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Top Financial Advisors in Chicago, IL

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This review was produced by SmartAsset based on publicly available information. The named firm and its financial professionals have not reviewed, approved, or endorsed this review and are not responsible for its accuracy. Review content is produced by SmartAsset independently of any business relationships that might exist between SmartAsset and the named firm and its financial professionals, and firms and financial professionals having business relationships with SmartAsset receive no special treatment or consideration in SmartAsset’s reviews. This page contains links to SmartAsset’s financial advisor matching tool, which may or may not match you with the firm mentioned in this review or its financial professionals.

Finding a Top Financial Advisor in Chicago, Illinois

There’s no shortage of financial advisor firms in Chicago. But that can make it tough to figure out which firm is right for you. SmartAsset spent dozens of hours researching to narrow it down to this list of Chicago’s top 10 firms. To figure out which financial advisor best fits your needs there are several things to consider, including account minimum, fee structure, certifications and specialties, all of which we’ve laid out in the charts and tables below. You can also use SmartAsset’s financial advisor matching tool to get connected with financial advisors who serve your area, then choose which one best fits your needs.

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Rank Financial Advisor Assets Managed Minimum Assets Financial Services More Information
1 Fiducient Advisors LLC Fiducient Advisors LLC logo Find an Advisor

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$55,897,061,358 Varies based on account type
  • Financial planning
  • Portfolio management
  • Selection of other advisors (including private fund managers)
  • Pension consulting services
  • Publication of periodicals or newsletters
  • Educational seminors/workshops
  • Investment consulting

Minimum Assets

Varies based on account type

Financial Services

  • Financial planning
  • Portfolio management
  • Selection of other advisors (including private fund managers)
  • Pension consulting services
  • Publication of periodicals or newsletters
  • Educational seminors/workshops
  • Investment consulting
2 Cresset Asset Management, LLC Cresset Asset Management, LLC logo Find an Advisor

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$52,506,642,484 $25,000 minimum annual fee
  • Financial planning
  • Portfolio management
  • Pension consulting services
  • Selection of other advisors (including private fund managers)
  • Educational seminars/workshops
  • Tax services
  • Bookkeeping
  • Financial reporting
  • Clerical assistance in other financial matters

Minimum Assets

$25,000 minimum annual fee

Financial Services

  • Financial planning
  • Portfolio management
  • Pension consulting services
  • Selection of other advisors (including private fund managers)
  • Educational seminars/workshops
  • Tax services
  • Bookkeeping
  • Financial reporting
  • Clerical assistance in other financial matters
3 Great Lakes Advisors, LLC Great Lakes Advisors, LLC logo Find an Advisor

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$13,863,779,241 Varies based on account type
  • Financial planning
  • Portfolio management
  • Selection of other advisors (including private fund managers)

Minimum Assets

Varies based on account type

Financial Services

  • Financial planning
  • Portfolio management
  • Selection of other advisors (including private fund managers)
4 Kovitz Investment Group Partners, LLC Kovitz Investment Group Partners, LLC logo Find an Advisor

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$11,290,749,061 No set account minimum
  • Financial planning
  • Portfolio management
  • Publication of periodicals or newsletters
  • Educational seminars/workshops
  • Credit, cash and insurance solutions
  • Family office services
  • Corporate executive services

Minimum Assets

No set account minimum

Financial Services

  • Financial planning
  • Portfolio management
  • Publication of periodicals or newsletters
  • Educational seminars/workshops
  • Credit, cash and insurance solutions
  • Family office services
  • Corporate executive services
5 The Mather Group The Mather Group logo Find an Advisor

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$10,508,543,012 $1,000,000
  • Financial planning
  • Portfolio management
  • Selection of other advisors (including private fund managers)
  • Publication of periodicals or newsletters
  • Educational seminars/workshops

Minimum Assets

$1,000,000

Financial Services

  • Financial planning
  • Portfolio management
  • Selection of other advisors (including private fund managers)
  • Publication of periodicals or newsletters
  • Educational seminars/workshops
6 Gresham Partners, LLC Gresham Partners, LLC logo Find an Advisor

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$10,381,704,421 $180,000 minimum annual fee
  • Financial planning
  • Portfolio mangement
  • Selection of other advisors (including private fund managers)
  • Wealth management services

Minimum Assets

$180,000 minimum annual fee

Financial Services

  • Financial planning
  • Portfolio mangement
  • Selection of other advisors (including private fund managers)
  • Wealth management services
7 Curi RMB Capital, LLC Curi RMB Capital, LLC logo Find an Advisor

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$8,484,055,573 $1,000,000
  • Financial planning
  • Portfolio management
  • Pension consulting services
  • Selection of other advisors (including private fund managers)
  • Sponsor, general partner, managing member of pooled investment vehicles

Minimum Assets

$1,000,000

Financial Services

  • Financial planning
  • Portfolio management
  • Pension consulting services
  • Selection of other advisors (including private fund managers)
  • Sponsor, general partner, managing member of pooled investment vehicles
8 Zacks Investment Management Zacks Investment Management logo Find an Advisor

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$10,555,925,107 $500,000
  • Financial planning
  • Portfolio management 
  • Quantitative investment models

Minimum Assets

$500,000

Financial Services

  • Financial planning
  • Portfolio management 
  • Quantitative investment models
9 Retirement Plan Advisors, LLC Retirement Plan Advisors, LLC logo Find an Advisor

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$1,472,433,912 Varies based on account type
  • Financial planning
  • Portfolio management
  • Pension consulting services
  • Selection of other advisors (including private fund managers)
  • Publication of periodicals or newsletters
  • Educational seminars/workshops

Minimum Assets

Varies based on account type

Financial Services

  • Financial planning
  • Portfolio management
  • Pension consulting services
  • Selection of other advisors (including private fund managers)
  • Publication of periodicals or newsletters
  • Educational seminars/workshops
10 Altair Advisers Altair Advisers logo Find an Advisor

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$7,386,489,664 $5,000,000
  • Financial planning
  • Portfolio management
  • Selection of other advisors (including private fund managers)
  • Pension consulting services
  • Publication of periodicals or newsletters

Minimum Assets

$5,000,000

Financial Services

  • Financial planning
  • Portfolio management
  • Selection of other advisors (including private fund managers)
  • Pension consulting services
  • Publication of periodicals or newsletters

What We Use in Our Methodology

To find the top financial advisors in Chicago, we first identified all firms registered with the SEC in the city. Next, we filtered out firms that don't offer financial planning services, those that don't serve primarily individual clients and those that have disclosures on their record. The qualifying firms were then ranked according to the following criteria:

  • AUM
    Firms with more total assets under management are ranked higher.
  • Individual Client Count
    Firms who serve more individual clients (as opposed to institutional clients) are ranked higher.
  • Clients Per Advisor
    Firms with a lower ratio of clients per financial advisor are ranked higher.
  • Age of Firm
    Firms that have been in business longer are ranked higher.
  • Fee Structure
    Firms with a fee-only (as opposed to fee-based) compensation structure are ranked higher.

All information is obtained through public records and is updated annually after the firms’ form ADV filing. This list may include firms that have a business relationship with SmartAsset, in which SmartAsset is compensated for lead referrals. Such relationships have no impact on our rankings, and firms are included and ranked based strictly on the above criteria. SmartAsset is not a client of the aforementioned firms, and did not receive compensation for including any of the firms on the aforementioned list.

Fiducient Advisors

Fiducient Advisors, which was formerly known as DiMeo Schneider & Associates, L.L.C., is the top-rated financial advisory firm in Chicago, according to SmartAsset's metrics. Fiducient works mainly with high-net-worth individuals, charitable organizations and individuals who do not have a high net worth. The firm also serves corporations and other businesses. 

The minimum initial investment depends on the type of client and the scope of services rendered. Some investment programs require a minimum of $50,000 and $500,000. Fees for discretionary asset management reach up to 1% of assets under management for wealth management clients, while non-discretionary services can range from 0.01% to 1%.

 

Fiducient Advisors Background 

Fiducient opened its doors in 1995 as a limited liability company. It is currently owned by Fiducient Holdings, LLC, which is a limited liability company that was formed in Delaware. 

Fiducient Advisors provides a range of services tailored to different client types. For retirement plans, they offer both discretionary and non-discretionary management, including investment selection, fiduciary governance and participant education. Wealth management services, meanwhile, focus on personalized investment strategies for private clients, including comprehensive financial planning or investment-only options.

Fiducient also manages model portfolios and provides advisory services to financial institutions, assisting with asset allocation and manager research. Additionally, they manage private fund vehicles for qualified clients.

However, the firm and its associates may earn additional compensation associated with other professional arrangements or affiliations, which is a conflict of interest. The firm is a fiduciary, though, and must act in the client's best interest.

Fiducient Advisors Investment Strategy

Fiducient takes an in-depth dive into each client’s financial background to come up with an investment approach it deems appropriate for its clients. From there, it seeks the right independent investment managers by using its own proprietary database of over 1,000 managers. 

Based on your needs, it can recommend both U.S. and global equities, a variety of fixed-income securities, as well as alternative assets like real estate, natural resources, commodity futures, hedge funds and others. 

Cresset Asset Management

Cresset Asset Management, the No. 2 firm on our list, is a fee-based practice that does not collect commissions on trades or the sale of certain products. Members of the firm's advisory team hold multiple certifications, including designations like the chartered financial analyst (CFA), Certified Financial Planner™ (CFP®) and certified public accountant (CPA), among others. 

The firm manages assets for both non-high-net-worth and high-net-worth individuals. Institutional clients also include pooled investment vehicles, charitable organizations and corporations. 

While Cresset generally does not impose a required minimum to open an account, the firm charges a minimum annual fee of $25,000 for investment advisory services, with a maximum of 2% of assets under management. However, the firm and/or its affiliates stand to benefit financially from certain recommendations that are made to Cresset's advisory clients, creating a conflict of interest. Then again, the firm is a fiduciary and must act in clients' best interests.

Cresset Asset Management Background

The firm was founded in 2017, and is a majority-owned subsidiary of Cresset Intermediate Holdco, LLC, which itself is a majority-owned subsidiary of Cresset Capital Management, LLC. Cresset was founded by Avy Stein and Eric Becker.

Cresset offers a broad range of services, including wealth management, financial planning and investment advisory services. They manage both discretionary and non-discretionary accounts and provide specialized services like estate planning, tax strategy and philanthropic consulting. Additionally, Cresset offers family office support, private fund management and retirement plan advisory, along with trust services and wrap fee programs for select clients.

Cresset Asset Management Investment Strategy

Cresset's investment philosophy integrates multiple methods to evaluate investments based on clients’ objectives, risk tolerance, and time horizons. The firm primarily uses fundamental analysis to assess a security’s intrinsic value and identify buy or sell opportunities. Technical and quantitative analyses are also employed to recognize market patterns and measure financial metrics. Cresset uses a diversified asset allocation strategy tailored to each client, balancing stocks, bonds and cash to achieve specific goals.

The firm may also recommend alternative assets, like hedge fund and private equity shares.

Great Lakes Advisors

Great Lakes Advisors (GLA) is a fee-only firm with a highly diversified client base. GLA manages assets for over 1,000 non-high-net-worth individuals, as well as over 150 high-net-worth individuals. 

The firm also works with banks or thrift institutions, investment companies, pooled investment vehicles, pension and profit-sharing plans, charitable organizations, state or municipal governments, insurance companies, other investment advisors and corporations. 

As a fee-only firm, GLA professionals do not earn commissions on trades and the selling of insurance and other investment products. 

GLA may charge a percentage of assets under management for investment management services, which is a maximum of 2% for accounts under $5 million. The firm also imposes minimum account requirements depending on the investment strategy, ranging from $1 million to $2 million. 

Great Lakes Advisors Background  

GLA is a registered investment advisor (RIA) with the Securities and Exchange Commission (SEC). It was founded in 1981 and remains completely owned by Wintrust Financial Corp.

The firm provides discretionary investment management services via customized portfolio management, equity and fixed-income strategies and responsible investing solutions. Additionally, they offer financial planning, wealth management and ESG-focused investment options (see below), all designed to align with clients' specific financial goals, risk tolerance and long-term objectives.

Great Lakes Advisors Investment Strategy  

Great Lakes Advisors employs a range of investment strategies, including fundamental equity, disciplined equity, and multi-asset approaches, all aimed at outperforming benchmarks through stock selection and risk management. Their equity strategies focus on attractively valued companies with improving fundamentals, while their fixed-income and multi-asset strategies prioritize wealth preservation and diversification.

GLA also integrates environmental, social, and governance (ESG) factors into its investment process to enhance long-term risk-adjusted returns and offer customized solutions for clients with specific ESG or socially responsible investing preferences.

Kovitz Investment Group Partners, LLC

Kovitz Investment Group Partners is a fee-based firm that works with a wide range of clients, including thousands of individuals and high-net-worth individuals, as well as retirement plans, private investment funds, charitable organizations, corporations and businesses, among others. 

Kovitz doesn't have a stringent account minimum, but it does generally prefer that clients have at least $1 million to invest. clients with less than $1 million are charged a slightly higher asset-based fee for portfolio management, than clients with $1 million or more. 

The firm has a large team of advisors who holds multiple certifications, including designations like certified public accountant (CPA), Certified Financial Planner™ (CFP®), chartered retirement planning counselor (CRPC) and chartered financial analyst (CFA).

Kovitz Investment Group Partners Background

The firm was founded in 2003 and is a wholly-owned subsidiary of Focus Operating, LLC. That firm is in turn controlled by Focus Financial Partners, which is a public company traded on the NASDAQ. Services include investment management and financial planning.

Kovitz Investment Group Partners provides discretionary investment management to individuals and institutions, focusing on customized portfolios of equities and fixed-income securities. Kovitz also offers specialized strategies, including retirement plan advisory and family office services. The firm does offer financial planning services, but only to select clients on a case-by-case basis. 

Kovitz Investment Group Partners Investment Strategy

Kovitz Investment Group Partners follows a disciplined, long-term investment strategy focused on capital preservation and minimizing risk. Their equity strategy adopts a "business owner" mindset, investing in well-capitalized, industry-leading companies only when stock prices are significantly below intrinsic value. They prioritize patience, allowing market values to align with their analysis, all with an aim of maximizing long-term net worth over short-term gains.

For fixed income, they focus on wealth preservation by building stable bond portfolios, buying bonds at favorable prices, and managing risk through diversification and credit quality assessments. 

 

The Mather Group

The Mather Group (TMG) is a fee-only firm requiring a minimum portfolio size of $1 million to open an account. The firm works with both non-high-net-worth and high-net-worth individuals, as well as pension and profit-sharing plans and charitable organizations.

Fees for asset management are based on a percentage of assets under management, generally ranging between 0.25% to 2%. Financial planning and family office fees are generally charged a predetermined fixed fee.

Advisors at the firm have earned a variety of financial advisor certifications, including Certified Financial Planner™ (CFP®), chartered financial analyst (CFA) and certified public accountant (CPA), among others.

The Mather Group Background

The Mather Group is a limited liability company that was founded in 2011 and is owned by Mather Holdings, LLC. However, in March 2022, a private equity firm named the Vistria Group made made a "strategic investment" into TMG, although the firm remains operationally independent from the Vistria Group. 

Services offered at the firm include portfolio management, financial planning, family office services, tax planning/preparation, estate planning and executive services.

The Mather Group Investment Strategy

The Mather Group uses an evidence-based investment strategy, grounded in academic research and historical data. They offer seven risk-based asset allocation portfolios, focusing on balancing risk and returns while optimizing for tax efficiency. TMG customizes portfolios across global stocks, bonds, and alternatives, utilizing low-cost index funds. Their Tax Synchronized Portfolios aim to reduce tax drag and create higher after-tax returns.

TMG’s strategy emphasizes diversification, long-term growth and rebalancing, with a focus on aligning investments with client goals and risk tolerance.

Gresham Partners

Gresham Partners manages assets primarily for high-net-worth individuals and institutional clients, including pooled investment vehicles and charitable organizations. 

Gresham Partners is not for your average retail investor or pre-retiree: the firm charges a minimum annual fee of $180,000. This asset-based fee is calculated as: 0.75% of the first $25 million; 0.50% for the next $25 million; 0.30% for assets over $50 million.

As a fee-only firm, Gresham and its advisors do not sell financial products or insurance for commissions in addition to client-paid fees. 

Gresham Partners Background 

Gresham Partners opened in 1997 and is owned by at least 12 partners/members today. 

The firm offers integrated investment and wealth management services, including tailored strategies for investment, tax, wealth transfer, and philanthropy. They provide asset reporting, family education, and consulting on family offices and trusts, while assisting clients in coordinating professional services from third-party providers.

Gresham Partners Investment Strategy 

Gresham Partners conducts multiple meetings with clients to develop the right asset allocations. It considers risk appetite, net worth, philanthropic goals, liquidity requirements and more. Gresham holds that clients can benefit from exposure to alternative asset classes, such as hedge funds, private equity and real assets, and conducts thorough due diligence on fund managers.

According to documents that Gresham filed with the SEC, “The Company tends to select experienced managers with broad mandates who can take relatively concentrated positions based on careful fundamental analysis and tend to have a limit on the amount of capital they will accept, but other types of managers may be selected.”

Curi RMB Capital

Curi RMB Capital is a fee-based financial advisor and asset management firm that form when two large advisory practices merged in 2024. The firm typically requires a $1 million minimum account size or charges a minimum annual fee of $10,000. Meanwhile, the firm has set fee schedules for its asset management services, which are delivered via separately managed accounts. 

Certain Curi RMB Capital employees may receive economic benefits from the sale of securities and/or insurance, creating a conflict of interest. However, the firm has a fiduciary duty to act in its clients' best interests.

The firm's team features a number of credentialed professionals, including advisors and employees with the chartered financial analyst (CFA), Certified Financial Planner™ (CFP®), certified public accountant (CPA) and certified private wealth advisor (CPWA) designations, among others. 

Curi RMB Capital Background

Curi RMB Capital is the product of a Jan. 1, 2024, merger between Curi Capital and RMB Capital Management. Today, the firm is principally owned by Curi Capital, LLC, which in turn is owned by MMIC Investment Holdings, Inc. MMIC Investment Holdings is fully owned by Curi Holdings, Inc.

Richard M. Burridge and Frederick Paulman, the co-founders of RMB Capital, along with other previous owners of Curi Capital and RMB Capital, maintain ownership stakes in Curi RMB Capital, LLC.

Curi RMB offers a range of services including wealth management, asset management, retirement plan solutions, as well as family office services. Wealth management focuses on holistic financial solutions, while asset management provides investment strategies through managed accounts and products. Retirement plan solutions offers advisory services to employer-sponsored retirement plans, and family office Services delivers customized financial planning for multi-generational clients with complex needs.

Curi RMB Capital Investment Strategy

Curi RMB Capital’s investment approach combines fundamental analysis with active management, focusing on long-only, bottom-up equity strategies that seek favorable risk/reward opportunities, while integrating ESG factors when applicable. Asset allocations are customized to each client's goals, utilizing a blend of individual securities, funds, and alternative investments.

For fixed income, the firm prioritizes capital preservation and income through investment-grade, U.S. dollar-denominated securities with short to intermediate durations. To diversify portfolios, Curi RMB also employs quantitative analysis, passive strategies and third-party managers.

 

Zacks Investment Management

Zacks Investment Management (ZIM) is a fee-based firm that works with both non-high-net-worth and high-net-worth individuals, as well as investment companies, pooled investment vehicles,p ension and profit-sharing plans, state or municipal governments, other investment advisors and wrap programs.

ZIM generally requires a minimum of $500,000 for its investment advisory services. This minimum applies to both its wealth management program accounts and its individual fixed-income securities accounts. However, the firm may waive this requirement based on its discretion. 

Zacks Investment Management Background 

Zacks Investment Management was formally established in 1992, and is a wholly owned subsidiary of Zacks Investment Research, which provides data and analysis to investment professionals. The principal owners of ZIR are Mitch Zacks and a Zacks family trust.

ZIM offers discretionary investment management services, managing separate accounts, pooled investment vehicles and wrap-fee programs. ZIM also manages alternative investments, such as private funds and offers online advisory through Zacks Advantage, which uses automated investing and ETFs. Additionally, ZIM provides model portfolio recommendations to clients, allowing them to tailor their investments. Their services cater to various client needs, from retail wealth management to institutional clients.

Zacks Investment Management Investment Strategy

Zacks Investment Management offers a wide range of investment strategies, including asset allocation and specialized strategies like dividend-focused, ESG, and international equity strategies. The firm relies on a hybrid approach to investing that combines both quantitative and qualitative analysis. Their proprietary models analyze patterns of fundamental factors to assess a large universe of stocks.

Strategies are tailored to client objectives, risk tolerance, and time horizons, ranging from growth-oriented to dividend-focused and ESG-integrated portfolios. They manage portfolios with a focus on outperforming benchmarks like the S&P 500 and Russell 1000, using tools like quantitative rankings and risk management techniques to maximize returns while managing risk.

Retirement Pan Advisors

Retirement Plan Advisors (RPA) is a fee-based firm in Chicago that mainly works with individual clients who do not have a high net worth, as well as state or municipal governments. The firm also serves a relatively small number of high net worth individuals. 

RPA typically requires a $25,000 initial investment to open a managed account, though this minimum may be waived in certain situations. For the firm's WealthPort Program, the minimum initial investment is usually $5,000, but higher minimums may apply depending on the type of account selected. The PortfolioPlus program, however, has no minimum investment requirement.

As a fee-based firm, some in-house advisors at RPA may receive commissions from the sale of certain securities or insurance products. That's different from a fee-only firm, which avoids conflicts of interest by restricting its compensation to client-paid advisory fees. 

Staff members hold multiple certifications, including designations as a Certified Financial Planner™ (CFP®), chartered financial analyst (CFA), accredited investment fiduciary (AIF) and certified public accountant (CPA), among others. 

Retirement Plan Advisors Background 

RPA has been in business since 2000. According to RPA's Form ADV brochure, the firm is a wholly owned subsidiary of Retirement Plan Advisors Group, LLC. RPA is led by Josh Schwartz, the firm’s CEO.

When the firm was founded, it aimed to to provide retirement plan design, vendor search, plan consulting, investment advice and other fiduciary services to public sector employers and their employees. However, RPA has since expanded its service offerings and clientel. Today, the advisory team provides a spectrum of services, ranging from investment management and financial planning to more specific managed account programs and other advisory services. 

Retirement Plan Advisors Investment Strategy 

RPA tailors investment strategies for the financial needs and objectives of each client. Advisors work to develop an initial asset allocation model that's built specifically for them. As with other firms, it uses information about the client's risk tolerance, time horizon and investment goals to inform it. 

The firm says that its advisors continuously monitor portfolios to ensure that goals are being properly pursued. And clients are encouraged to update RPA with changes to their financial situation or goals. 

Advisors tend to flesh out client portfolios using mutual funds, ETFs and collective investment trusts (CITs). And they inform their investment decisions using a variety of techniques, including charting, fundamental analysis and technical analysis.

Altair Advisers

Altair Advisers is a fee-only advisory firm that works with high-net-worth individuals, families, foundations, endowments, and selectively, corporate pensions. 

The firm typically requires a minimum initial investment of $5 million and charges a minimum annual management fee of $50,000. However, Altair Advisers notes in its Form ADV firm brochure that its annual fee increases by 3% every four quarters. For financial planning services, Altair offers both fixed-fee and hourly rate options, with specific fees tailored to corporate executives and educational programs.

The firm’s team includes advisors with the Certified Financial Planner™ (CFP®) and chartered financial analyst (CFA) designations.

Altair Advisers Background

Altair Advisers was founded in 2002. The firm is primarily owned by a group of employees who participate broadly in its ownership, and an entity controlled by an initial client who played a significant role in funding the firm's establishment.

This firm offers a comprehensive suite of services tailored to meet various financial needs, including analysis of financial goals, capital sufficiency and cash flow advice, retirement planning, income tax planning, education funding, corporate benefit decisions and estate planning matters. Additionally, they provide financial counseling services to key officers and executives, as well as financial planning seminars and educational services to groups of employees.

Altair Advisers Investment Strategy

Altair Advisers invests using a strategic asset allocation with a tactical overlay, ensuring thorough asset allocation and diversification. The firm also integrates principles of behavioral finance and investor psychology into its decision-making processes.

Their investment vehicles include third-party investment managers, mutual funds, ETFs, private investments and derivatives.

How Long $1mm Lasts in Retirement

SmartAsset's interactive map highlights places where $1 million will last the longest in retirement. Zoom between states and the national map to see the top spots in each region. Also, scroll over any city to learn about the cost of living in retirement for that location.

Least
Most
Rank City Housing Expenses Food Expenses Healthcare Expenses Utilities Expenses Transportation Expenses

Methodology We analyzed data on average expenditures for seniors, cost of living and investment returns to determine how many years of retirement a $1 million nest egg would cover in cities across America.

First, we looked at data from the Bureau of Labor Statistics (BLS) on the average annual expenditures of seniors. We then applied cost of living data from the Council for Community and Economic Research to adjust those national average spending levels based on the costs of each expense category (housing, food, healthcare, utilities, transportation and other) in each city. Using this data, SmartAsset calculated the average cost of living for retirees in the largest U.S. cities.

We assumed the $1 million would grow at a real return (interest minus inflation) of 2%. Then, we divided $1 million by the sum of each of those annual numbers to determine how long $1 million would cover retirement expenses in each of the cities in our study. Cities where $1 million lasted the longest ranked the highest in the study.

Sources: Bureau of Labor Statistics (BLS), Council for Community and Economic Research