The most important question to ask when planning your retirement is how much money you will need to do so. That number depends on how you want to live in retirement.
If you have $250,000 in your bank, you have some options to fund several years of retirement that can help your budget go far.
Here are some of the best states where you can still retire with $250,000 in savings (paired with Social Security).
Editor’s note: Based on data from the U.S. Bureau of Labor Statistics and the Social Security Administration.
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1. Mississippi
In Mississippi, you can expect $250,000 to last you about eight years and five months, with the average annual expenditure at $52,816 for retirees. Mississippi has a very low cost of living, making it quite affordable for most needs.
While the state certainly offers warm weather, it may not be ideal for those who want to live along pristine beaches or in upscale communities.
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2. Oklahoma
Moving to Oklahoma could position you to live for eight years and 10 months with $250,000 in the bank. You can afford the region with annual expenditures for retirees of around $51,495.
Oklahoma offers a low cost of living and a better quality of life than Mississippi. However, it lacks in areas such as culture and diversity.
3. Kansas
In Kansas, $250,000 will last about eight years and seven months. The average annual spending for retirees is about $52,276.
When it comes to Kansas, it is not the most affordable region of the country, but the costs are moderate, and the state offers residents a better quality of life overall.
4. Missouri
If you decide to live in Missouri, your savings are likely to last you about eight years and three months. However, retirees’ annual expenses are slightly higher at $53,297.
Depending on your location within the state, your costs can go up a bit, but this is definitely a good choice to make your money last longer and keep a good quality of life.
5. Alabama
The southern charm and more relaxed lifestyle of Alabama could work well for some people. Your income here would last about eight years and five months, with annual expenditures at around $52,877.
Most needs are affordable here, and the weather is generally warm throughout the year. Less diversified and with less overall culture, it may be limiting for some people.
6. Iowa
Iowa may be ideal for those looking to live in a rural area. With $250,000, you can expect to meet all your goals for approximately eight years and two months, as retirees have an annual expenditure of $53,898 here.
It is more affordable than in many other states. Well-being is moderate here, as is the overall diversity and culture. Iowa does have some harsh weather, though.
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7. Georgia
Depending on where you choose to live in Georgia, you could find it to be one of the best places to retire. Here, you can stretch your retirement dollars further as your savings will last about seven years and 11 months, with annual expenditures of around $54,859.
Georgia’s quality-of-life factors, such as well-being, culture, and diversity, get mid-range ratings. Overall, living in Georgia is affordable, and the weather is ideal for those who don’t want to worry about snow.
8. Indiana
Deciding to live in Indiana will mean your savings may last you about eight years. Annual expenditures for retirees here are over $54,379. It is one of the most affordable Midwest states in the country, with some culture and diversity.
Although the weather can be difficult at certain times of the year, Indiana ranks well, with low crime and overall affordability.
Bottom line
With Social Security income, a retirement plan, and your savings, you may have enough to choose any of these areas to retire. There are still other ways to supplement your income. And if you work part-time, that could also help extend your savings longer.
Still, many other states offer more moderate costs of living and may have a few more affordable communities worthy of consideration.
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