), Huron (No. 43) and Brookville (No. 49).
How much should you save for retirement?
According to Fidelity, most people can expect to spend somewhere between 55% and 80% of their pre-retirement income per year.
“Each family’s retirement situation is different,” Beau Zhao, director of financial solutions at Fidelity, said in a prepared statement. “The amount of time until you retire, spending habits, travel plans, health conditions, and unexpected costs can all vary dramatically. That is why it is important to adjust the spending guidelines based on your own needs and wants.”
Financial experts say it’s important to know how your expenses will change in retirement.
“When estimating the cost of retirement lifestyles, most people seek to maintain their standard of living, which generally peaks in your late 40s to mid-50s,” Steve Feinschreiber, senior vice president of financial solutions at Fidelity, said in a prepared statement. “Fortunately, many people who have saved adequately for retirement can fulfill their dreams because their overall expenses are generally reduced in retirement save one important category — health care.”
Where are the best places to retire with $500,000?
Here’s a look at the places that topped GOBankingRates list of best places to retire with $500,000 and how much they cost per 20 years after Social Security income:
- Canfield, Ohio: $410,679
- Fairlawn, Ohio: $399,890
- Lathrup Village, Michigan: $435,147
- Frankenmuth, Michigan: $413,188
- North Canton, Ohio: $332,744
- Glendale, Wisconsin: $479,010
- Middleburg Heights, Ohio: $335,188
- Chesterland, Ohio: $469,262
- Sebastian, Florida: $470,593
- Cape Canaveral, Florida: $482,480
To see the full report, go to: https://www.gobankingrates.com/retirement/planning/best-places-in-america-to-retire-with-500k-in-savings/.