How Far $10,000 a Month Stretches in Five Top Retirement Destinations

See what a $10,000 monthly budget can cover in five popular retirement destinations, from housing and meals to healthcare — and how much money is left after essentials.

Living on $10,000 a month, or $120,000 a year, in retirement may sound generous. For someone retiring at 65 and living 20 more years, that adds up to $2.4 million, and it is far above the nearly $5,094 a month that not-yet-retired Americans surveyed by Schroders for its US Retirement Survey said they would feel comfortable with.

How far that monthly income goes depends heavily on where you settle down. Expenses for housing, groceries, healthcare, utilities, transportation and taxes vary widely from place to place. The good news is that, outside major high-cost cities such as New York or Los Angeles, $10,000 a month can go a long way.

So what does that look like in practice? Here is a breakdown of what $10,000 a month can buy in five well-known retirement destinations across the country.

1. Orlando, Florida

WalletHub named Orlando the top place to retire in its latest ranking, and it is easy to see why. Retirees are drawn to its warm weather, many golf courses and tax advantages, including no income, estate or inheritance tax. The city also offers music venues, art galleries, fishing opportunities and volunteer options for older adults.

Orlando scores well for healthcare access and has nationally recognized medical systems. It also has an international airport and, unlike many Florida cities built around cars, a SunRail commuter line that links nearby suburbs with downtown and major hospitals.

Rent: $1,680 (Based on the median average for a two-bedroom apartment or condo.)

Food: $808 (Calculated using the USDA Moderate-Cost Food Plan for two older adults, adjusted using Orlando’s C2ER Grocery Price Index of 105.1.)

Dining out: $539 (Calculated using the Bureau of Labor Statistics 60/40 food-at-home to dining-out ratio for retiree households.)

Utilities: $371 (Calculated from the Bureau of Labor Statistics Consumer Expenditure Survey baseline for older adult households and adjusted using Orlando’s C2ER Utility Index of 95.8, which is 4.2% lower than the national average.)

Transportation: $720 (Based on the Bureau of Labor Statistics Consumer Expenditure Survey baseline for older adults and adjusted using Orlando’s C2ER Transportation Index of 96, which is 4% lower than the national average. It covers fuel, auto insurance, routine maintenance and vehicle upkeep.)

Healthcare: $642 (Calculated based on the Bureau of Labor Statistics Consumer Expenditure Survey baseline for older adult households and adjusted using Orlando’s C2ER Healthcare Index of 101.1, which is 1.1% higher than the national average. It covers Medicare Part B premiums, supplemental coverage, prescription drugs and out-of-pocket medical services.)

Misc. Goods & Services: $538 (Derived from the Bureau of Labor Statistics Consumer Expenditure Survey baseline for older adult households and adjusted using Orlando’s C2ER Miscellaneous Index of 96.9, which is 3.1% lower than the national average. It covers apparel, personal care and grooming, household sundries and local entertainment.)

Total Monthly Budget: $5,298

2. Scottsdale, Arizona

Scottsdale is consistently viewed as one of the country’s leading retirement spots, mixing urban conveniences with a desert setting and a wide range of recreational options. It placed fourth overall in WalletHub’s latest Best Places to Retire list and ranked first nationwide for quality of life. With a large share of residents age 65 and older, much of the city’s infrastructure, programming and support services are geared toward older adults.

The desert landscape makes a fitting backdrop for hiking in the Camelback Mountains, visiting art galleries or dining at the many restaurants that come alive after dark. Scottsdale also has several golf courses, plenty of hospitals and easy access to an international airport. Retirees often value its sunny weather, walkability and lower crime rate compared with many large metro areas. Another plus: no tax on Social Security, no estate or inheritance tax and a relatively low flat state income tax of 2.5%.

Rent: $2,023 (Based on the median average for a two-bedroom apartment or condo.)

Food: $841 (Calculated using the USDA Moderate-Cost Food Plan for two older adults, adjusted using Scottsdale’s C2ER Grocery Price Index of 104.1.)

Dining Out: $561 (Calculated using the Bureau of Labor Statistics 60/40 food-at-home to dining-out ratio for retiree households.)

Utilities: $538 (Calculated from the Bureau of Labor Statistics Consumer Expenditure Survey baseline for older adult households and adjusted using Scottsdale’s C2ER Utility Index of 138.8, which is 38.8% higher than the national average.)

Transportation: $869 (Based on the Bureau of Labor Statistics Consumer Expenditure Survey baseline for older adults and adjusted using Scottsdale’s C2ER Transportation Index of 115.3, which is 15.3% higher than the national average.)

Healthcare: $609 (Calculated based on the Bureau of Labor Statistics Consumer Expenditure Survey baseline for older adult households and adjusted using Scottsdale’s C2ER Healthcare Index of 97, which is 3% lower than the national average.)

Misc. Goods & Services: $570 (Derived from the Bureau of Labor Statistics Consumer Expenditure Survey baseline for older adult households and adjusted using Scottsdale's C2ER Miscellaneous Index of 106.7, which is 6.7% higher than the national average.)

Total Monthly Budget: $6,011

3. The Woodlands, Texas

The Woodlands, Texas, was ranked the best place to retire in Texas and fourth in the nation by U.S. News & World Report. Its location just outside Houston is a major draw. This retirement-focused community offers more than 220 miles of hiking and biking trails, championship golf courses and The Woodlands Waterway, where residents can enjoy waterfront dining, boutique shopping and outdoor entertainment.

Residents also benefit from the absence of state income, estate and inheritance taxes, along with access to advanced hospitals and medical facilities. The community is about a 30-minute drive from an international airport and is also known for its low crime rate. Mild, snow-free winters make it possible to enjoy outdoor life throughout the year.

Rent: $1,717 (Based on the median average for a two-bedroom apartment or condo.)

Food: $803 (Calculated using the USDA Moderate-Cost Food Plan for two older adults, adjusted using The Woodland’s C2ER Grocery Price Index of 99.4)

Dining out: $535 (Calculated using the Bureau of Labor Statistics 60/40 food-at-home to dining-out ratio for retiree households.)

Utilities: $416 (Calculated from the Bureau of Labor Statistics Consumer Expenditure Survey baseline for older adult households and adjusted using The Woodland's C2ER Utility Index of 107.4, which is 7.4% above the national average.)

Transportation: $738 (Based on the Bureau of Labor Statistics Consumer Expenditure Survey baseline for older adults and adjusted using The Woodland’s C2ER Transportation Index of 97.9, which is 2.1% below the national average.)

Healthcare: $663 (Calculated based on the Bureau of Labor Statistics Consumer Expenditure Survey baseline for older adult households and adjusted using The Woodland's C2ER Healthcare Index of 105.5, which is 5.5% higher than the national average.)

Misc. Goods & Services: $642 (Derived from the Bureau of Labor Statistics Consumer Expenditure Survey baseline for older adult households and adjusted using The Woodland's C2ER Miscellaneous Index of 120.3, which is 20.3% higher than the national average.)

Total Monthly Budget: $5,514

4. Casper, Wyoming

You may have to put up with some cold weather in Wyoming, but $10,000 a month still provides a comfortable lifestyle, which is part of why WalletHub ranked Casper third for affordability and fifth overall in its latest retirement list. The city has a relatively low cost of living and no Social Security, estate or inheritance tax.

Beyond Wyoming’s strong record on protecting retirees from elder abuse and poverty, Casper offers blue-ribbon fly fishing along the North Platte River, trails at Casper Mountain and regional healthcare centers.

Retirees are also drawn to its close-knit community, clean mountain air and year-round outdoor recreation. While the nearest international airport is in Denver, a considerable drive away, Casper does have a regional airport, along with restaurants, local breweries and cultural attractions.

Rent: $1,095 (Based on the median average for a two-bedroom apartment or condo.)

Food: $811 (Calculated using the USDA Moderate-Cost Food Plan for two older adults, adjusted using Casper’s C2ER Grocery Price Index of 100.4.)

Dining Out: $541 (Calculated using the Bureau of Labor Statistics 60/40 food-at-home to dining-out ratio for retiree households.)

Utilities: $342 (Calculated from the Bureau of Labor Statistics Consumer Expenditure Survey baseline for older adult households and adjusted using Casper’s C2ER Utility Index of 88.2, which is 11.8% lower than the national average.)

Transportation: $698 (Based on the Bureau of Labor Statistics Consumer Expenditure Survey baseline for older adults and adjusted using Casper’s C2ER Transportation Index of 92.6, which is 7.4% lower than the national average.)

Healthcare: $605 (Calculated based on the Bureau of Labor Statistics Consumer Expenditure Survey baseline for older adult households and adjusted using Casper’s C2ER Healthcare Index of 96.4, which is 3.6% lower than the national average.)

Misc. Goods & Services: $533 (Derived from the Bureau of Labor Statistics Consumer Expenditure Survey baseline for older adult households and adjusted using Casper's C2ER Miscellaneous Index of 99.9, which is 0.1% lower than the national average.)

Total Monthly Budget: $4,625

5. Charleston, South Carolina

This southern coastal city ranked ninth in WalletHub’s latest survey and remains a popular choice for retirees. Rich in history, Charleston offers upscale dining, shopping, miles of Atlantic coastline, year-round golf and easy access to arts and culture.

The tax outlook is also favorable for retirees: no Social Security, estate or inheritance tax. In addition, adults 65 and older can deduct up to $15,000 of other retirement income from state taxes, and South Carolina has some of the lowest property tax rates in the country. Add in warm weather for much of the year, top-tier healthcare, walkable cobblestone historic districts and its own international airport, and Charleston has plenty going for it.

Rent: $2,331 (Based on the median average for a two-bedroom apartment or condo.)

Food: $833 (Calculated using the USDA Moderate-Cost Food Plan for two older adults, adjusted using Charleston's C2ER Grocery Price Index of 103.1.)

Dining Out: $555 (Calculated using the Bureau of Labor Statistics 60/40 food-at-home to dining-out ratio for retiree households.)

Utilities: $389 (Calculated from the Bureau of Labor Statistics Consumer Expenditure Survey baseline for older adult households and adjusted using Charleston’s C2ER Utility Index of 100.4, which is 0.4% higher than the national average.)

Transportation: $703 (Based on the Bureau of Labor Statistics Consumer Expenditure Survey baseline for older adults and adjusted using Charleston’s C2ER Transportation Index of 93.3, which is 6.7% lower than the national average.)

Healthcare: $605 (Calculated based on the Bureau of Labor Statistics Consumer Expenditure Survey baseline for older adult households and adjusted using Charleston’s C2ER Healthcare Index of 96.4, which is 3.6% lower than the national average.)

Misc. Goods & Services: $521 (Derived from the Bureau of Labor Statistics Consumer Expenditure Survey baseline for older adult households and adjusted using Charleston's C2ER Miscellaneous Index of 97.5, which is 2.5% lower than the national average.)

Total Monthly Budget: $5,937

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$10,000 can go a long way

This is only a snapshot of what $10,000 a month can provide in retirement, but the takeaway is clear: it can stretch quite far. A large share of any retirement budget will usually go toward housing, whether that means renting, owning, living in an expensive retirement community or paying for assisted living.

Healthcare is likely to take another sizable portion, depending on your overall health and the supplemental coverage you choose.

In the end, the figures show that $10,000 a month can comfortably cover basic needs in a range of markets, while still leaving room for travel, hobbies and the kind of retirement you have worked toward for years.