With its colorful cactus, towering mountains, and scorching deserts, Arizona, often known as the “Grand Canyon State,” is a paradise for outdoor aficionados.
Apart from its scenic splendor, Arizona also attracts retirees who are looking for a sunny haven to spend their golden years. But the question still stands: How much does it really cost to live comfortably in retirement, even “richly” in Arizona?
We’ll examine the financial reality of retiring in the most well-liked retirement communities in Arizona, taking into account things like daily living expenses, housing costs, and healthcare costs.
Tucson
| Years of Retirement | Savings Needed |
| 20 | $1,323,356 |
| 25 | $1,654,195 |
| 30 | $1,987,021 |
Some people think Tucson is a more bearable place to live in because it only has one-third the population of Phoenix. It also offers the benefit of a lower cost of living, which can stretch retirement savings considerably.
For instance, a 20-year retirement in Tucson comes with hundreds of thousands of dollars less in costs than it does in Phoenix, a difference of almost 22%. Actually, “only” $661,678 is needed as the minimum for a 20-year retirement in Tucson.
However, you will effectively need at least $1 million if you plan to live out your retirement years for thirty years, and twice that much if you want to live a “rich” retirement.
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Mesa
| Years of Retirement | Savings Needed |
| 20 | $1,693,391 |
| 25 | $2,116,739 |
| 30 | $2,542,629 |
Mesa has a high cost of living, almost 13% higher than the national average, just like its bigger twin. The housing department is even worse off, with expenditures that are over 21 percent more than the national average.
You will require more than $2 million and more than $2.5 million, respectively, to retire “rich” after 25 and 30 years, with an annual cost of living of $65,334.34.
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Phoenix
| Years of Retirement | Savings Needed |
| 20 | $1,693,391 |
| 25 | $2,116,739 |
| 30 | $2,542,629 |
Phoenix is the most populous city in Arizona, with over three times the population of Tucson (545,975).
However, you’ll need far more than the fictitious “$1 million” that’s sometimes floated around as a retirement savings target if you want to live there for even 20 years after retirement.
In fact, the data indicates that $846,696 is the exact minimum you would need to retire in Phoenix after 20 years of service.
According to a Northwestern Mutual research, the average American has only $88,400 saved for retirement, so that’s still a significant amount.
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To Conclude
Arizona provides an array of retirement settings to fit your lifestyle and budget, from the energetic metropolitan life of Phoenix to the more reasonably priced charm of Tucson.
The “golden years” in Arizona are definitely achievable, but getting to “retire rich” would need careful planning and substantial money.
This study offered an insight into the cost of retirement in the most desirable cities in Arizona. Keep in mind that this is just the beginning; more investigation into your ideal lifestyle and medical requirements is required.
Arizona’s gorgeous surroundings and sunny skies might provide the ideal setting for your ideal retirement with proper planning and reasonable expectations.
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