3 California Cities Make List For US cities where $1 million runs out fastest in retirement

A new list from SmartAsset has listed three California cities in its top 10 U.S. cities where $1 million runs out the fastest in retirement.

To determine the list SmartAsset looked at average expenses for seniors, including food, health care, transportation, housing and utilities, cost of living and investment returns in major U.S. cities.

The site used data from the Bureau of Labor Statistics and the nonprofit Council for Community and Economic Research to calculate how many years a $1 million portfolio would cover in each place, including any investment returns earned.

SmartAsset found that out of their top 10 fastest retirement draining cities the following three were in California:

10. Irvine, California

Number of years $1 million will last in retirement: 16.1

Annual housing expenses: $22,953
Annual food expenses: $7,110
Annual transportation expenses: $8,918

7. Oakland, California

Number of years $1 million will last in retirement: 14.9

Annual housing expenses: $20,691
Annual food expenses: $8,331
Annual transportation expenses: $9,414

2. San Francisco, California

Number of years $1 million will last in retirement: 12.3

Annual housing expenses: $32,983
Annual food expenses: $8,268
Annual transportation expenses: $9,962

For the full list check out SmartAsset’s website.