25 Beautiful Places Where You Can Retire with Just $500,000 in Savings

Published on August 22, 2024 at 5:33 pm by Ghazal Ahmed in News, Retirement

This article looks at 25 beautiful places where you can retire with just $500,000 in savings. If you wish to skip our detailed analysis on rethinking retirement, you may go to 10 Beautiful Places Where You Can Retire with Just $500,000 in Savings.

Rethinking Retirement: Saving More and Seeking Advice

If you calculate how much you need to retire comfortably today, you will likely start saving more than you already are. According to a study by the Employee Benefit Research Institute, 52% of workers and 44% of retirees have started saving more after assessing their retirement needs. For those wondering why, it is simply because of the stark difference in what Americans believe they need for a comfortable retirement, versus what they have currently saved. As per the EBRI study, a third of workers surveyed who calculated their retirement needs now estimate that they will need $1.5 million or more in savings, while many only have $50,000 or less saved at the moment.

Thankfully, softening concerns over inflation and market volatility are turning out to be favorable for prospective retirees. According to The Charles Schwab Corporation (NYSE:SCHW)’s 2024 401(k) Participant study, there is growing confidence among workers regarding their retirement savings goals in 2024 compared to last year. In 2023, only 37% of workers believed they would achieve their retirement savings goals. In 2024, this percentage has reached 43%. Moreover, workers believe they need $1.8 million to retire comfortably, with nest eggs lasting around 23 years if they retire at 65.

Despite the seemingly improving retirement landscape, an increasing number of Americans have been retiring abroad. From 2019 to 2022, the number of Americans receiving their Social Security benefits from overseas increased from 413,000 to 760,000. For many, countries such as Mexico and Canada in proximity are top choices, while many others choose the safest and cheapest countries to retire to such as Indonesia, North Macedonia, Romania, Hungary, and Vietnam. Some of the best places to retire with no money that retirees opt for are in countries such as Thailand, where it is even possible to retire on $1,000 a month.

One reason retirees may still be on the move is that even though inflation may be cooling, the amount of money workers believe they need for a comfortable retirement hasn’t been changing. According to the The Charles Schwab Corporation (NYSE:SCHW) survey, workers still think they need $1.8 million to retire. Moreover, 61% of the 401(k) participants believe they will need financial advice. This figure is up from 55% a year ago, with 60% of study participants likely to follow human professional advice recommendations rather than computer-generated ones.

This growing demand for personalized financial guidance further underscores the importance of choosing the right financial institution. The Charles Schwab Corporation (NYSE:SCHW), with its robust financial offerings, has been increasingly seen as a reliable partner for those navigating their retirement plans. Financial consultants in organizations such as Schwab help offer personalized advice based on an individual’s goals, asset sizes, and investing needs. The company recently appeared on our list of best blue chips stocks to buy under $100, It strongly focuses on low-cost deposits as a key part of its business model. From August 2022 to March 2023, the company has lost over $45 billion in deposits due to higher-yielding alternatives amid rising interest rates, but deposit outflows have recently slowed. With a wide economic moat, low costs, and a large client base, it is well-positioned to navigate competitive pressures and enhance profitability through innovative products like its new online advisory platform.

While we acknowledge the potential of SCHW as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than SCHW but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

Sean Pavone/Shutterstock.com

Methodology

To compile the list of 25 beautiful places where you can retire with $500,000 in savings, we first drafted an initial list of all beautiful cities and towns in the U.S., focusing on locations with features that contribute to their beauty, such as lakes, rivers, mountains, and other natural landmarks. We then filtered out any locations with a cost of living index higher than 95, ensuring that the remaining places had living expenses more than 5% lower than the national average. Each location was then scored based on its natural beauty and affordability, resulting in a unique Insider Monkey Score that reflects its overall appeal as a retirement destination.

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25. Green Bay, Wisconsin

Insider Monkey Score: 16

IM Cost of Living Index: 89.1

From the twinkling lights of the downtown waterfront to the picturesque Green Bay Botanical Garden grounds, this city on the banks of the Bay and the Fox River is a beautiful place to retire to. Waterside parks and trails add to its scenic beauty, while its affordable cost of living makes it all the more appealing as a retirement destination.

24. St. Louis, Missouri

Insider Monkey Score: 16

IM Cost of Living Index: 89.1

Blessed with the beauty of the iconic Gateway Arch, St. Louis offers breathtaking views of the Mississippi River as well as the city skyline. Its beauty intensifies with the picturesque Forest Park, enhancing the city’s allure with its lush greenery, tranquil lakes, and various recreational opportunities.

23. Vermilion, Ohio

Insider Monkey Score: 18

IM Cost of Living Index: 89

Another beautiful place where you can retire with just $500,000 in savings is Vermilion, the crowning jewel of the south shore of Lake Erie. Besides its scenic waterfront, Vermillion boasts beautiful beaches, mesmerizing harbor views, and a bustling marina. Living expenses are 11% lower than the national average, making it possible to retire with half a million in savings along with Social Security.

22. Springfield, Missouri

Insider Monkey Score: 19

IM Cost of Living Index: 85.5

Situated in the beautiful southwest of Missouri, Springfield is home to stunning gardens, mild weather, and abundant natural beauty. Its location in the heart of the Ozarks is a wonderful plus of retiring here, offering seniors access to hiking trails, scenic drives, and picturesque lakes.

21. Athens, Georgia

Insider Monkey Score: 20

IM Cost of Living Index: 87.6

Embraced by magnificent natural scenery, Athens in Georgia boasts a lively music scene, historic landmarks, and a beautiful downtown. From visiting the nearby State Botanical Garden of Georgia to kayaking on the Oconee River or exploring the Bear Hollow Wildlife Trail, there is much to do to keep busy.

20. Jim Thorpe, Pennsylvania

Insider Monkey Score: 21

IM Cost of Living Index: 95

Huddled in the southern Poconos, Jim Thorpe offers a charming blend of a European village and the thrill of being a mountain sports hub. Scenic beauty, historical character, and recreational opportunities make Jim Thorpe a unique and inviting destination. Living expenses are 5% lower than the national average.

19. Lake Charles, Louisiana

Insider Monkey Score: 21

IM Cost of Living Index: 85

Lake Charles is home to beautiful natural habitats, sandy beaches, freshwater marshes and scenic rivers. Its southern charm, fun festivals, and affordable living make it one of the most beautiful places to retire on $500,000.

18. Lynchburg, Virginia

Insider Monkey Score: 22

IM Cost of Living Index: 86.5

This quintessential Virginia city called Lynchburg has made it to our list of beautiful places where you can retire with just $500,000 in savings owing to its natural beauty and historic charm. Lying at the foothills of the Blue Ridge Mountains alongside the James River, retirees get to enjoy stunning views and abundant recreational opportunities.

17. Cedar Rapids, Iowa

Insider Monkey Score: 25

IM Cost of Living Index: 83

Recently deemed as one of the best places to retire in the US, Cedar Rapids lies on both banks of the Cedar River. Picturesque riverfront parks and scenic trails build on its allure, while its affordable cost of living makes it an all-rounded retirement destination.

16. Chattanooga, Tennessee

Insider Monkey Score: 25

IM Cost of Living Index: 91

Located along the the Tennessee River in the foothills of the Appalachian Mountains, Chattanooga offers the best of river-side living and mountain life. There’s a revitalized downtown with a lively cultural scene, amazing attractions, and a welcoming community that make retirement here worthwhile.

15. Pittsburgh, Pennsylvania

Insider Monkey Score: 26

IM Cost of Living Index: 90.9

Lying at the confluence of three rivers— the Allegheny, Monongahela, and Ohio-Pittsburgh is another one of the many beautiful places where you can retire with just $500,000 in savings. Besides stunning waterfront views, the city also boasts striking bridges and historic buildings, affordable living expenses, and a good quality of life.

14. Greenville, South Carolina

Insider Monkey Score: 27

IM Cost of Living Index: 90.1

If you’re looking for a place where cascading waterfalls embellish the downtown area, stunning mountain views create breathtaking horizons, and the delectable food scene leaves residents coming back for more, Greenville is the place to be.

13. Biloxi, Mississippi

Insider Monkey Score: 29

IM Cost of Living Index: 83.3

Beautiful Gulf Coast beaches, vibrant waterfront, and a vibrant mix of cultural attractions make Biloxi another smart choice as a retirement destination. Living expenses here are 16.7% lower than the national average.

12. Kalamazoo, Michigan

Insider Monkey Score: 32

IM Cost of Living Index: 82.3

Situated on the Kalamazoo River, Kalamazoo is a beautiful city with picturesque landscapes, historical attractions, and abundant recreational opportunities.

11. Branson, Missouri

Insider Monkey Score: 34

IM Cost of Living Index: 81.1

Set against a breathtaking backdrop of beautiful Ozark Mountain scenery, Branson promises a mild climate, recreational opportunities, and a friendly atmosphere. Living expenses are 18.9% lower than the national average.

10. Rogers City, Michigan

Insider Monkey Score: 35

IM Cost of Living Index: 79.7

Rogers City is a Michigan gem that boasts untouched shorelines, magnificent lighthouses, breathtaking falls and picturesque parks. Located on Lake Huron, residents get to enjoy mesmerizing beaches, scenic parks, and a charming harbor.

9. Roanoke, Virginia

Insider Monkey Score: 35

IM Cost of Living Index: 86.5

Having roots in the Blue Ridge Mountains, Roanoke is a splendid mountain town to retire with $500,000 in savings. It is home to attractions like the Roanoke Star, which provides panoramic views of the surrounding area, and offers residents a vibrant mix of historic architecture, local shops, and diverse dining.

8. Two Rivers, Wisconsin

Insider Monkey Score: 36

IM Cost of Living Index: 78.7

Retirees can catch some friendly waves at the city of Two Rivers, thanks to its location on the shores of Lake Michigan. From beautiful waterfront views to serene beaches and a welcoming atmosphere, Two Rivers is the place to be for a relaxing retirement period.

7. Savannah, Georgia

Insider Monkey Score: 36

IM Cost of Living Index: 89.2

This coastal Georgia beauty by the Savannah River exudes Southern charm, antebellum architecture, and tree-lined squares. The edgy artwork, bustling boutiques, and beautiful gardens add to its distinct allure. Its also known as one of the friendliest cities in the US.

6. Lake Ozark, Missouri

Insider Monkey Score: 38

IM Cost of Living Index: 85.2

Embraced by the magnificent Ozark Mountains, Lake Ozark is revered for its expansive lakes, scenic trails, and affordable cost of living.

5. Davis, West Virginia

Insider Monkey Score: 41

IM Cost of Living Index: 84.1

This picturesque small town situated along the Blackwater River is not just beautiful, but very affordable for retirees. Even though its tiny, residents will find it to be bursting with energy and beauty that is unique to the town.

4. Lake Lure, North Carolina

Insider Monkey Score: 42

IM Cost of Living Index: 86.9

Embraced by the majestic Blue Ridge Mountains, Lake Lure offers stunning views of its crystal clear waters, and is further blessed with lush forests and dramatic cliffs. This mountain town is not just great for visiting, its the perfect retreat for your retirement years.

3. Knoxville, Tennessee

Insider Monkey Score: 43

IM Cost of Living Index: 83

This charming city on the Tennessee River is bursting with urban energy and natural splendor. It lies at the foothills of the Smoky Mountains, and also boasts a waterfront along the Tennessee River.

2. Stanley, Idaho

Insider Monkey Score: 48

IM Cost of Living Index: 84.8

Another embodiment of natural beauty to consider for your retirement years is the magnificent city of Stanley. Set at the foot of the Sawtooth Mountains on the banks of the Salmon River, the city is all about rugged peaks, crystal-clear alpine lakes, and expansive wilderness areas.

1. Eureka Springs, Arkansas

Insider Monkey Score: 54

IM Cost of Living Index: 81.2

Based on our methodology, the most beautiful place where you can retire with just $500,000 in savings is the vibrant city of Eureka Springs. Huddled in the Ozark Mountains, this enchanting town allures residents with its preserved Victorian architecture built around the city’s natural springs. Lush forests, serene lakes, and crystal-clear springs bless it with unparalleled beauty, while the affordable cost of living makes it all the more worthwhile as a retirement destination.

Disclosure: None. This article was originally published on Insider Monkey.

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AI, Tariffs, Nuclear Power: One Undervalued Stock Connects ALL the Dots (Before It Explodes!)

Published on June 23, 2025 at by Inan Dogan, PhD

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Published on June 13, 2025 at by Insider Monkey Staff

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