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.
Explore More: GOBankingRates Original Research Center
See Next: Mark Cuban Tells Americans To Stock Up on Consumables as Trump’s Tariffs Hit — Here’s What To Buy
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.
fotoguy22 / Getty Images/iStockphoto
Canfield, Ohio
Annual cost of living: $44,563
Cost of 20 years of retirement (after Social Security): $410,679
Find Out: I Asked ChatGPT When I’ll Be Able To Retire Based on My Current Finances — Here’s What It Said
Learn More: I Asked ChatGPT What Trump’s ‘Big Beautiful Bill’ Means for Retirees’ Taxes: Here’s What It Said
benkrut / Getty Images
Fairlawn, Ohio
Annual cost of living: $44,023
Cost of 20 years of retirement (after Social Security): $399,890
Be Aware: 4 Ways Trump’s ‘Big Beautiful Bill’ Will Change How You Plan for Retirement
benkrut / iStock.com
Lathrup Village, Michigan
Annual cost of living: $45,786
Cost of 20 years of retirement (after Social Security): $435,147
wellesenterprises / iStock.com
Frankenmuth, Michigan
Annual cost of living: $44,688
Cost of 20 years of retirement (after Social Security): $413,188
Veronaa / iStock.com
North Canton, Ohio
Annual cost of living: $40,666
Cost of 20 years of retirement (after Social Security): $332,744
That’s Interesting: 6 Key Signs You’ll Run Out of Retirement Funds Too Early
Sean Pavone / Getty Images/iStockphoto
Glendale, Wisconsin
Annual cost of living: $47,979
Cost of 20 years of retirement (after Social Security): $479,010
PapaBear / Getty Images/iStockphoto
Middleburg Heights, Ohio
Annual cost of living: $40,788
Cost of 20 years of retirement (after Social Security): $335,188
Kenneth Sponsler / Shutterstock.com
Chesterland, Ohio
Annual cost of living: $47,492
Cost of 20 years of retirement (after Social Security): $469,262
Discover More: 50 Cheapest Places To Retire Across America
mandritoiu / Shutterstock.com
Cortland, Ohio
Annual cost of living: $37,456
Cost of 20 years of retirement (after Social Security): $268,551
Jacob Boomsma / Shutterstock.com
Ludington, Michigan
Annual cost of living: $39,746
Cost of 20 years of retirement (after Social Security): $314,352
pabradyphoto / iStock.com
Princeton, Illinois
Annual cost of living: $33,821
Cost of 20 years of retirement (after Social Security): $195,842
For You: Social Security Full Retirement Age Went Up This Month — Why It May Continue To Rise
iStock / Jacob Wackerhausen / iStock.com
Lyndhurst, Ohio
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.
More From GOBankingRates
This article originally appeared on GOBankingRates.com: 12 Best Places in the Midwest To Retire With $500K in Savings