This Midwestern City Is One of the Best U.S. Retirement Destinations for Livability

If you have more than $333,940 in retirement savings, know that you're doing better than the national U.S. average retirement savings for all families, according to the Federal Reserve's 2022 Survey of Consumer Finances. If you have more than $1 million, you're in the top 10 percent of retirement savers, according to Pew Research Center. If you've got $2 million, well, that means you're sitting pretty in your golden years. And while with that kind of cash, you really have your choice of where you want to live, GoBankingRates has a few specific suggestions for destinations for retirees with $2 million or more in the bank.

In September, the personal finance website shared its list of the best spots for retirement around the U.S. for anyone with $2 million in their retirement accounts. It created the ranking by first creating a seed list of "retirement hot spots" out of cities with a population of at least 20,000.

The researchers then selected the 100 cities with the highest percentage of residents over 65 and factored in the total population, population above 65, the total number of households, and household median income. It sourced this information from the U.S. Census American Community Survey, the Zillow Home Value Index, Federal Reserve Economic Data, Sperling's BestPlaces, and data from the Bureau of Labor Statistics Consumer Expenditure Survey.

Related: 15 Trips You Need to Take as Soon as You Retire

Next, the team calculated the all-important cost of living using the assumption that a person retires at 65 and lives to 80, and used the Social Security Administration data to find the average Social Security benefits, then calculated the cost of living for each of those 15 years and removed any cities with a 15-year cost of living over $2 million. It finally sorted the remaining cities to show the cities with the highest livability first, representing "the best retirement cities to live in with $2 million in savings."

After crunching all that data, it named Rocky River, Ohio, its No. 2 selection, scoring 88 out of 100 on the liveability scale. The researchers also noted the monthly cost of living here is $4,111, while the total annual cost of living with Social Security benefits is $26,917

And the 15-year cost of living with Social Security benefits is $403,761. It added that people would have plenty of retired friends, as the percentage of the population 65-plus is 24.1 percent.

But it's not all about just the numbers. Rocky River is also just a downright pleasant place to be. It's a suburb of Cleveland, taking just 20 minutes to get into the city, and sits along the banks of Lake Erie, ensuring gorgeous views throughout every season. And there are plenty of restaurants, coffee shops, and parks to explore, so you'll have plenty to do each and every day.

As for other spots to make the list, Fort Lee, New Jersey, was named No. 1. Though it also scored 88 out of 100, it took the top spot thanks to its higher share of retirees. Sunny Isles Beach, Florida, in third, with a score of 85 out of 100, followed by Highland Park, Illinois, and Dunedin, Florida, in fourth and fifth, respectively, each with an 84 out of 100.

See all the retirement options for those with $2 million in the bank at gobankingrates.com. 

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