Two of the nation’s most popular states to retire in, Florida and Arizona, are well-known for their good weather and lower taxes. Considering these factors matter to retirees seeking a comfortable lifestyle, it’s not too surprising that 40 of America’s most popular retirement locales are found in these two states.
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What is surprising is the amount needed in savings for solo and married retirees alike. Depending on the metro, at least $1 million, if not more, is necessary to cover 15 years in retirement with Social Security benefits.
GOBankingRates was able to find the savings needed for retirement in the top retirement hubs by sourcing key factors from the US Census’s 2023 5-year American Community Survey. Cities with at least 1,000 population and at least 30% of the population ages 65 and over were selected. The average Social Security income for one person and a married couple was used to calculate the annual cost of retirement.
Assuming a person retires at 65 and lives to age 80, a 15-year retirement window is used to calculate the cost of retirement. Using the annual cost of retirement and the Social Security income, the cost of retirement with Social Security for one person, and with Social Security for a married couple can be calculated for 15 years. Retirement towns are ranked based on the largest percentage of adults 65 and older.
Key Findings
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Rio Verde, Arizona ranked number one thanks to a 65+ population that makes up roughly 87% of the city. A single person retiring in Rio Verde needs $896,947 to afford 15 years while a couple would need $726,239. Both these amounts include Social Security.
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Florida has 30 metros in the top 40 ranking and 10 Arizona cities make up the remainder.
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Adults 65+ make up more than 80% of the population in the top five retirement hubs. Besides Rio Verde, they include Sun City West (85.8%), The Villages (85.2%), Timber Pines (84.5%) and Green Valley (79.8%).
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Carefree, Arizona (#45) is the only Arizona city to rank where a 15-year retirement costs more than $1 million. The cost for one is $1,416,504 while two need $1,245,795.
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At least $1 million is required in savings for singles and married couples in seven Florida cities to afford 15 years of retirement. In ranking order, these cities include Indian River Shores, Longboat Key, Highland Beach, Palm Beach, Marco Island, Holmes Beach and Siesta Key. (Though Sanibel and Hillsboro Beach were not included, both Florida cities require solo retirees to have a savings of at least $1.1 million+.)
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You need at least $11 million in savings to retire in Palm Beach. The Florida metro’s cost of retirement for one is a whopping $11,637,136 and $11,466,427 for two, covering a 15-year span.
Ranked from cities with the highest concentration of people ages 65 and over, this is how much is needed in savings to retire in America’s 40 most popular retirement spots.
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1. Rio Verde, Arizona
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Population 65+ (%): 86.6%
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Total annual cost of living for one (with Social Security): $59,796
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15-year cost of retirement for one (with Social Security): $896,947
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Total annual cost of living for two (with Social Security): $48,416
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15-year cost of retirement for two (with Social Security): $726,239
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2. Sun City West, Arizona
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Population 65+ (%): 85.8%
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Total annual cost of living for one (with Social Security): $26,371
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15-year cost of retirement for one (with Social Security): $395,560
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Total annual cost of living for two (with Social Security): $14,990
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15-year cost of retirement for two (with Social Security): $224,852
3. The Villages, Florida
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Population 65+ (%): 85.2%
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Total annual cost of living for one (with Social Security): $27,700
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15-year cost of retirement for one (with Social Security): $415,503
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Total annual cost of living for two (with Social Security): $16,320
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15-year cost of retirement for two (with Social Security): $244,794
4. Timber Pines, Florida
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Population 65+ (%): 84.5%
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Total annual cost of living for one (with Social Security): $21,620
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15-year cost of retirement for one (with Social Security): $324,307
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Total annual cost of living for two (with Social Security): $10,240
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15-year cost of retirement for two (with Social Security): $153,599
5. Green Valley, Arizona
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Population 65+ (%): 79.8%
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Total annual cost of living for one (with Social Security): $20,532
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15-year cost of retirement for one (with Social Security): $307,980
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Total annual cost of living for two (with Social Security): $9,151
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15-year cost of retirement for two (with Social Security): $137,271
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6. Sun City, Arizona
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Population 65+ (%): 74.9%
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Total annual cost of living for one (with Social Security): $23,452
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15-year cost of retirement for one (with Social Security): $351,780
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Total annual cost of living for two (with Social Security): $12,071
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15-year cost of retirement for two (with Social Security): $181,071
7. Indian River Shores, Florida
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Population 65+ (%): 73.2%
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Total annual cost of living for one (with Social Security): $128,826
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15-year cost of retirement for one (with Social Security): $1,932,394
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Total annual cost of living for two (with Social Security): $117,446
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15-year cost of retirement for two (with Social Security): $1,761,685
8. Plantation, Florida
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Population 65+ (%): 73.1%
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Total annual cost of living for one (with Social Security): $45,890
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15-year cost of retirement for one (with Social Security): $688,350
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Total annual cost of living for two (with Social Security): $34,509
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15-year cost of retirement for two (with Social Security): $517,641
9. Longboat Key, Florida
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Population 65+ (%): 67%
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Total annual cost of living for one (with Social Security): $105,949
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15-year cost of retirement for one (with Social Security): $1,589,230
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Total annual cost of living for two (with Social Security): $94,568
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15-year cost of retirement for two (with Social Security): $1,418,521
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10. Quartzsite, Arizona
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Population 65+ (%): 64.4%
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Total annual cost of living for one (with Social Security): $15,338
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15-year cost of retirement for one (with Social Security): $230,067
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Total annual cost of living for two (with Social Security): $3,957
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15-year cost of retirement for two (with Social Security): $59,358
11. Highland Beach, Florida
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Population 65+ (%): 63.2%
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Total annual cost of living for one (with Social Security): $137,184
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15-year cost of retirement for one (with Social Security): $2,057,753
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Total annual cost of living for two (with Social Security): $125,803
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15-year cost of retirement for two (with Social Security): $1,887,044
12. Palm Beach, Florida
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Population 65+ (%): 62.1%
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Total annual cost of living for one (with Social Security): $775,809
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15-year cost of retirement for one (with Social Security): $11,637,136
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Total annual cost of living for two (with Social Security): $764,428
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15-year cost of retirement for two (with Social Security): $11,466,427
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13. South Pasadena, Florida
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Population 65+ (%): 61.4%
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Total annual cost of living for one (with Social Security): $31,254
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15-year cost of retirement for one (with Social Security): $468,816
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Total annual cost of living for two (with Social Security): $19,874
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15-year cost of retirement for two (with Social Security): $298,108
14. Venice, Florida
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Population 65+ (%): 59.9%
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Total annual cost of living for one (with Social Security): $31,726
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15-year cost of retirement for one (with Social Security): $475,884
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Total annual cost of living for two (with Social Security): $20,345
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15-year cost of retirement for two (with Social Security): $305,176
15. Englewood, Florida
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Population 65+ (%): 59.4%
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Total annual cost of living for one (with Social Security): $25,454
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15-year cost of retirement for one (with Social Security): $381,809
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Total annual cost of living for two (with Social Security): $14,073
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15-year cost of retirement for two (with Social Security): $211,101
16. Sanibel, Florida
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Population 65+ (%): 59%
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Total annual cost of living for one (with Social Security): $75,638
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15-year cost of retirement for one (with Social Security): $1,134,570
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Total annual cost of living for two (with Social Security): $64,257
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15-year cost of retirement for two (with Social Security): $963,862
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17. Marco Island, Florida
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Population 65+ (%): 59%
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Total annual cost of living for one (with Social Security): $105,811
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15-year cost of retirement for one (with Social Security): $1,587,165
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Total annual cost of living for two (with Social Security): $94,430
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15-year cost of retirement for two (with Social Security): $1,416,457
18. Holmes Beach, Florida
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Population 65+ (%): 57.2%
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Total annual cost of living for one (with Social Security): $93,424
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15-year cost of retirement for one (with Social Security): $1,401,364
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Total annual cost of living for two (with Social Security): $82,044
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15-year cost of retirement for two (with Social Security): $1,230,656
19. Micco, Florida
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Population 65+ (%): 56.9%
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Total annual cost of living for one (with Social Security): $15,622
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15-year cost of retirement for one (with Social Security): $234,327
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Total annual cost of living for two (with Social Security): $4,241
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15-year cost of retirement for two (with Social Security): $63,618
20. Naples, Florida
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Population 65+ (%): 56.2%
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Total annual cost of living for one (with Social Security): $49,885
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15-year cost of retirement for one (with Social Security): $748,276
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Total annual cost of living for two (with Social Security): $38,504
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15-year cost of retirement for two (with Social Security): $577,567
21. Fort Myers Beach, Florida
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Population 65+ (%): 55.1%
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Total annual cost of living for one (with Social Security): $60,964
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15-year cost of retirement for one (with Social Security): $914,466
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Total annual cost of living for two (with Social Security): $49,584
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15-year cost of retirement for two (with Social Security): $743,757
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22. Star Valley, Arizona
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Population 65+ (%): 54.3%
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Total annual cost of living for one (with Social Security): $36,219
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15-year cost of retirement for one (with Social Security): $543,284
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Total annual cost of living for two (with Social Security): $24,838
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15-year cost of retirement for two (with Social Security): $372,576
23. Hillsboro Beach, Florida
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Population 65+ (%): 53.6%
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Total annual cost of living for one (with Social Security): $73,810
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15-year cost of retirement for one (with Social Security): $1,107,143
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Total annual cost of living for two (with Social Security): $62,429
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15-year cost of retirement for two (with Social Security): $936,435
24. Punta Gorda, Florida
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Population 65+ (%): 53.5%
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Total annual cost of living for one (with Social Security): $26,691
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15-year cost of retirement for one (with Social Security): $400,359
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Total annual cost of living for two (with Social Security): $15,310
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15-year cost of retirement for two (with Social Security): $229,651
25. Gold Canyon, Arizona
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Population 65+ (%): 52.9%
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Total annual cost of living for one (with Social Security): $34,807
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15-year cost of retirement for one (with Social Security): $522,108
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Total annual cost of living for two (with Social Security): $23,427
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15-year cost of retirement for two (with Social Security): $351,400
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26. Ponce Inlet, Florida
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Population 65+ (%): 52.8%
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Total annual cost of living for one (with Social Security): $45,775
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15-year cost of retirement for one (with Social Security): $686,627
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Total annual cost of living for two (with Social Security): $34,395
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15-year cost of retirement for two (with Social Security): $515,919
27. Wellton, Arizona
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Population 65+ (%): 52.6%
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Total annual cost of living for one (with Social Security): $20,825
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15-year cost of retirement for one (with Social Security): $312,378
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Total annual cost of living for two (with Social Security): $9,445
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15-year cost of retirement for two (with Social Security): $141,670
28. Zellwood, Florida
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Population 65+ (%): 52.5%
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Total annual cost of living for one (with Social Security): $24,675
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15-year cost of retirement for one (with Social Security): $370,119
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Total annual cost of living for two (with Social Security): $13,294
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15-year cost of retirement for two (with Social Security): $199,411
29. Lady Lake, Florida
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Population 65+ (%): 52.4%
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Total annual cost of living for one (with Social Security): $23,210
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15-year cost of retirement for one (with Social Security): $348,148
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Total annual cost of living for two (with Social Security): $11,829
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15-year cost of retirement for two (with Social Security): $177,439
30. Siesta Key, Florida
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Population 65+ (%): 52.4%
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Total annual cost of living for one (with Social Security): $99,275
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15-year cost of retirement for one (with Social Security): $1,489,130
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Total annual cost of living for two (with Social Security): $87,895
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15-year cost of retirement for two (with Social Security): $1,318,422
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31. Pine, Arizona
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Population 65+ (%): 52%
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Total annual cost of living for one (with Social Security): $32,610
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15-year cost of retirement for one (with Social Security): $489,153
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Total annual cost of living for two (with Social Security): $21,230
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15-year cost of retirement for two (with Social Security): $318,444
32. Estero, Florida
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Population 65+ (%): 50.7%
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Total annual cost of living for one (with Social Security): $44,458
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15-year cost of retirement for one (with Social Security): $666,868
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Total annual cost of living for two (with Social Security): $33,077
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15-year cost of retirement for two (with Social Security): $496,159
33. Daytona Beach Shores, Florida
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Population 65+ (%): 49.5%
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Total annual cost of living for one (with Social Security): $27,635
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15-year cost of retirement for one (with Social Security): $414,524
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Total annual cost of living for two (with Social Security): $16,254
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15-year cost of retirement for two (with Social Security): $243,815
34. Wickenburg, Arizona
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Population 65+ (%): 49.5%
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Total annual cost of living for one (with Social Security): $38,065
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15-year cost of retirement for one (with Social Security): $570,975
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Total annual cost of living for two (with Social Security): $26,684
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15-year cost of retirement for two (with Social Security): $400,267
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35. Osprey, Florida
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Population 65+ (%): 48.6%
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Total annual cost of living for one (with Social Security): $53,287
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15-year cost of retirement for one (with Social Security): $799,310
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Total annual cost of living for two (with Social Security): $41,907
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15-year cost of retirement for two (with Social Security): $628,602
36. Hudson, Florida
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Population 65+ (%): 48.1%
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Total annual cost of living for one (with Social Security): $22,538
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15-year cost of retirement for one (with Social Security): $338,068
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Total annual cost of living for two (with Social Security): $11,157
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15-year cost of retirement for two (with Social Security): $167,360
37. Carefree, Arizona
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Population 65+ (%): 48%
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Total annual cost of living for one (with Social Security): $94,434
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15-year cost of retirement for one (with Social Security): $1,416,504
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Total annual cost of living for two (with Social Security): $83,053
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15-year cost of retirement for two (with Social Security): $1,245,795
38. North Fort Myers, Florida
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Population 65+ (%): 47.2%
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Total annual cost of living for one (with Social Security): $24,165
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15-year cost of retirement for one (with Social Security): $362,471
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Total annual cost of living for two (with Social Security): $12,784
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15-year cost of retirement for two (with Social Security): $191,763
39. Redington Shores, Florida
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Population 65+ (%): 46.1%
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Total annual cost of living for one (with Social Security): $56,441
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15-year cost of retirement for one (with Social Security): $846,611
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Total annual cost of living for two (with Social Security): $45,060
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15-year cost of retirement for two (with Social Security): $675,903
40. Crystal River, Florida
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Population 65+ (%): 46.1%
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Total annual cost of living for one (with Social Security): $19,191
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15-year cost of retirement for one (with Social Security): $287,866
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Total annual cost of living for two (with Social Security): $7,810
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15-year cost of retirement for two (with Social Security): $$117,157
Photo disclaimer: Photos are for illustrative purposes only. In many cases, the closest major city outside of the city/county mentioned in the article was used.
Methodology: For this study, GOBankingRates analyzed cities in Arizona and Florida to find the savings needed for retirement in the top retirement hubs. Using the US Census’s 2023 5-year American Community Survey, the total population, population ages 65 and over, total households and household median income were sourced. Cities with at least 1,000 population and a percent of the population ages 65 and over of at least 30% were selected. The cost-of-living indexes were sourced from Sperling’s 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 for households with residents ages 65 and over, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey for households with residents ages 65 and over, the average expenditure cost for each location can be calculated. The average single-family home value was sourced from Zillow Home Value Index for March 2025. Using the average single family home value, assuming a 10% down payment, and using the most recent national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage can be calculated. Using the average mortgage and average expenditure costs, the average total monthly and annual cost of living can be calculated. The average Social Security income for one person and a married couple was sourced from the Social Security Administration and used to calculate the annual cost of retirement for those different scenarios. Assuming a person retires at 65 and lives to 80, a 15-year retirement window is used to calculate the cost of retirement. Using the annual cost of retirement and the Social Security income, the cost of retirement without Social Security, with Social Security for one person, and with Social Security for a married couple can be calculated for 15 years. The cities were sorted to show the highest concentration of people ages 65 and over. All data was collected on and is up to date as of May 8th, 2025.
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This article originally appeared on GOBankingRates.com: Here’s the Savings Needed To Retire in 40 of America’s Most Popular Retirement Spots — All in Florida and Arizona
