New report lists North Canton as one of the top retirement spots in the U.S. for those with $500K

Top Places to Retire with $500,000

If you’re considering where to spend your retirement years, you might want to look at North Canton, Ohio. It could save you quite a bit of money.

Recent findings from GobanKingrates highlight the best 50 places across the U.S. for those with $500,000 in savings, placing North Canton at fifth. The study focused on locations that offer a comfortable living and a good quality of life.

Interestingly, Ohio featured prominently on the list, with 12 cities among the top 50. In fact, the Midwest is noted as the region where many Americans can retire well with that amount of savings.

In North Canton, which has a population of about 17,700, the estimated cost for retirement over 20 years—after Social Security benefits—is around $332,744. This community is also home to prominent businesses like Diebold Nixdorf and Walsh University.

Canfield topped the list, where the projected retirement cost is about $410,679 after 20 years, followed by Fairlawn at around $399,890.

Other notable Ohio cities included in the rankings are Middleburg Heights (7th), Chesterland (8th), Cortland (11th), Lyndhurst (15th), Seven Hills (24th), Sheffield (31st), Vermillion (40th), Huron (43rd), and Brookville (49th).

How Much Should You Save for Retirement?

According to findings from Fidelity, most people are likely to spend between 55% and 80% of their pre-retirement income.

Bo Zao, a director at Fidelity, emphasizes that each family’s retirement situation is unique. There can be significant variations in spending habits, health issues, and other unexpected costs, so it’s crucial to tailor your financial plans accordingly.

Experts recommend being aware of how your expenses could shift during retirement. Steve Feinschliver from Fidelity remarked that many people aim to maintain their living standards in their late 40s and 50s. The reassuring news? With proper savings, many can realize their retirement dreams, although healthcare remains a significant expense.