20 Cities Where You’re Most Likely To Outlive Your Retirement Savings

benedek / Getty Images/iStockphoto

Commitment to Our Readers

GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

20 Years
Helping You Live Richer

Reviewed
by Experts

Trusted by
Millions of Readers

The most important aspect of planning your retirement is ensuring that your savings will last for the rest of your life.

This is also, arguably, the most difficult aspect of planning your retirement. Most of us don’t know exactly how long we will live or in what ways our financial needs will shrink or expand in our golden years. 

When strategizing and saving for retirement, it’s critical to know where you should live — particularly if you’re going to be living on a fixed income. Which cities will wipe out your savings the quickest? 

In a new study, GOBankingRates analyzed cities across the United States to find the places where you are most likely to outlive your retirement savings. Below are the top 20 cities where this is quite a dire possibility, if you have a mean retirement account for people aged 65 that stands at $609,000 and a median retirement account for people aged 65 valued at $200,000.

You can also read more about the best cities to retire on $3,500 a month.

20. Auburn, Indiana 

• Single family home average value: $260,433 
• Total cost of living annually: $38,060 
• Years to draw down mean retirement account: 16
• Years to draw down median retirement account: 5.3

19. Alexandria, Minnesota 

• Single family home average value: $273,211 
• Total cost of living annually: $38,233 
• Years to draw down mean retirement account: 15.9
• Years to draw down median retirement account: 5.2

18. Warsaw, Indiana 

• Single family home average value: $265,418 
• Total cost of living annually: $38,330 
• Years to draw down mean retirement account: 15.9
• Years to draw down median retirement account: 5.2

17. Le Mars, Iowa 

• Single family home average value: $261,513  
• Total cost of living annually: $38,555  
• Years to draw down mean retirement account: 15.8  
• Years to draw down median retirement account: 5.2 

16. Brainerd, Minnesota 

• Single family home average value: $293,985 
• Total cost of living annually: $39,497 
• Years to draw down mean retirement account: 15.4
• Years to draw down median retirement account: 5.1

15. Hutchinson, Minnesota 

• Single family home average value: $286,867 
• Total cost of living annually: $39,692  
• Years to draw down mean retirement account: 15.3
• Years to draw down median retirement account: 5

14. Owatonna, Minnesota 

• Single family home average value: $287,315 
• Total cost of living annually: $40,152 
• Years to draw down mean retirement account: 15.2
• Years to draw down median retirement account: 5

13. Burley, Idaho 

• Single family home average value: $322,066 
• Total cost of living annually: $42,869 
• Years to draw down mean retirement account: 14.2
• Years to draw down median retirement account: 4.7

12. Coos Bay, Oregon 

• Single family home average value: $331,350 
• Total cost of living annually: $43,132 
• Years to draw down mean retirement account: 14.1
• Years to draw down median retirement account: 4.6

11. Fort Morgan, Colorado 

• Single family home average value: $340,208 
• Total cost of living annually: $43,795 
• Years to draw down mean retirement account: 13.9
• Years to draw down median retirement account: 4.6

10. Blackfoot, Idaho 

• Single family home average value: $343,853 
• Total cost of living annually: $44,710 
• Years to draw down mean retirement account: 13.6
• Years to draw down median retirement account: 4.5

9. North Bend, Oregon 

• Single family home average value: $361,658 
• Total cost of living annually: $45,285 
• Years to draw down mean retirement account: 13.5
• Years to draw down median retirement account: 4.4

8. Moses Lake, Washington 

• Single family home average value: $363,943 
• Total cost of living annually: $45,545 
• Years to draw down mean retirement account: 13.4
• Years to draw down median retirement account: 4.4

7. Walla Walla, Washington

• Single family home average value: $415,088 
• Total cost of living annually: $49,337 
• Years to draw down mean retirement account: 12.3
• Years to draw down median retirement account: 4.1

6. Pullman, Washington

• Single family home average value: $434,281 
• Total cost of living annually: $50,691 
• Years to draw down mean retirement account: 12
• Years to draw down median retirement account: 4

5. Port Angeles, Washington 

• Single family home average value: $449,984 
• Total cost of living annually: $52,181 
• Years to draw down mean retirement account: 11.7
• Years to draw down median retirement account: 3.8

4. Ellensburg, Washington

• Single family home average value: $468,746 
• Total cost of living annually: $53,162 
• Years to draw down mean retirement account: 11.7
• Years to draw down median retirement account: 3.8

3. East Wenatchee, Washington

• Single family home average value: $490,055 
• Total cost of living annually: $53,162 
• Years to draw down mean retirement account: 11.5
• Years to draw down median retirement account: 3.8

2. Newport, Oregon 

• Single family home average value: $491,350 
• Total cost of living annually: $55,231 
• Years to draw down mean retirement account: 11
• Years to draw down median retirement account: 3.6

Los Alamos, New Mexico  

• Single family home average value: $585,175 
• Total cost of living annually: $61,307 
• Years to draw down mean retirement account: 9.9
• Years to draw down median retirement account: 3.3

Methodology: For this study, GOBankingRates analyzed cities across the United States to find the places where you are most likely to outlive your retirement savings. First, GOBankingRates found the mean and median retirement account balance for 65 year olds as sourced from the Federal Reserve’s Survey of Consumer Finances. Cities across the country with the lowest cost of living indexes, as sourced from Sperlings BestPlaces, were kept for this study. For each city, a number of factors were found including: total population, population ages 65 and over, total households, and household median income — all sourced from the U.S. Census American Community Survey. To qualify for this study, each city had to have all data available as well as have a population of at least 10,000. Using this data, the percentage of the population ages 65 and over can be calculated. The cost of living indexes were sourced from Sperlings BestPlaces and include the grocery, healthcare, housing, utilities, transportation, and miscellaneous cost of living indexes. Using the cost of living indexes and the national average expenditure costs, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the expenditure cost for each location can be calculated. The livability index was sourced from AreaVibes and included as supplemental information. The average single family home value was sourced from Zillow Home Value Index for September 2024. Using the average single family home value, assuming a 10% down payment, and using the national average 30 year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage can be calculated. Using the mean and median retirement accounts value, the years to draw down those savings were calculated. The cities were sorted to show the places with the longest draw down of retirement savings. All data was collected on and is up to date as of Oct. 7, 2024.

Share This Article: