One million dollars: There was a time when that amount of money signaled extravagant wealth. Just ask the people who shared Gilligan's Island with Thurston Howell III.
These days, it's essentially the minimum goal for many retirement savers. In fact, a
Overall, Americans need $1,071,127 to retire, according to the study. LendingTree based its estimates on the average amount of money people spend annually in each metro area, subtracted Social Security benefits, and determined the nest egg that would be necessary to live the "average lifestyle" by taking distributions
Not surprisingly, places like San Francisco, New York and other major in-demand areas with scarce land top the list. In San Francisco, the top spot on the list, it takes an average nest egg of $1,365,870 to retire. Meanwhile, only one area — Johnstown, Pennsylvania, east of Pittsburgh — requires less than $800,000 on average.
"Ultimately, each metro is unique and will have its own quirks that can make it more or less expensive," LendingTree senior economist Jacob Channel said in a statement. "This is true of metros that are ostensibly similar or that are in the same state. 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."
For a look at the 20 cities that require the most retirement savings, scroll down our slideshow below.
