YOUNGSTOWN, Ohio – Canfield is ranked the best place in the country to retire for those with savings of $500,000, according to a recent report issued by GOBankingRates.com.
Cortland was not far behind, as that Trumbull County community was listed as the 11th best place to retire with the same financial portfolio.
GOBankingRates was able to determine the 50 “best” places by sourcing each city’s livability score and selecting cities with at least 1,000 residents ages 65 and older. It analyzed the Social Security Administration’s Monthly Statistical Snapshot for the average Social Security income for one person and a married couple filing jointly. The annual cost of living after Social Security income was calculated using the average Social Security income and the total cost of living, and the 20-year cost of retirement was calculated assuming a person retires at age 65 and lives in retirement for another 20 years.
Ohio cities were well represented in the findings, the report shows. A total of 12 Buckeye State communities were ranked among the 50 best places to retire, the site calculated. These included Fairlawn at No. 2, North Canton at No. 5, Middleburg Heights at No. 7, Chesterland at No. 8, Lyndhurst at No. 15, Seven Hills at No. 24, Sheffield at No. 31, Vermillion at No. 40, Huron at No. 43, and Brookville at No. 49.
Florida boasted 11 communities in the top 50, while the report noted that the Midwest boasted 26 of the 50 locations.
Aside from Ohio, GOBankingRates found five communities in Illinois (Princeton, Geneseo, Crestwood, Westchester and Metropolis) and three in Michigan (Ludington, Grand Haven, and Grand Rapids).
The entire list can be accessed HERE.