Cleveland TN is one of the best places in the U.S. to retire
SmartAsset, a financial technology firm released a report where they ranked U.S. cities by how many years $1 million would last in retirement within that given city. Cleveland TN ranked #5 in the U.S. and #1 in Tennessee on that list with an estimated years in retirement of 37.44 years. The reason Cleveland ranked so high is due to lower cost of living than the national average.
To conduct the study, SmartAsset calculated the average cost for basic items (such as housing cost, food, healthcare, utilities and transportation) for retirees in U.S. cities. Utilizing that calculation, they determined how long $1 million would last in retirement in each major city.
They analyzed data from the Bureau of Labor Statistics (BLS) on the average annual expenditures of seniors throughout the U.S. Then they connected the cost of living data from the Council for Community and Economic Research to create an estimate of expenses for each category.