Retire With Just $250K in These 7 States

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.

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

1. Mississippi

In Mississippi, you can expect $250,000 to last you about five years and seven months, with the average annual expenditure at over $44,476 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 five years and seven months with $250,000 in the bank. You can afford the region with annual expenditures for retirees around $44,841.

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

3. Kansas

In Kansas, $250,000 will last about five years and five months. The average annual spending for retirees is about $45,728.

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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4. Missouri

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

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 five years and four months, with annual expenditures at around $46,301.

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.

6. Iowa

Iowa may be ideal for those looking to live in a rural area. With $250,000, you can expect to meet all of your goals for about five years and four months, 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.

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, 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. 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 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.

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.

Money tips that can work for everyone

No matter what your bank account balance is, there's always an opportunity to optimize and improve your finances. Here's a quick checklist of things you can look at today.

Focus on paying off your debt. Debt can hold you back from making progress with your overall financial well-being. Aside from cutting expenses, there are tools that can help you pay off debt faster like balance transfer credit cards and debt counseling.

Earning extra income can give you breathing room. If finances are tight, earning some extra money to supplement your income can make a huge difference. A new job is one option to consider, but if you're not ready to make a big change or already retired, a part-time side job could be a better choice.

Cut your expenses. It sounds painful and so not fun, but it doesn't have to be. Take a look at your biggest expenses because that's where you'll probably find the biggest savings. For example, auto insurance rates have been soaring so shopping around for a new insurance company can be the fastest way to cut your bill. Also, look for ways to cut your grocery bill (despite rising inflation).