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The 10 US cities where $1 million runs out fastest in retirement

A man walks in front of the Flatiron building in New York, New York.
Twenty20

Financial experts typically recommend $1 million as the gold standard for retirement savings. But in some cities, that amount doesn't stretch as far as you might hope.

To determine how long a $1 million retirement fund would last, personal-finance website SmartAsset looked at average expenses for seniors, including food, health care, transportation, housing and utilities, cost of living and investment returns in major U.S. cities.

The site used data from the Bureau of Labor Statistics and the nonprofit Council for Community and Economic Research to calculate how many years a $1 million portfolio would cover in each place, including any investment returns earned.

Unsurprisingly, New York City and San Francisco topped the list. Both places are notorious for their steep housing expenses and high cost of living. However, in places like Memphis, Tennessee, and McAllen, Texas, residents can expect $1 million in retirement savings to last close to three decades.

Here's a closer look at the 10 U.S. cities where a $1 million retirement fund would run out the quickest.

10. Irvine, California

Number of years $1 million will last in retirement: 16.1

Annual housing expenses: $22,953
Annual food expenses: $7,110
Annual transportation expenses: $8,918

9. TIE: Stamford, Connecticut

Number of years $1 million will last in retirement: 15.9

Annual housing expenses: $18,753
Annual food expenses: $7,180
Annual transportation expenses: $9,121

Stamford, Connecticut.
Carmine Salvatore | iStock / 360 | Getty Images

9. TIE: Arlington, Virginia

Number of years $1 million will last in retirement: 15.9

Annual housing expenses: $23,175
Annual food expenses: $7,876
Annual transportation expenses: $7,603

8. Boston, Massachusetts

Number of years $1 million will last in retirement: 15.2

Annual housing expenses: $19,801
Annual food expenses: $6,864
Annual transportation expenses: $8,760

7. Oakland, California

Number of years $1 million will last in retirement: 14.9

Annual housing expenses: $20,691
Annual food expenses: $8,331
Annual transportation expenses: $9,414

Stephen Curry #30 of the Golden State Warriors poses for a photo with the Larry O'Brien Trophy during the Victory Parade and Rally on June 15, 2017 in Oakland, California
Noah Graham | Getty Images

6. Washington, D.C.

Number of years $1 million will last in retirement: 14.9

Annual housing expenses: $24,779
Annual food expenses: $7,401
Annual transportation expenses: $7,738

5. Seattle, Washington

Number of years $1 million will last in retirement: 14.6

Annual housing expenses: $19,699
Annual food expenses: $8,040
Annual transportation expenses: $10,173

4. Brooklyn, New York

Number of years $1 million will last in retirement:13.5

Annual housing expenses: $30,007
Annual food expenses: $7,857
Annual transportation expenses: $8,302

Brownstone row houses in the Cobble Hill neighborhood of Brooklyn, New York.
JayLazarin | iStock | Getty Images

3. Honolulu, Hawaii

Number of years $1 million will last in retirement: 12.6

Annual housing expenses: $28,728
Annual food expenses: $10,501
Annual transportation expenses: $10,601

2. San Francisco, California

Number of years $1 million will last in retirement: 12.3

Annual housing expenses: $32,983
Annual food expenses: $8,268
Annual transportation expenses: $9,962

1. New York, New York

Number of years $1 million will last in retirement: 10.2

Annual housing expenses: $48,464
Annual food expenses: $8,825
Annual transportation expenses: $9,534

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