8 Best States to Retire with $250,000

If you're ready to retire, $250,000 will go far in these seven states.

retirees planning retirement
Updated June 5, 2024
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The most important question as you decide when is the best time to retire is how much money will you need to do so.

That number depends on how you want to live in retirement. If you have $250,000 in your bank, you actually have some options that could fund several years of retirement.

Here are the best states to retire in, based on data from the U.S. Census Bureau and other resources.

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SeanPavonePhoto/Adobe aerial shot of the mississippi at night

In Mississippi, you can expect $250,000 to last you about five years and seven months, with the average annual expenditure at over $44,400 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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SeanPavonePhoto/Adobe skylines in the city of oklahoma during day time

Making the decision to move to Oklahoma could position you to live for just over five years with $250,000 in the bank. With annual expenditures for retirees around $44,800, you’ll be able to afford the region. 

Oklahoma offers a low cost of living as well and a more improved quality of life than Mississippi. However, it’s lacking in areas such as culture and diversity.


SeanPavonePhoto/Adobe kansas state capital building in topeka

In Kansas, you can expect $250,000 to last about five years and five month. The average annual spending for retirees is about $45,700 here. 

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 bit of a better quality of life overall.

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TED/Adobe skyline of Springfield Missouri at dusk

If you decide to live in Missouri your savings are likely to last you about five years and five months as well. However, the annual expenses are slightly higher at $46,093 for retirees.

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.


Robert Hainer/Adobe river in huntsville

The southern charm and more relaxed lifestyle of Alabama could work well for some people. Your income here would last five years and four months, with annual expenditures at around $46,300. 

Most needs are affordable here, and the weather is warm most times of the year. Less diversified and with less overall culture, it may be limiting for some people.


pabrady63/Adobe iowa city skylines during sunset

Those looking to live in a rural area may find Iowa to be ideal. With $250,000, you can expect to meet all of your goals for about five years and four months as well, but Retirees have an annual expenditure of $46,770 here.

Still, 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.


Kevin Ruck/Adobe highways in downtown atlanta

Depending on where you choose to live in Georgia, you could find it to be one of the best places to retire. Here, your savings will last about five years and three months, with annual expenditures of around $47,448.

Georgia’s quality-of-life factors, such as well-being, culture, and diversity, get mid-range ratings. The overall affordability of living is good, and the weather is ideal for those who don’t want to have to worry about snow.


SeanPavonePhoto/Adobe skylines of Indianapolis

Deciding to live in Indiana will mean your savings may last you about five years and two months. Annual expenditures for retirees here are over $47,709. It is one of the most affordable Midwest states in the country with some culture and diversity. 

The weather can be difficult at certain times of the year, but with low crime and overall affordability, Indiana ranks well.

Bottom line

Rido/Adobe happy senior couple checking documents

As you weigh whether you can retire early, take the time to consider all of your income and savings. 

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 work part-time, that could also help extend your savings longer.

Still, many other states offer more moderate costs of living but may have a few more affordable communities worthy of consideration as well.

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Sandy Baker

Sandy Baker is a has over 17 years of experience in the financial sector. Her experience includes website content, blogs, and social media. She’s worked with companies such as Realtor.com, Bankrate, TransUnion, Equifax, and Consumer Affairs.