For years, you’ve been scrimping and saving, stowing away $250,000 for retirement. But the truth is, that substantial sum may not guarantee a carefree retirement when combined with your yearly Social Security earnings (averaging around $22,083.24).
Undeterred, GOBankingRates scoured the country in search of locales where you might land the jackpot – a perfect blend of striking natural beauty and a high livability quotient – all within your retirement budget. Our quest: to ascertain how long your resources would last, considering expenses like rent, groceries, healthcare, transportation, utilities, and miscellaneous costs, and at what age your nest egg would be depleted if you retired at 65.
The investigation unearthed 30 cities, many situated in the Pacific Northwest and the Midwest, where you could bask in scenic beauty for extended periods – possibly carrying you well past your 100th birthday in some cases.
If you’re yearning for a retirement spot that offers unadulterated comfort, consider these cities as a potential next home.
The Allure of Shelby, North Carolina
- Natural beauty index: 5.77
- Livability score: 75
- Annual expenditures: $32,475.97
- Annual cost after Social Security: $10,392.73
- Years to drawdown $250k savings: 24.06
- Age savings run out (starting at 65): 89.06
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Lakewood, Washington: Where Beauty Meets Comfort
- Natural beauty index: 8.40
- Livability score: 73
- Annual expenditures: $40,811.16
- Annual cost after Social Security: $18,727.92
- Years to drawdown $250k savings: 13.35
- Age savings run out (starting at 65): 78.35
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Greensboro, North Carolina: Where Tranquility Meets Affordability
- Natural beauty index: 5.77
- Livability score: 82
- Annual expenditures: $35,831.62
- Annual cost after Social Security: $13,748.38 $
- Years to drawdown $250k savings: 18.18
- Age savings run out (starting at 65): 83.18
Ashland, Ohio: The Quiet Charm of Rustic Living
- Natural beauty index: 4.55
- Livability score: 71
- Annual expenditures: $29,223.66
- Annual cost after Social Security: $7,140.42
- Years to drawdown $250k savings: 35.01
- Age savings run out (starting at 65): 100.01
Akron, Ohio: Where Tradition Meets Serenity
- Natural beauty index: 4.55
- Livability score: 81
- Annual expenditures: $32,003.42
- Annual cost after Social Security: $9,920.18
- Years to drawdown $250k savings: 25.20
- Age savings run out (starting at 65): 90.20
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Many people spend the latter years of their careers planning the perfect retirement destination. The question remains: where is the best place to settle down after decades of hard work? Fortunately, a recent analysis has revealed some promising contenders.
The Rustic Charms of Athens, Ohio
- Natural beauty index: 4.55
- Livability score: 82
- Annual expenditures: $32,381.09
- Annual cost after Social Security: $10,297.85
- Years to drawdown $250k savings: 24.28
- Age savings run out (starting at 65): 89.28
Parma, Ohio: A Delight for Retirees
- Natural beauty index: 4.55
- Livability score: 80
- Annual expenditures: $31,581.93
- Annual cost after Social Security: $9,498.69
- Years to drawdown $250k savings: 26.32
- Age savings run out (starting at 65): 91.32
Cuyahoga Falls, Ohio: A Haven for Quality Living
- Natural beauty index: 4.55
- Livability score: 82
- Annual expenditures: $32,310.46
- Annual cost after Social Security: $10,227.22
- Years to drawdown $250k savings: 24.44
- Age savings run out (starting at 65): 89.44
Farmington, Utah: An Oasis for Retirement
- Natural beauty index: 5.39
- Livability score: 91
- Annual expenditures: $41,688.86
- Annual cost after Social Security: $19,605.62
- Years to drawdown $250k savings: 12.75
- Age savings run out (starting at 65): 77.75
Clawson, Michigan: Where Retirement Dreams Come True
- Natural beauty index: 5.13
- Livability score: 91
- Annual expenditures: $39,456.83
- Annual cost after Social Security: $17,373.59
- Years to drawdown $250k savings: 14.39
- Age savings run out (starting at 65): 79.39
Cary, North Carolina: A Retirement Wonderland
- Natural beauty index: 5.77
- Livability score: 90
- Annual expenditures: $41,835.79
- Annual cost after Social Security: $19,752.55
- Years to drawdown $250k savings: 12.66
- Age savings run out (starting at 65): 77.66
East Cleveland, Ohio: An Affordable Retirement Oasis
- Natural beauty index: 4.55
- Livability score: 69
- Annual expenditures: $28,486.20
- Annual cost after Social Security: $6,402.96
- Years to drawdown $250k savings: 39.04
- Age savings run out (starting at 65): 104.04
University Heights, Ohio: A Quaint Retirement Destination
- Natural beauty index: 4.55
- Livability score: 89
- Annual expenditures: $34,736.49
- Annual cost after Social Security: $12,653.25
- Years to drawdown $250k savings: 19.76
- Age savings run out (starting at 65): 84.76
Logan, Utah: Where Retirement Dreams Thrive
- Natural beauty index: 5.39
- Livability score: 86
- Annual expenditures: $35,428.82
- Annual cost after Social Security: $13,345.58
- Years to drawdown $250k savings: 18.73
- Age savings run out (starting at 65): 83.73
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Pocatello, Idaho
- Natural Beauty Index: 4.37
- Livability Score: 84
- Annual Expenditures: $31,644.00
- Annual Cost after Social Security: $9,560.76
- Years to Drawdown $250k Savings: 26.15
- Age Savings Run Out (Starting at 65): 91.15
Steubenville, Ohio
- Natural Beauty Index: 4.55
- Livability Score: 76
- Annual Expenditures: $29,622.24
- Annual Cost after Social Security: $7,539.00
- Years to Drawdown $250k Savings: 33.16
- Age Savings Run Out (Starting at 65): 98.16
Tacoma, Washington
- Natural Beauty Index: 8.40
- Livability Score: 77
- Annual Expenditures: $40,877.84
- Annual Cost after Social Security: $18,794.60 $
- Years to Drawdown $250k Savings: 13.30
- Age Savings Run Out (Starting at 65): 78.30
Mansfield, Ohio
- Natural Beauty Index: 4.55
- Livability Score: 74
- Annual Expenditures: $29,033.39
- Annual Cost after Social Security: $6,950.15
- Years to Drawdown $250k Savings: 35.97
- Age Savings Run Out (Starting at 65): 100.97
Moses Lake, Washington
- Natural Beauty Index: 8.40
- Livability Score: 74
- Annual Expenditures: $36,305.67
- Annual Cost after Social Security: $14,222.43
- Years to Drawdown $250k Savings: 17.58
- Age Savings Run Out (Starting at 65): 82.58
Milwaukie, Oregon
- Natural Beauty Index: 6.82
- Livability Score: 88
- Annual Expenditures: $42,307.44
- Annual Cost after Social Security: $20,224.20
- Years to Drawdown $250k Savings: 12.36
- Age Savings Run Out (Starting at 65): 77.36
Youngstown, Ohio
- Natural Beauty Index: 4.55
- Livability Score: 80
- Annual Expenditures: $29,686.55
- Annual Cost after Social Security: $7,603.31
- Years to Drawdown $250k Savings: 32.88
- Age Savings Run Out (Starting at 65): 97.88
Walla Walla, Washington
- Natural Beauty Index: 8.40
- Livability Score: 78
- Annual Expenditures: $37,277.04
- Annual Cost after Social Security: $15,193.80
- Years to Drawdown $250k Savings: 16.45
- Age Savings Run Out (Starting at 65): 81.45
Spokane, Washington
- Natural Beauty Index: 8.40
- Livability Score: 80
- Annual Expenditures: $37,701.03
- Annual Cost after Social Security: $15,617.79
- Years to Drawdown $250k Savings: 16.01
- Age Savings Run Out (Starting at 65): 81.01
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Scenic Retirement in Ellensburg, Washington
- Natural Beauty Index: 8.40
- Livability Score: 80
- Annual Expenditures: $37,556.79
- Annual Cost After Social Security: $15,473.55
- Years to Drawdown $250k Savings: 16.16
- Age Savings Run Out (Starting at 65): 81.16
Yakima, Washington: A Retirement Haven
- Natural Beauty Index: 8.40
- Livability Score: 78
- Annual Expenditures: $34,394.98
- Annual Cost After Social Security: $12,311.74
- Years to Drawdown $250k Savings: 20.31
- Age Savings Run Out (Starting at 65): 85.31
Cheney, Washington: A Budget-Friendly Retirement Destination
- Natural Beauty Index: 8.40
- Livability Score: 78
- Annual Expenditures: $33,825.57
- Annual Cost After Social Security: 11,742.33 $
- Years to Drawdown $250k Savings: 21.29
- Age Savings Run Out (Starting at 65): 86.29
Spokane Valley, Washington: Retirement Bliss on a Budget
- Natural Beauty Index: 8.40
- Livability Score: 85
- Annual Expenditures: $38,288.96
- Annual Cost After Social Security: $16,205.72
- Years to Drawdown $250k Savings: 15.43
- Age Savings Run Out (Starting at 65): 80.43
Alliance, Ohio: Affordable Retirement Oasis
- Natural Beauty Index: 4.55
- Livability Score: 76
- Annual Expenditures: $27,724.92
- Annual Cost After Social Security: $5,641.68
- Years to Drawdown $250k Savings: 44.31
- Age Savings Run Out (Starting at 65): 109.31
Mount Pleasant, Michigan: Affordable Retirement in the Great Lakes State
- Natural Beauty Index: 5.13
- Livability Score: 82
- Annual Expenditures: $28,942.01
- Annual Cost After Social Security: $6,858.77
- Years to Drawdown $250k Savings: 36.45
- Age Savings Run Out (Starting at 65): 101.45
Pullman, Washington: An Affordable Retirement Gem
- Natural Beauty Index: 8.40
- Livability Score: 85
- Annual Expenditures: $34,531.73
- Annual Cost After Social Security: $12,448.49
- Years to Drawdown $250k Savings: 20.08
- Age Savings Run Out (Starting at 65): 85.08
Methodology: To find cheap, beautiful places to retire with just $250,000 in savings, GOBankingRates analyzed U.S. cities across a variety of factors including: [1] grocery cost of living index, [2] healthcare cost of living index, [3] utilities cost of living index, [4] transportation cost of living index, and [5] miscellaneous cost of living index, all sourced from Sperling’s BestPlaces; [6] livability score sourced from AreaVibes; [7] average rent cost as sourced from Zillow Observed Rental Index; [8] average Social Security benefits as sourced from the Social Security Administration; [9] average expenditure costs as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey; and [10] the natural beauty index as sourced from the Booking.com Natural Beauty Index by state. The Natural beauty index is a measure of the natural attractions a place offers, measured by state parks, national parks, volcanoes, lakes, shoreline and mountains. The higher the number, the more natural beauty a location has. All locations under the average rating were removed, leaving only the places that rate more beautiful than average. The national average expenditure costs are multiplied by each city’s cost of living index for each expenditure category in order to find the average expenditure cost of living in each city. The average expenditure cost was added to the average rent to find the total cost of living in each city. Assuming a person retires at 65 and starts collecting Social Security benefits then, calculations were made to find how long $250,000 in savings would last. The average lifespan in the U.S. is currently 77.2 years old, so all locations where the drawdown ends before the person turns 77 were removed in order to show places a person can survive through the average lifespan. The natural beauty index was scored and weighted at 1.25, the Livability score was scored and weighted at 1.10, the annual total cost was scored and weighted at 1.00, and the years to drawdown savings was scored and weighted at 1.25. All scores were combined and sorted to show places that are beautiful and cheap to retire on savings of $250,000. All data was collected and is up to date as of Oct. 17, 2023.
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30 Cheap, Beautiful Places To Retire With Just $250K in Savings