5 Cheap, Beautiful Places To Retire on $250K Savings and Social Security

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If your vision of retirement is walking out your front door to smell the Pacific Ocean, or perhaps take a walk in Central Park, that might be difficult with $250,000 in savings. But if you can broaden your horizons a bit, there are actually a number of cheap, beautiful places to retire in the United States on a nest egg of that size, particularly once you add in Social Security benefits. Here are five notable candidates.

Lincoln, Nebraska

• Population: 300,619 
• Livability score: 84/100
• Estimated monthly expenditures (single, including rent): $2,139

For many Americans, Lincoln, Nebraska, is known as the home of the University of Nebraska’s Cornhuskers. But if you don’t want to build your entire retirement around a historically successful college football team, there are plenty of natural and cultural diversions in Lincoln. From trails and parks to cultural attractions like museums, gardens and the state’s capitol building, Lincoln may offer a slower pace of life, but it’s an affordable gem with a very high livability score. Perhaps best of all for retirees, as of 2024, the state no longer taxes Social Security.

Omaha, Nebraska

• Population: 489,265
• Livability score: 83/100
• Estimated monthly expenditures (single, including rent): $2,471

If you’re a fan of Berkshire Hathaway, moving to Omaha will give you a leg up, as that is where the company holds its famed annual shareholder meeting. But the city of half a million residents “somewhere in Middle America,” in the words of the Counting Crows, is host to countless other amenities, from the NCAA Men’s College World Series to the No. 1 zoo in America, the Henry Doorly Zoo and Aquarium. Low costs and a high quality of life — and the fact that there’s no state Social Security tax — put Omaha on the map when it comes to getting value out of your retirement nest egg.

Pittsburgh, Pennsylvania

• Population: 307,688
• Livability score: 84/100
• Estimated monthly expenditures (single, including rent): $2,706

Although it has a lingering reputation as a steel town — and its professional football team is still named the Steelers — Pittsburgh has put most of that era in its rearview mirror. The city is now more of a high-tech hub, with industries like artificial intelligence (AI), aerospace, robotics and software engineering now leading the way. A great healthcare system, big sporting presence and natural scenery all contribute to the city’s excellent livability score. Things look quite rosy for seniors on the tax front as well. In addition to avoiding state Social Security taxes, they don’t have to pay state taxes on retirement account income, according to AARP.

Greenville, South Carolina

• Population: 74,371
• Livability score: 80/100
• Estimated monthly expenditures (single, including rent): $2,746

Greenville has never been short of outdoorsy attractions for visitors and residents alike, with its pleasant year-round climate, parks, hiking trails and waterfalls right in the heart of the city. The city has also recently poured over $1 billion into revitalizing its downtown area, making it a great time to consider living there. For retirees, the state allows a $15,000 deduction against all income for those 65 and older, which includes a $10,000 deduction against retirement income. Additionally, the state doesn’t tax Social Security benefits.

Tucson, Arizona

• Population: 554,013
• Livability score: 73/100
• Estimated monthly expenditures (single, including rent): $2,240

Tucson may not get the attention of the larger capital city of Phoenix, but it’s an excellent place for seniors looking for a cheap, beautiful place to retire. Its year-round sunshine is one of the biggest draws for seniors, but it’s also home to museums, historic buildings, botanical gardens, Spanish missions and more. Like all the cities on this list, Tucson does not tax Social Security income, and its overall cost of living is extremely affordable.

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