Ten US Cities Where You Can Live Comfortably on Social Security if You Have Nothing Saved for Retirement
'23.02.2024'
Alina Prikhodko
Retirement can sometimes be frightening because of its uncertainty. Thoughts about whether there will be enough money to live the rest of their lives often swarm in the minds of those who are about to end their careers and retire. But, as reported Travel and Leisure, there is no need to worry, because there are places where you can move and live in abundance without having any savings.
According to GoBankingRates research, a third of Americans only have the $500 maximum, meaning they'll likely rely on Social Security benefits in retirement. In some cases this may be sufficient. To help people figure out their options, GoBankingRates has compiled a list of the best and worst places to live in retirement if you don't have any savings.
The company analyzed the 100 largest US cities with large populations over 65 years of age. They then ranked those cities based on a variety of factors, including median home values in 2023 and property tax rates, which they determined using Zillow.
When compiling the list, we took into account annual home health care costs, the cost of food, utilities, and also took information from AARP on whether the state taxes Social Security benefits. After compiling all the data, the team named Foley, Alabama, as the best retirement destination for those with little to no savings.
The best places to retire on a budget
Located just 30 minutes from the Gulf Coast beaches, Foley is an ideal location because more than 30% of the population is age 65 or older, according to GoBankingRates. The annual cost of a home helper is relatively low - $46, as is the annual cost of food - $218. Most importantly, Alabama does not tax Social Security benefits. Annual utility costs are also relatively low at $4.
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Joining Foley in the top 10 was Mountain Home (Ark.) in second place, followed by Hot Springs Village (Ark.) in third place, The Villages (Fla.) in fourth place and Bella Vista (Ark.) in fifth place. place. Rounding out the top ten are Pinehurst (North Carolina), Green Valley (Arizona), North Myrtle Beach (South Carolina), Fredericksburg (Texas) and Punta Gorda (Florida).
GoBankingRates named Malibu, California the worst place to retire, simply because it's a fairly expensive city. The site says the average home price here in 2023 was more than $3,8 million, and the average annual cost for a home helper in Malibu is $73. Annual grocery costs are also significantly higher than in Alabama, at $216 . On the plus side, however, California does not tax Social Security benefits.
