Coming in at the top of the C2ER list was Cedar Park, Texas, which was named the most affordable place to live in America. Set outside Austin, Cedar Park made it to the top of the list, due to its low cost of living index (7.2% below the national average) and high income levels (17.8% above the national median).
But if you can supplement your retirement income with other savings or sources of income, then $6,000 a month could be a good starting point for a comfortable retirement.
1. Panama. This is the 11th year that Panama has earned the top spot on the Retirement Index, and it's easy to see why. The country is perfectly perched between North and South America, just a three-hour flight away from Miami.
How much will you need to retire at 67? Based on your projected savings and target age, you might have about $1,300 per month of income in retirement. If you save this amount by age 67, you will be able to spend $2,550 per month to support your living expenses in retirement.
South Dakota. The Mount Rushmore State might not be the first place that comes to mind when you dream of where to retire, but it's first place in our overall ranking of all 50 states for retirement. Affordability is the main factor pushing it to the top spot.
Cape Coral, Fla. With its desirable climate and favorable tax status, Florida is filled with popular retirement destinations. Many of our favorite retirement spots in the Sunshine State can be found along the Gulf Coast including St. Petersburg, Sarasota and Punta Gorda.
South Dakota. South Dakota ranks as the best state for retirement in the United States. The average cost of living in South Dakota is 4% below the national average, including healthcare costs. South Dakota has one of the highest numbers of arts, entertainment, and recreation businesses per capita.
Nine of those states that don't tax retirement plan income simply because distributions from retirement plans are considered income, and these nine states have no state income taxes at all: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming.
With its low costs and generous tax situation, North Dakota has consistently ranked highly among our best states for retirement.
Panama. Named to the top spot of "Best Places to Retire in 2022" on International Living's Annual Global Retirement Index, Panama has become a popular retirement destination.
1. Delaware. Congratulations, Delaware – you're the most tax-friendly state for retirees! With no sales tax, low property taxes, and no death taxes, it's easy to see why Delaware is a tax haven for retirees.
Iceland. Canada might be closest, but if you sail west a little more than halfway between North America and Northern Europe, you'll hit Iceland, which has claimed the title of the safest country in the world every year since the mid-2000s.
Average Retirement Expenses by Category. According to the Bureau of Labor Statistics, an American household headed by someone aged 65 and older spent an average of $48,791 per year, or $4,065.95 per month, between 2016 and 2020.
When asked when they plan to retire, most people say between 65 and 67. But according to a Gallup survey the average age that people actually retire is 61.
On average, Americans have around $141,542 saved up for retirement, according to the "How America Saves 2022" report compiled by Vanguard, an investment firm that represents more than 30 million investors. However, most people likely have much less: The median 401(k) balance is just $35,345.
It's Charlotte, North Carolina, the cheapest place to live in America with ... [+] Coming in at the top of the list: Charlotte, North Carolina, which ranks high thanks to affordable housing, a moderate cost of living, high-paying jobs, a vibrant community and year-round mild weather.
1. Brownsville, Texas. Brownsville tops GOBankingRates' list of the best places to live in the U.S. in terms of safety and affordability. Its rent is the fourth lowest of all the places included, and it has the fifth-lowest average utility cost and the lowest average grocery cost.
Its 2022 ranking for the best places to live looked at five metrics: job market, value, quality of life, desirability, and net migration. The best place to live in America is Huntsville, Alabama, followed by Colorado Springs, Colorado.