12 Best Places in the Midwest To Retire With $500K in Savings

The majority of Americans believe they need $1.8 million to retire, according to the 2024 401(k) Participant Study by Charles Schwab, but there are several Midwest cities where you can enjoy your golden years with just $500,000 in savings.

Known for its affordable housing, relaxed vibe and friendly communities, the Midwest might be your sweet spot when it comes to getting the most out of your retirement savings. To better understand where seniors can affordably settle down for the next chapter, GOBankingRates analyzed U.S. cities with data from the 2023 5-year U.S. Census American Community Survey and compiled a list of places to retire in the Midwest without blowing your budget. Here are the top 10 spots.

• Livability: 87
• Annual cost of living: $44,563
• Cost of 20 years of retirement (after Social Security): $410,679

s ‘Big Beautiful Bill’ Means for Retirees’ Taxes: Here’s What It Said

• Livability: 86
• Annual cost of living: $44,023
• Cost of 20 years of retirement (after Social Security): $399,890

• Livability: 86
• Annual cost of living: $45,786
• Cost of 20 years of retirement (after Social Security): $435,147

• Livability: 86
• Annual cost of living: $44,688
• Cost of 20 years of retirement (after Social Security): $413,188

• Livability: 84
• Annual cost of living: $40,666
• Cost of 20 years of retirement (after Social Security): $332,744

• Livability: 84
• Annual cost of living: $47,979
• Cost of 20 years of retirement (after Social Security): $479,010

• Livability: 83
• Annual cost of living: $40,788
• Cost of 20 years of retirement (after Social Security): $335,188

• Livability: 83
• Annual cost of living: $47,492
• Cost of 20 years of retirement (after Social Security): $469,262

• Livability: 82
• Annual cost of living: $37,456
• Cost of 20 years of retirement (after Social Security): $268,551

• Livability: 82
• Annual cost of living: $39,746
• Cost of 20 years of retirement (after Social Security): $314,352

• Livability: 81
• Annual cost of living: $33,821
• Cost of 20 years of retirement (after Social Security): $195,842

• Livability: 81
• Annual cost of living: $37,213
• Cost of 20 years of retirement (after Social Security): $263,688

Editor’s note: Photos are for representational purposes only and might not reflect the exact locations listed.

Methodology: Data is sourced from the 2023 5-year U.S. Census American Community Survey, Sperling’s BestPlaces, the Bureau of Labor Statistics Consumer Expenditure Survey, Zillow Home Value Index for June 2025, Federal Reserve Economic Data and the Social Security Administration’s Monthly Statistical Snapshot. All data was collected on and is up to date as of Aug. 7, 2025.