A mortgage-free retiree collecting average Social Security benefits in Wake County needs just $59,908 in savings to cover essential and normal discretionary expenses — the lowest figure among 55 of the nation’s largest counties studied. That ranking makes Wake County the most affordable place in the country to retire, according to a new analysis.
The finding comes from a 2026 study by SmartAsset, which calculated retirement savings needs for a single retiree in each county using a 4.7% initial withdrawal rate. As CBS 17 reported, “Wake County is the most affordable place in the nation to retire in, a study has found.” The analysis covers a single person retiring in their county of residence in 2026.
The numbers break down differently depending on whether a retiree owns a home outright or rents. Wake County homeowners face annual minimum essential retirement expenses of $24,612, while renters face $36,012 a year, the station’s report shows. When normal discretionary spending is added in, those annual costs rise to $30,796 for homeowners and $42,196 for renters.
Social Security Only Covers So Much
Average annual Social Security benefits in Wake County total $27,981, per the same account. That helps explain why the $59,908 savings figure applies specifically to mortgage-free homeowners receiving those benefits — not to renters or to retirees without Social Security income at all…