44 Best Southern Cities To Retire If You Have Just $500,000 Saved
You might think you need at least a cool million dollars in the bank to retire in the style you want to — especially if you’re considering retirement in one of the charming cities in the South, where the houses and quality of life can be outsized.
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However, your dream of fine Southern living in your golden years can be a reality even if you have only half that money in your savings. GOBankingRates took a look at some of the best Southern towns and cities where you can retire with $500,000 in your savings.
These places are listed in order according to a factor combining retirement-age population, livability score and cost of living.
Wellington, Kentucky
Total Annual Cost of Living for Singles After Social Security: $6,873
Total Annual Cost of Living for Couples After Social Security: -$4,067
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Nutter Fort, West Virginia
Total Annual Cost of Living for Singles After Social Security: $9,378
Total Annual Cost of Living for Couples After Social Security: -$1,563
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Bellevue, Kentucky
Total Annual Cost of Living for Singles After Social Security: $16,556
Total Annual Cost of Living for Couples After Social Security: $5,616
Panhandle, Texas
Total Annual Cost of Living for Singles After Social Security: $11,497
Total Annual Cost of Living for Couples After Social Security: $557
Lynchburg, Virginia
Total Annual Cost of Living for Singles After Social Security: $18,470
Total Annual Cost of Living for Couples After Social Security: $7,530
Frostburg, Maryland
Total Annual Cost of Living for Singles After Social Security: $9,319
Total Annual Cost of Living for Couples After Social Security: –$1,621
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Friona, Texas
Total Annual Cost of Living for Singles After Social Security: $7,076
Total Annual Cost of Living for Couples After Social Security: -$3,864
Williamstown, West Virginia
Total Annual Cost of Living for Singles After Social Security: $14,620
Total Annual Cost of Living for Couples After Social Security: $3,679
Tangelo Park, Florida
Total Annual Cost of Living for Singles After Social Security: $20,171
Total Annual Cost of Living for Couples After Social Security: $9,230
Kenova, West Virginia
Total Annual Cost of Living for Singles After Social Security: $10,595
Total Annual Cost of Living for Couples After Social Security: -$345
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Clarksburg, West Virginia
Total Annual Cost of Living for Singles After Social Security: $9,698
Total Annual Cost of Living for Couples After Social Security: -$1,242
Shinnston, West Virginia
Total Annual Cost of Living for Singles After Social Security: $10,689
Total Annual Cost of Living for Couples After Social Security: -$251
Covington, Kentucky
Total Annual Cost of Living for Singles After Social Security: $13,281
Total Annual Cost of Living for Couples After Social Security: $2,341
Nash, Oklahoma
Total Annual Cost of Living for Singles After Social Security: $10,124
Total Annual Cost of Living for Couples After Social Security: -$817
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Charleston, West Virginia
Total Annual Cost of Living for Singles After Social Security: $12,965
Total Annual Cost of Living for Couples After Social Security: $2,025
Huntington, West Virginia
Total Annual Cost of Living for Singles After Social Security: $10,532
Total Annual Cost of Living for Couples After Social Security: -$408
Stonewood, West Virginia
Total Annual Cost of Living for Singles After Social Security: $10,264
Total Annual Cost of Living for Couples After Social Security: -$676
Alva, Oklahoma
Total Annual Cost of Living for Singles After Social Security: $7,296
Total Annual Cost of Living for Couples After Social Security: -$3,644
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Fort Thomas, Kentucky
Total Annual Cost of Living for Singles After Social Security: $24,480
Total Annual Cost of Living for Couples After Social Security: $13,540
Dundalk, Maryland
Total Annual Cost of Living for Singles After Social Security: $15,616
Total Annual Cost of Living for Couples After Social Security: $4,676
Shiner, Texas
Total Annual Cost of Living for Singles After Social Security: $19,489
Total Annual Cost of Living for Couples After Social Security: $8,549
Woodlawn, Kentucky
Total Annual Cost of Living for Singles After Social Security: $15,830
Total Annual Cost of Living for Couples After Social Security: $4,890
Mary Esther, Florida
Total Annual Cost of Living for Singles After Social Security: $24,353
Total Annual Cost of Living for Couples After Social Security: $13,412
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Marmaduke, Arkansas
Total Annual Cost of Living for Singles After Social Security: $7,510
Total Annual Cost of Living for Couples After Social Security: -$3,430
Barboursville, West Virginia
Total Annual Cost of Living for Singles After Social Security: $14,462
Total Annual Cost of Living for Couples After Social Security: $3,522
Metairie, Louisiana
Total Annual Cost of Living for Singles After Social Security: $20,566
Total Annual Cost of Living for Couples After Social Security: $9,626
Titusville, Florida
Total Annual Cost of Living for Singles After Social Security: $20,406
Total Annual Cost of Living for Couples After Social Security: $9,465
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Florence, Alabama
Total Annual Cost of Living for Singles After Social Security: $14,213
Total Annual Cost of Living for Couples After Social Security: $3,273
Ocean Springs, Mississippi
Total Annual Cost of Living for Singles After Social Security: $18,077
Total Annual Cost of Living for Couples After Social Security: $7,137
Seminole, Texas
Total Annual Cost of Living for Singles After Social Security: $14,869
Total Annual Cost of Living for Couples After Social Security: $3,929
Richton, Mississippi
Total Annual Cost of Living for Singles After Social Security: $9,554
Total Annual Cost of Living for Couples After Social Security: -$1,386
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Pensacola, Florida
Total Annual Cost of Living for Singles After Social Security: $18,226
Total Annual Cost of Living for Couples After Social Security: $7,286
Mammoth Spring, Arkansas
Total Annual Cost of Living for Singles After Social Security: $8,173
Total Annual Cost of Living for Couples After Social Security: -$2,767
Lumberport, West Virginia
Total Annual Cost of Living for Singles After Social Security: $10,090
Total Annual Cost of Living for Couples After Social Security: -$850
Glenville, West Virginia
Total Annual Cost of Living for Singles After Social Security: $9,155
Total Annual Cost of Living for Couples After Social Security: -$1,785
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Mauldin, South Carolina
Total Annual Cost of Living for Singles After Social Security: $19,710
Total Annual Cost of Living for Couples After Social Security: $8,770
Spruce Pine, North Carolina
Total Annual Cost of Living for Singles After Social Security: $17,415
Total Annual Cost of Living for Couples After Social Security: $6,474
West Union, West Virginia
Total Annual Cost of Living for Singles After Social Security: $8,293
Total Annual Cost of Living for Couples After Social Security: -$2,647
Clinton, Arkansas
Total Annual Cost of Living for Singles After Social Security: $9,125
Total Annual Cost of Living for Couples After Social Security: -$1,815
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Glasgow, Kentucky
Total Annual Cost of Living for Singles After Social Security: $11,465
Total Annual Cost of Living for Couples After Social Security: $525
Park Hills, Kentucky
Total Annual Cost of Living for Singles After Social Security: $23,820
Total Annual Cost of Living for Couples After Social Security: $12,880
Oxford, Mississippi
Total Annual Cost of Living for Singles After Social Security: $24,099
Total Annual Cost of Living for Couples After Social Security: $13,158
Ceredo, West Virginia
Total Annual Cost of Living for Singles After Social Security: $12,000
Total Annual Cost of Living for Couples After Social Security: $1,060
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Pocahontas, Arkansas
Total Annual Cost of Living for Singles After Social Security: $7,786
Total Annual Cost of Living for Couples After Social Security: -$3,155
Editor’s note: Photos are just for illustration and may not accurately reflect the city listed.
Methodology: GOBankingRates analyzed cities in South to find the best places to retire with $500,000 in savings. First GOBankingRates found Southern cities for their population, households, population aged 65 and over, and percent aged 65 and over, all sourced from the US Census American Community Survey. For each city, the average cost of living for retired households was calculated by finding the cost-of-living indexes as sourced from Sperling’s BestPlaces and the national average expenditure costs. The average Social Security benefit was found from the Annual Statistical Supplement from the Social Security Administration, and the average income was removed from the average cost of living to find the average cost of living for retired residents after Social Security benefits. In order to qualify for this study, the subject would have to be able to draw on savings for at least 20 years, taking them to be 85 years old before potentially running out. The livability index was found for each city as sourced from AreaVibes. The percent population aged 65 and over was scored and weighted at 1.00, the livability index was scored and weighted at 2.00, the cost of living was scored and weighted at 1.00. All three scores were summed and sorted to show the best places in the Southern states to retire with $500,000 in savings. All data was collected on and is up to date as of April 29, 2024.
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This article originally appeared on GOBankingRates.com: 44 Best Southern Cities To Retire If You Have Just $500,000 Saved
