If you’ve been thinking about retiring lately, the cost of doing so in Corvallis might have you more than a little surprised. In an article by Magnify Money are the rankings for US cities where you need to save the most in order to maintain an “average” standard of living post-retirement.
Topping the list were San Francisco and San Jose – although California does make itself well known as the West Coast’s costliest place to live with eight of the top ten spots on the list. New York City and Honolulu fill out the top ten. In the case of all of those places, you’ll need over $1.2 million to live a normal retired life.
Portland is number 20 on the list, coming in as the first entry for the state of Oregon at the recommended savings of just under $1.05 million. However, it’s not the only place in Oregon where you’ll need million dollar savings.
Corvallis is the second most costly place to live in Oregon, ranking at number 27 for most expensive retirement locales in the country. If you want to retire in Corvallis, it is suggested that you build your “nest egg size” to at least $1,003,128 to live with average retirement spending.
Other Oregon cities, ranked by cost and included in the top 100, are Bend, Salem, Medford, Albany, and Grants Pass consecutively. All of these cities will require your savings to top $850,000.
Other metro areas that are surprisingly under the million dollar mark are Seattle at $995,086, Chicago at $923,936, and Atlantic City at $803,276.
By Marissa Roberts
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