San Francisco can be home to beautiful vistas, yet retirees may want to resist settling down inside the Bay Area.
that will’s because the item’s the worst city inside the country to retire if you’d like to keep more of your cash in your pocket, according to an analysis through GoBankingRates.
The personal finance website looked at major cities in all 50 states, ranking them based on property taxes, state levies on retirement benefits, health care costs as well as the average retirement benefits check through Social Security.
In particular, residents in San Francisco are facing high living costs: The median list cost of a home there can be $1.19 million. The average property tax bill can be also on the hefty side: $9,137, GoBankingRates found.
Meanwhile, the average monthly Social Security benefit clocks in at $1,387 for San Francisco residents.
“When you’ve saved so much for retirement, the key thing that will will hurt your savings can be where you decide to live,” said Sydney Champion, deputy editor of GoBankingRates.
In This specific case, real estate — particularly home prices as well as high property taxes — made many metro areas inside the Golden State too expensive.
Fremont, San Jose as well as Irvine rounded out the top four worst cities for retirees, according to GoBankingRates.