“Retirees may want to live somewhere that is cheaper and have more travel and toys in retirement,” she added.

To live in the best neighborhoods of Scottsdale would require a couple to have a portfolio closer to $2 million, said Richard Shields, managing member of Synergy Financial Group of Arizona in Scottsdale. A condominium apartment in a high-end complex could cost retirees $700,000, he said.

A single person could get by with a little smaller portfolio, but to substantially reduce the portfolio would require living in one of the lower-cost areas of the community. Some condominium apartments can be purchased for $200,000 in the inexpensive side of town and would only require a $500,000 portfolio, he said.

Most of Shields’ clients have at least $1 million in investable assets.

Read other articles on what advisors have to say about retiring in Park City, Utah; San Francisco; San Diego; Dallas; and New York City.

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