12 cities in Ohio among top places in U.S. to retire with $500K in savings

Retirees don’t want to spend all of their savings on rent, utilities and groceries, but rather on precious time with family members, trips and long-anticipated experiences.

As the cost of living goes up in some parts of the U.S., one city in Mahoning County is ranked among the top 50 places for retirees seeking balance.

Fifty places across the U.S. were selected as cities where retirees can live comfortably with $500,000 in their savings accounts and enjoy an excellent quality of life, according to a report by Go Banking Rates.com.

Experts looked at cities with at least 1,000 residents ages 65 and older. Data from the Bureau of Labor Statistics and the Federal Reserve Economic Data was evaluated to calculate the average cost of living during retirement.

Twelve cities in Ohio made the top 50 list, including Fairlawn, Middleburg Heights and North Canton, but they were all beat by Canfield as the best city in the U.S. for retirees.

For the list, Go Banking Rates also assumed residents are retiring at 65 and living another 20 years while collecting Social Security Income to calculate the total cost of retirement.

The cost of living for a single 65-year-old retiree coming to Canfield with an anticipated 20 years of Social Security Income is $410,679.

Annually, the cost of living in Canfield will be $43,564.

For retirees looking to Trumbull County, Cortland secured eleventh on the list with a total cost of retirement around $268,551.

Check out the full list of cities on Go Banking Rates.com.