In the face of rising living costs, saving for retirement has become increasingly challenging. A recent Forbes Advisor study highlights Plano, Texas, as the fourth-best city for achieving a comfortable retirement. This ranking reflects the city's favorable balance between savings potential and the cost of living.
The analysis from Forbes Advisor assessed the financial requirements for a 30-year retirement in 78 large U.S. cities, comparing these to projected savings for households saving 10% of their median income from ages 25 and 35. According to the study, Plano requires an estimated $1,990,117 for a comfortable retirement.
For households in Plano that start saving at age 25, the projected retirement savings amount to $2,750,639, which exceeds the required amount by 138.2%. However, those who delay saving until age 35 are projected to accumulate $1,263,265, covering only 63.5% of the amount needed. Despite this, Plano residents still fare better than those in many other cities.
“Saving for retirement is tough given today’s high cost of living, but Forbes Advisor’s latest study found that starting to save early and residing in a cost-effective location can put a comfortable retirement within reach,” says Michael Benninger, a banking expert at Forbes Advisor.
Benninger advises individuals to estimate their future income needs and consider factors like lifestyle, relocation and potential increased expenses such as healthcare.
For further details, refer to the full study by Forbes Advisor.
Don't miss anything Local. Sign up for our free newsletter.
