Experts have long cited $1 million as the goal for retirement savings. But thanks to a combination of factors, including rising inflation, high costs, disappearing pensions and longer life expectancy, even $1 million may not cut it anymore.
Of course, the amount you'll need in retirement is highly personal and depends on your lifestyle and spending habits. Where you live is a key variable, too.
To determine where $1 million goes the furthest in retirement, SmartAsset calculated the average annual cost of living for retirees in major cities across the U.S., using data from the Bureau of Labor Statistics and the Council for Community and Economic Research to determine average expenditures. The study looked at the cost of housing, food, healthcare, transportation and utilities. Read the full methodology here.
Cities in the South and Midwest, such as Richmond, Indiana, and Knoxville, Tennessee, topped the list, offering retirees a place where they could live more than 30 years off of $1 million.
Read up on how to calculate the amount you'll need in your own golden years and check out the 10 places across the country where $1 million will stretch the farthest.