The “magic number” for a comfortable retirement is $1.26 million, according to a 2025 study from Northwestern Mutual. But what does this amount look like if you want to retire wealthy?
Discover More: What $1 Million in Retirement Savings Looks Like in Monthly Spending
See Next: How Middle-Class Earners Are Quietly Becoming Millionaires — and How You Can, Too
To determine the amount needed to retire rich in America’s 50 most popular retirement destinations (50 cities with populations over 15,000 and with the highest percent of population over age 65), GOBankingRates found the annual cost of expenditures for retired people by multiplying the expenditures for seniors by the cost-of-living index for each city. To find how much money a retired person would need to save, we divided each city’s annual expenditures, minus the annual Social Security income, by 0.05%, 0.04% and 0.0333% — assuming 20, 25 and 30 years of retirement. GOBankingRates then took the 20-, 25-, and 30-year minimums and doubled those amounts to determine savings needed to retire rich in each destination.
Key Findings
It takes more than $3 million to retire wealthy in five California towns. Laguna Woods (#1), Seal Beach (#2), Palm Springs (#3), Palm Desert (#4) and Rancho Mirage (#5) swept the top five. A rich retirement spanning 25 years costs $2.7 million to $3.7 million in these five locales, while 30 years costs $3.2 million to $4.5 million.
Parole, Maryland, and Marco Island, Florida, stand out as the only non-California or Arizona-based retirement destinations to rank in the top 10. Retirees need at least $2.2 million in savings to enjoy a rich 25-year retirement in both destinations.
There are 20 Florida destinations where retirees with less than $1 million in savings can retire wealthy for 25 years. These cities include Venice (#15), Bonita Springs #16), Sun City Center (#18), Estero (#19), North Fort Myers (#20), Dunedin (#21), West Lealman (#22), Tavares (#25), Mount Dora (#26), Lady Lake (#27), The Villages (#30), Bayonet Point (#31), Zephyrhills (#32), Wildwood (#33), Sebastian (#38), New Smyrna Beach (#39), Ormond Beach (#40), Edgewater (#41), Port Charlotte (#44) and Punta Gorda (#45).
From most to least amount of savings, see how much you need to retire rich in America’s 50 most popular retirement destinations.
That’s Interesting: The Average Retirement Age in 2025 — US vs. China
Be Aware: I’m a Financial Expert — This Is the No. 1 Mistake Americans Make With Their 401(k)
Trending Now: Suze Orman’s Secret to a Wealthy Retirement–Have You Made This Money Move?
1. Laguna Woods, California
Savings needed for 25 years of retiring rich: $3,785,271
Savings needed for 30 years of retiring rich: $4,546,872
Minimum savings needed for 25 years of retirement: $1,892,636
Minimum savings needed for 30 years of retirement: $2,273,436
Annual cost of living (total expenditures): $99,083
View More: 12 Surprisingly Affordable Cities With Great Weather for Retirees
2. Seal Beach, California
Savings needed for 25 years of retiring rich: $3,782,267
Savings needed for 30 years of retiring rich: $4,543,263
Minimum savings needed for 25 years of retirement: $1,891,133
Minimum savings needed for 30 years of retirement: $2,271,632
Annual cost of living (total expenditures): $99,023
3. Palm Springs, California
Savings needed for 25 years of retiring rich: $2,802,849
Savings needed for 30 years of retiring rich: $3,366,785
Minimum savings needed for 25 years of retirement: $1,401,424
Minimum savings needed for 30 years of retirement: $1,683,393
Annual cost of living (total expenditures): $79,435
4. Palm Desert, California
Savings needed for 25 years of retiring rich: $2,772,805
Savings needed for 30 years of retiring rich: $3,330,697
Minimum savings needed for 25 years of retirement: $1,386,403
Minimum savings needed for 30 years of retirement: $1,665,348
Annual cost of living (total expenditures): $78,834
5. Rancho Mirage, California
Savings needed for 25 years of retiring rich: $2,742,762
Savings needed for 30 years of retiring rich: $3,294,609
Minimum savings needed for 25 years of retirement: $1,371,381
Minimum savings needed for 30 years of retirement: $1,647,304
Annual cost of living (total expenditures): $78,233
6. Parole, Maryland
Savings needed for 25 years of retiring rich: $2,277,087
Savings needed for 30 years of retiring rich: $2,735,240
Minimum savings needed for 25 years of retirement: $1,138,544
Minimum savings needed for 30 years of retirement: $1,367,620
Annual cost of living (total expenditures): $68,920
Read More: David Letterman’s Top Reason To Rethink Retirement: Do Experts Agree With His ‘Myth of Retirement’?
7. Prescott, Arizona
Savings needed for 25 years of retiring rich: $2,259,061
Savings needed for 30 years of retiring rich: $2,713,587
Minimum savings needed for 25 years of retirement: $1,129,531
Minimum savings needed for 30 years of retirement: $1,356,794
Annual cost of living (total expenditures): $68,559
8. Marco Island, Florida
Savings needed for 25 years of retiring rich: $2,247,044
Savings needed for 30 years of retiring rich: $2,699,152
Minimum savings needed for 25 years of retirement: $1,123,522
Minimum savings needed for 30 years of retirement: $1,349,576
Annual cost of living (total expenditures): $68,319
9. Sun City West, Arizona
Savings needed for 25 years of retiring rich: $2,241,035
Savings needed for 30 years of retiring rich: $2,691,934
Minimum savings needed for 25 years of retirement: $1,120,518
Minimum savings needed for 30 years of retirement: $1,345,967
Annual cost of living (total expenditures): $68,199
10. Sun City, Arizona
Savings needed for 25 years of retiring rich: $2,232,022
Savings needed for 30 years of retiring rich: $2,681,108
Minimum savings needed for 25 years of retirement: $1,116,011
Minimum savings needed for 30 years of retirement: $1,340,554
Annual cost of living (total expenditures): $68,018
11. Fountain Hills, Arizona
Savings needed for 25 years of retiring rich: $2,229,018
Savings needed for 30 years of retiring rich: $2,677,499
Minimum savings needed for 25 years of retirement: $1,114,509
Minimum savings needed for 30 years of retirement: $1,338,749
Annual cost of living (total expenditures): $67,958
Explore More: 44 Best Small Towns To Retire in America
12. Naples, Florida
Savings needed for 25 years of retiring rich: $2,226,014
Savings needed for 30 years of retiring rich: $2,673,890
Minimum savings needed for 25 years of retirement: $1,113,007
Minimum savings needed for 30 years of retirement: $1,336,945
Annual cost of living (total expenditures): $67,898
13. Mesquite, Nevada
Savings needed for 25 years of retiring rich: $2,153,909
Savings needed for 30 years of retiring rich: $2,587,278
Minimum savings needed for 25 years of retirement: $1,076,955
Minimum savings needed for 30 years of retirement: $1,293,639
Annual cost of living (total expenditures): $66,456
14. Englewood, Florida
Savings needed for 25 years of retiring rich: $2,000,687
Savings needed for 30 years of retiring rich: $2,403,228
Minimum savings needed for 25 years of retirement: $1,000,344
Minimum savings needed for 30 years of retirement: $1,201,614
Annual cost of living (total expenditures): $63,392
15. Venice, Florida
Savings needed for 25 years of retiring rich: $1,994,679
Savings needed for 30 years of retiring rich: $2,396,010
Minimum savings needed for 25 years of retirement: $997,339
Minimum savings needed for 30 years of retirement: $1,198,005
Annual cost of living (total expenditures): $63,272
16. Bonita Springs, Florida
Savings needed for 25 years of retiring rich: $1,970,644
Savings needed for 30 years of retiring rich: $2,367,140
Minimum savings needed for 25 years of retirement: $985,322
Minimum savings needed for 30 years of retirement: $1,183,570
Annual cost of living (total expenditures): $62,791
For You: The 1 Thing You Can’t Do With Your Required Minimum Distributions in Retirement
17. Hilton Head Island, South Carolina
Savings needed for 25 years of retiring rich: $1,964,635
Savings needed for 30 years of retiring rich: $2,359,922
Minimum savings needed for 25 years of retirement: $982,318
Minimum savings needed for 30 years of retirement: $1,179,961
Annual cost of living (total expenditures): $62,671
18. Sun City Center, Florida
Savings needed for 25 years of retiring rich: $1,961,631
Savings needed for 30 years of retiring rich: $2,356,313
Minimum savings needed for 25 years of retirement: $980,815
Minimum savings needed for 30 years of retirement: $1,178,157
Annual cost of living (total expenditures): $62,611
19. Estero, Florida
Savings needed for 25 years of retiring rich: $1,958,626
Savings needed for 30 years of retiring rich: $2,352,704
Minimum savings needed for 25 years of retirement: $979,313
Minimum savings needed for 30 years of retirement: $1,176,352
Annual cost of living (total expenditures): $62,551
20. North Fort Myers, Florida
Savings needed for 25 years of retiring rich: $1,955,622
Savings needed for 30 years of retiring rich: $2,349,095
Minimum savings needed for 25 years of retirement: $977,811
Minimum savings needed for 30 years of retirement: $1,174,548
Annual cost of living (total expenditures): $62,490
21. Dunedin, Florida
Savings needed for 25 years of retiring rich: $1,922,574
Savings needed for 30 years of retiring rich: $2,309,398
Minimum savings needed for 25 years of retirement: $961,287
Minimum savings needed for 30 years of retirement: $1,154,699
Annual cost of living (total expenditures): $61,830
See More: 50 Cheapest Places To Retire Across America
22. West Lealman, Florida
Savings needed for 25 years of retiring rich: $1,919,570
Savings needed for 30 years of retiring rich: $2,305,790
Minimum savings needed for 25 years of retirement: $959,785
Minimum savings needed for 30 years of retirement: $1,152,895
Annual cost of living (total expenditures): $61,769
23. Apache Junction, Arizona
Savings needed for 25 years of retiring rich: $1,895,535
Savings needed for 30 years of retiring rich: $2,276,919
Minimum savings needed for 25 years of retirement: $947,768
Minimum savings needed for 30 years of retirement: $1,138,459
Annual cost of living (total expenditures): $61,289
24. Huntley, Illinois
Savings needed for 25 years of retiring rich: $1,892,531
Savings needed for 30 years of retiring rich: $2,273,310
Minimum savings needed for 25 years of retirement: $946,265
Minimum savings needed for 30 years of retirement: $1,136,655
Annual cost of living (total expenditures): $61,229
25. Tavares, Florida
Savings needed for 25 years of retiring rich: $1,862,487
Savings needed for 30 years of retiring rich: $2,237,222
Minimum savings needed for 25 years of retirement: $931,244
Minimum savings needed for 30 years of retirement: $1,118,611
Annual cost of living (total expenditures): $60,628
26. Mount Dora, Florida
Savings needed for 25 years of retiring rich: $1,856,478
Savings needed for 30 years of retiring rich: $2,230,004
Minimum savings needed for 25 years of retirement: $928,239
Minimum savings needed for 30 years of retirement: $1,115,002
Annual cost of living (total expenditures): $60,508
Check Out: How Far $750K Plus Social Security Goes in Retirement in Every US Region
27. Lady Lake, Florida
Savings needed for 25 years of retiring rich: $1,844,461
Savings needed for 30 years of retiring rich: $2,215,569
Minimum savings needed for 25 years of retirement: $922,231
Minimum savings needed for 30 years of retirement: $1,107,784
Annual cost of living (total expenditures): $60,267
28. Fort Mohave, Arizona
Savings needed for 25 years of retiring rich: $1,838,452
Savings needed for 30 years of retiring rich: $2,208,351
Minimum savings needed for 25 years of retirement: $919,226
Minimum savings needed for 30 years of retirement: $1,104,176
Annual cost of living (total expenditures): $60,147
29. Lake Havasu City, Arizona
Savings needed for 25 years of retiring rich: $1,835,448
Savings needed for 30 years of retiring rich: $2,204,742
Minimum savings needed for 25 years of retirement: $917,724
Minimum savings needed for 30 years of retirement: $1,102,371
Annual cost of living (total expenditures): $60,087
30. The Villages, Florida
Savings needed for 25 years of retiring rich: $1,784,374
Savings needed for 30 years of retiring rich: $2,143,392
Minimum savings needed for 25 years of retirement: $892,187
Minimum savings needed for 30 years of retirement: $1,071,696
Annual cost of living (total expenditures): $59,066
31. Bayonet Point, Florida
Savings needed for 25 years of retiring rich: $1,778,365
Savings needed for 30 years of retiring rich: $2,136,175
Minimum savings needed for 25 years of retirement: $889,183
Minimum savings needed for 30 years of retirement: $1,068,087
Annual cost of living (total expenditures): $58,945
Learn More: How Long $2 Million in Retirement Will Last in Every State
32. Zephyrhills, Florida
Savings needed for 25 years of retiring rich: $1,775,361
Savings needed for 30 years of retiring rich: $2,132,566
Minimum savings needed for 25 years of retirement: $887,681
Minimum savings needed for 30 years of retirement: $1,066,283
Annual cost of living (total expenditures): $58,885
33. Wildwood, Florida
Savings needed for 25 years of retiring rich: $1,772,357
Savings needed for 30 years of retiring rich: $2,128,957
Minimum savings needed for 25 years of retirement: $886,178
Minimum savings needed for 30 years of retirement: $1,064,478
Annual cost of living (total expenditures): $58,825
34. Oro Valley, Arizona
Savings needed for 25 years of retiring rich: $1,751,326
Savings needed for 30 years of retiring rich: $2,103,695
Minimum savings needed for 25 years of retirement: $875,663
Minimum savings needed for 30 years of retirement: $1,051,848
Annual cost of living (total expenditures): $58,405
35. Catalina Foothills, Arizona
Savings needed for 25 years of retiring rich: $1,748,322
Savings needed for 30 years of retiring rich: $2,100,086
Minimum savings needed for 25 years of retirement: $874,161
Minimum savings needed for 30 years of retirement: $1,050,043
Annual cost of living (total expenditures): $58,344
36. Tanque Verde, Arizona
Savings needed for 25 years of retiring rich: $1,745,318
Savings needed for 30 years of retiring rich: $2,096,477
Minimum savings needed for 25 years of retirement: $872,659
Minimum savings needed for 30 years of retirement: $1,048,239
Annual cost of living (total expenditures): $58,284
Discover Next: The Money You Need To Save Monthly To Retire Comfortably in Every State
37. Green Valley, Arizona
Savings needed for 25 years of retiring rich: $1,742,313
Savings needed for 30 years of retiring rich: $2,092,869
Minimum savings needed for 25 years of retirement: $871,157
Minimum savings needed for 30 years of retirement: $1,046,434
Annual cost of living (total expenditures): $58,224
38. Sebastian, Florida
Savings needed for 25 years of retiring rich: $1,739,309
Savings needed for 30 years of retiring rich: $2,089,260
Minimum savings needed for 25 years of retirement: $869,654
Minimum savings needed for 30 years of retirement: $1,044,630
Annual cost of living (total expenditures): $58,164
39. New Smyrna Beach, Florida
Savings needed for 25 years of retiring rich: $1,691,239
Savings needed for 30 years of retiring rich: $2,031,519
Minimum savings needed for 25 years of retirement: $845,620
Minimum savings needed for 30 years of retirement: $1,015,759
Annual cost of living (total expenditures): $57,203
40. Ormond Beach, Florida
Savings needed for 25 years of retiring rich: $1,682,226
Savings needed for 30 years of retiring rich: $2,020,692
Minimum savings needed for 25 years of retirement: $841,113
Minimum savings needed for 30 years of retirement: $1,010,346
Annual cost of living (total expenditures): $57,023
41. Edgewater, Florida
Savings needed for 25 years of retiring rich: $1,679,222
Savings needed for 30 years of retiring rich: $2,017,083
Minimum savings needed for 25 years of retirement: $839,611
Minimum savings needed for 30 years of retirement: $1,008,542
Annual cost of living (total expenditures): $56,962
Trending Now: 7 Up-and-Coming Florida Neighborhoods That Retirees Can Afford Now
42. Foley, Alabama
Savings needed for 25 years of retiring rich: $1,670,209
Savings needed for 30 years of retiring rich: $2,006,257
Minimum savings needed for 25 years of retirement: $835,104
Minimum savings needed for 30 years of retirement: $1,003,128
Annual cost of living (total expenditures): $56,782
43. Pinehurst, North Carolina
Savings needed for 25 years of retiring rich: $1,652,183
Savings needed for 30 years of retiring rich: $1,984,604
Minimum savings needed for 25 years of retirement: $826,091
Minimum savings needed for 30 years of retirement: $992,302
Annual cost of living (total expenditures): $56,422
44. Port Charlotte, Florida
Savings needed for 25 years of retiring rich: $1,649,178
Savings needed for 30 years of retiring rich: $1,980,995
Minimum savings needed for 25 years of retirement: $824,589
Minimum savings needed for 30 years of retirement: $990,497
Annual cost of living (total expenditures): $56,362
45. Punta Gorda, Florida
Savings needed for 25 years of retiring rich: $1,646,174
Savings needed for 30 years of retiring rich: $1,977,386
Minimum savings needed for 25 years of retirement: $823,087
Minimum savings needed for 30 years of retirement: $988,693
Annual cost of living (total expenditures): $56,302
46. Payson, Arizona
Savings needed for 25 years of retiring rich: $1,607,117
Savings needed for 30 years of retiring rich: $1,930,471
Minimum savings needed for 25 years of retirement: $803,559
Minimum savings needed for 30 years of retirement: $965,236
Annual cost of living (total expenditures): $55,520
Read Next: How Much Money You Need To Retire in Canada vs the US
47. Fortuna Foothills, Arizona
Savings needed for 25 years of retiring rich: $1,565,057
Savings needed for 30 years of retiring rich: $1,879,948
Minimum savings needed for 25 years of retirement: $782,528
Minimum savings needed for 30 years of retirement: $939,974
Annual cost of living (total expenditures): $54,679
48. St. Simons Island, Georgia
Savings needed for 25 years of retiring rich: $1,562,052
Savings needed for 30 years of retiring rich: $1,876,339
Minimum savings needed for 25 years of retirement: $781,026
Minimum savings needed for 30 years of retirement: $938,169
Annual cost of living (total expenditures): $54,619
49. North Myrtle Beach, South Carolina
Savings needed for 25 years of retiring rich: $1,547,030
Savings needed for 30 years of retiring rich: $1,858,295
Minimum savings needed for 25 years of retirement: $773,515
Minimum savings needed for 30 years of retirement: $929,147
Annual cost of living (total expenditures): $54,319
50. Hot Springs, Arkansas
Savings needed for 25 years of retiring rich: $1,339,730
Savings needed for 30 years of retiring rich: $1,609,286
Minimum savings needed for 25 years of retirement: $669,865
Minimum savings needed for 30 years of retirement: $804,643
Annual cost of living (total expenditures): $50,173
Editor’s note: 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: In order to find out exactly how much you need to retire in some of America’s most retirement destinations (50 cities with populations over 15,000 with the highest percent of population over 65), GOBankingRates found the annual expenditures for retired people in each destination by multiplying the senior expenditures from the Bureau of Labor Statistics’ 2023 Consumer Expenditure Survey by the cost-of-living index for each city from Sperling’s BestPlaces. To find how much money a retired person would need to save, we divided each city’s annual expenditures, minus the annual Social Security income (sourced from the Social Security Administration’s Monthly Statistical Snapshot for April 2025) by 0.05%, 0.04% and 0.0333% — assuming 20, 25 and 30 years of retirement. To determine how much one would need to retire rich, GOBankingRates doubled those amounts. All data was collected on and is up to date as of June 3, 2025.
More From GOBankingRates
6 Costco Products That Have the Most Customer Complaints
Mark Cuban Warns of ‘Red Rural Recession’ — 4 States That Could Get Hit Hard
How Middle-Class Earners Are Quietly Becoming Millionaires — and How You Can, Too
4 Low-Risk Ways To Build Your Savings in 2025
This article originally appeared on GOBankingRates.com: Savings Needed To Be Rich in America’s Most Popular Retirement Destinations
