A $100,000 retirement savings can sound like an impossibly low number, especially with the general rule of drawing 4% of your retirement savings every year. However, while this number may not sustain you in the way that $500,000 or $1,000,000 can, retiring on $100,000 is possible — just not for too many years.
“Based on median incomes for Americans between 24-40 years, $100,000 retirement savings between 25-30 is good, but you’ll need to increase your savings by a 40-year benchmark,” said financial consultant Steve Sexton.
With only $100,000 in your retirement savings, it’s beneficial to know which cities are the best to retire in that can still offer great scenery and comfort. Listed below are the 25 most affordable and beautiful cities to retire in with only $100,000 in retirement savings, according to data from GOBankingRates. Also, feel free to check out America’s 50 Fastest-Growing Retirement Hot Spots.
Seward, Alaska
- Population: 2,768
- Population 65+ percentage: 17.2%
- Total cost of living monthly: $4,170
- Livability: 84
- Years to draw down $100K savings without Social Security: 2.00
- Years to draw down $100K savings with Social Security: 3.62
Lake Geneva, Wisconsin
- Population: 8,335
- Population 65+ percentage: 21.6%
- Total cost of living monthly: $4,153
- Livability: 71
- Years to draw down $100K savings without Social Security: 2.01
- Years to draw down $100k savings with Social Security: 3.65
Beaufort, South Carolina
- Population: 13,582
- Population 65+ percentage: 14.8%
- Total cost of living monthly: $4,144
- Livability: 71
- Years to draw down $100K savings without Social Security: 2.01
- Years to draw down $100k savings with Social Security: 3.66
Saint Francisville, Louisiana
- Population: 1,724
- Population 65+ percentage: 15.6%
- Total cost of living monthly: $4,121
- Livability: 67
- Years to draw down $100K savings without Social Security: 2.02
- Years to draw down $100K savings with Social Security: 3.70
Grand Marais, Minnesota
- Population: 1,768
- Population 65+ percentage: 23.8%
- Total cost of living monthly: $3,980
- Livability: 80
- Years to draw down $100K savings without Social Security: 2.09
- Years to draw down $100K savings with Social Security: 3.95
Lake Placid, New York
- Population: 2,280
- Population 65+ percentage: 18.8%
- Total cost of living monthly: $3,917
- Livability: 68
- Years to draw down $100K savings without Social Security: 2.13
- Years to draw down $100k savings with Social Security: 4.07
Yellow Springs, Ohio
- Population: 3,739
- Population 65+ percentage: 35.3%
- Total cost of living monthly: $3,904
- Livability: 74
- Years to draw down $100K savings without Social Security: 2.13
- Years to draw down $100K savings with Social Security: 4.09
Marfa, Texas
- Population: 2,141
- Population 65+ percentage: 36.4%
- Total cost of living monthly: $3,783
- Livability: 73
- Years to draw down $100K savings without Social Security: 2.20
- Years to draw down $100K savings with Social Security: 4.35
Nashville, Indiana
- Population: 1,528
- Population 65+ percentage: 42.7%
- Total cost of living monthly: $3,779
- Livability: 78
- Years to draw down $100K savings without Social Security: 2.21
- Years to draw down $100K savings with Social Security: 4.36
Pictured: Nearby Bloomington, Indiana
Chicago
- Population: 2,721,914
- Population 65+ percentage: 13.3%
- Total cost of living monthly: $3,773
- Livability: 78
- Years to draw down $100K savings without Social Security: 2.21
- Years to draw down $100K savings with Social Security: 4.37
Holland, Michigan
- Population: 34,186
- Population 65+ percentage: 16.9%
- Total cost of living monthly: $3,706
- Livability: 83
- Years to draw down $100K savings without Social Security: 2.25
- Years to draw down $100K savings with Social Security: 4.53
Savannah, Georgia
- Population: 147,583
- Population 65+ percentage: 14.7%
- Total cost of living monthly: $3,696
- Livability: 81
- Years to draw down $100K savings without Social Security: 2.25
- Years to draw down $100K savings with Social Security: 4.56
Galena, Illinois
- Population: 2,992
- Population 65+ percentage: 42.1%
- Total cost of living monthly: $3,693
- Livability: 80
- Years to draw down $100K savings without Social Security: 2.26
- Years to draw down $100K savings with Social Security: 4.57
Albuquerque, New Mexico
- Population: 562,551
- Population 65+ percentage: 16.6%
- Total cost of living monthly: $3,649
- Livability: 72
- Years to draw down $100K savings without Social Security: 2.28
- Years to draw down $100K savings with Social Security: 4.68
Jim Thorpe, Pennsylvania
- Population: 4,532
- Population 65+ percentage: 20.7%
- Total cost of living monthly: $3,579
- Livability: 70
- Years to draw down $100K savings without Social Security: 2.33
- Years to draw down $100K savings with Social Security: 4.87
Decorah, Iowa
- Population: 7,611
- Population 65+ percentage: 23.9%
- Total cost of living monthly: $3,574
- Livability: 85
- Years to draw down $100K savings without Social Security: 2.33
- Years to draw down $100K savings with Social Security: 4.48
Eureka Springs, Arkansas
- Population: 2,053
- Population 65+ percentage: 26.5%
- Total cost of living monthly: $3,480
- Livability: 66
- Years to draw down $100K savings without Social Security: 2.39
- Years to draw down $100K savings with Social Security: 5.17
Chimayo, New Mexico
- Population: 2,955
- Population 65+ percentage: 22.2%
- Total cost of living monthly: $3,384
- Livability: 65
- Years to draw down $100K savings without Social Security: 2.46
- Years to draw down $100K savings with Social Security: 5.50
Philadelphia
- Population: 1,593,208
- Population 65+ percentage: 14.0%
- Total cost of living monthly: $3,381
- Livability: 76
- Years to draw down $100K savings without Social Security: 2.46
- Years to draw down $100K savings with Social Security: 5.51
New Orleans
- Population: 380,408
- Population 65+ percentage: 15.9%
- Total cost of living monthly: $3,361
- Livability: 75
- Years to draw down $100K savings without Social Security: 2.48
- Years to draw down $100K savings with Social Security: 5.58
Houghton, Michigan
- Population: 8,303
- Population 65+ percentage: 8.6%
- Total cost of living monthly: $3,345
- Livability: 77
- Years to draw down $100K savings without Social Security: 2.49
- Years to draw down $100K savings with Social Security: 5.64
San Antonio
- Population: 1,445,662
- Population 65+ percentage: 12.8%
- Total cost of living monthly: $3,323
- Livability: 80
- Years to draw down $100K savings without Social Security: 2.51
- Years to draw down $100K savings with Social Security: 5.73
Columbus, Indiana
- Population: 50,896
- Population 65+ percentage: 15.7%
- Total cost of living monthly: $3,248
- Livability: 76
- Years to draw down $100K savings without Social Security: 2.57
- Years to draw down $100K savings with Social Security: 6.04
Milwaukee
- Population: 573,299
- Population 65+ percentage: 11.3%
- Total cost of living monthly: $3,057
- Livability: 79
- Years to draw down $100K savings without Social Security: 2.73
- Years to draw down $100K savings with Social Security: 7.01
St. Louis
- Population: 290,018
- Population 65+ percentage: 14.5%
- Total cost of living monthly: $2,848
- Livability: 74
- Years to draw down $100K savings without Social Security: 2.93
- Years to draw down $100K savings with Social Security: 8.50
Methodology: For this study, GOBankingRates analyzed beautiful cities to find the best places to retire with $100K in savings. First, GOBankingRates found beautiful cities as sourced from CNTraveler, Forbes’s Most Beautiful Cities in America, IBTimes’s Most Beautiful Cities in the US, and Architectural Digest’s Most Beautiful Towns in America. For each city, total population, population of ages 65 and over, total households and household median income were all sourced from the US Census American Community Survey. The cost-of-living indexes were sourced from Sperlings BestPlaces, the livability index was sourced from AreaVibes, and the average full Social Security benefits for one person was sourced from the Social Security Administration. The percentage of population ages 65 and over can be calculated to show the retirement hotspots. To find the average expenditure costs for each city, the cost-of-living indexes were used along with the average national expenditure costs from the Bureau of Labor Statistics Consumer Expenditure Survey for retired residents. The average mortgage cost can be calculated by assuming a 10% down payment and using the national average 30-year fixed mortgage rate as sourced from the Federal Reserve Economic Data. The average mortgage cost and the average expenditure costs can be used to find the total cost of living for each city. Using the average Social Security income as sourced from the Social Security Administration, the total cost of living after Social Security income can be calculated. Assuming a $100,000 savings accounts, the years to draw down the savings account can be calculated. The cities were sorted to show the most years to draw down savings, showing the cheapest beautiful cities to retire with just $100,000 in savings. All data was collected on and is up to date as of August 2nd, 2024.