As millions watch their retirement funds dwindle in the economic downturn, cost of living becomes a prime concern. Here's a look at some cities where your nest egg will take you the farthest.

A significant number of Americans will soon retire, but the economic downturn may be causing some to rethink how they'll spend their golden years.

Topping the list of second-act must haves? A place with affordable housing, low cost of living and decent job prospects.

That's what they'll find in Columbus, Ohio. This river city tops Forbes' list of cities where your nest egg goes farthest, thanks to reasonably priced housing relative to income and a 4.5% inflation rate that allows a buck to stretch a little farther than other quickly growing areas. With tens of thousands of Ohio State Buckeyes, folks will enjoy the verve and energy that comes with a bustling college town.

Texas also welcomes retirees. Dallas and Houston ranked second and fourth, respectively. A warm climate and growing economies make both of these spots great places to live up your golden years. Each city can brag about latter-year employment possibilities for the enterprising type; that's because 20% of those 65 and over collect a weekly paycheck.

Minneapolis ranked third. The South made a strong showing with No. 9 Atlanta and No. 10 Nashville, Tenn.

Top 5 cities to retire on a budget:

1. Columbus, Ohio

2. Dallas

3. Minneapolis

4. Houston

5. Salt Lake City

Click here to read the entire article from Frobes.com