Where you need more (less) than $1 million to retire in the U.S.

The landscape for retirement is looking a little bleak lately. A study from Northwestern Mutual showed that Americans are waiting longer to retire, and the average retirement savings has dropped 11% in just one year—even as expectations for how much savings they will need has risen 20% to $1.25 million. Even more striking, a recent report from Clever reveals that the average retiree has only 31% of the recommended savings amount of $555,000 (based on estimates by Fidelity), while the share of retirees with nothing saved jumped from 30% to 37% from 2022 to 2023. A new study from LendingTree confirms that it will take more than $1 million in savings to maintain an average lifestyle in 147 (40%) of the 384 metro areas in the U.S. LendingTree's research also found that an average nest egg of $1,071,127 was necessary to retire across the country—a little less than the previously stated expectations of $1.25 million. So that leaves 238 cities in the U.S. where you can retire on less than $1 million. Perhaps unsurprisingly, 12 of the top 20 metros in LendingTree's lists can be found in California. "The climate is generally agreeable, there is a lot of variety in terms of the geography that one can experience within the state (from beaches to mountain ranges), and there are a lot of stable (and often high-paying) jobs to go around," explains Jacob Channel, senior economist at LendingTree. "Owing to how appealing California is, many people want to live there. This means there is less housing supply and other resources, and the cost of living is higher." Which metros take the honors for cheapest place to retire? These cities ranked numbers 375-384:

• Johnstown, PA, at $779,765.
• Cumberland, MD, at $802,988
• Danville, IL, at $804,301
• Florence, AL, at $812,485
• Duluth, MN, at $821,485
• Rocky Mount, NC, at $823,276
• Jackson, TN, at $823,889
• Carbondale, IL, $829,454
• Albany, GA, at $842,164
• Niles, MI, at $842,481

One bright spot in the study: Changing the calculation from average spending by retirees to the median income of near-retirement-age workers results in an average nest egg of $768,742. Only one metro in that measure would require more than $1 million in savings to retire—and it's in California. See our slideshow above to reveal that metro, as well as the top 10 areas requiring more than a $1 million to retire (based on the average spending of retirees), and click here for the complete study (and list of the 384 cities).