The prospect of retirement can be both exciting and kinda terrifying. While many envision a carefree life filled with leisure activities, the financial burden often looms large. But what if you haven’t saved a substantial nest egg? Well, good news for future retirees: There are hidden gems across the United States where you can comfortably live out your golden years without breaking the bank.
According to a recent study, one-third of Americans have less than $500 saved for retirement, highlighting the need for affordable living options. Fortunately, several cities offer a combination of low costs and a vibrant senior community, making them ideal retirement havens. There is ONE particular little town where retirees can make a living with little to no savings.
A Coastal Paradise for Budget-Conscious Retirement
Topping the list of the best places for retirement with small savings is the charming coastal town of Foley, Alabama. Nestled just 30 minutes from the pristine beaches of the Gulf Coast, Foley boasts a thriving community with over 30% of its residents aged 65 and above. This friendly atmosphere fosters a sense of belonging and connection, perfect for those seeking an active and social retirement.
Beyond its welcoming community, Foley shines with its affordability. The average annual cost of essential expenses like groceries, utilities, and home health aides is significantly lower compared to the national average. Additionally, Alabama exempts Social Security benefits from state taxes, further bolstering your purchasing power.
In its study, the website GoBankingRates suggests that this city, located just 30 minutes away from the beautiful Gulf Coast beaches, is a fantastic choice. With over 30 percent of the population aged 65 or older, it’s a welcoming community.
The yearly cost of a home health aide is quite reasonable at $46,218, and groceries won’t break the bank either, with an annual cost of $4,326.11. What’s even better is that the state of Alabama doesn’t tax Social Security benefits. Plus, you won’t be burdened with high utility bills, as they average around $3,858.26 annually. It sounds like a great place to call home for those golden years to come.
Other Affordable Retirement Destinations Inside USA
While Foley takes the top spot, several other cities offer similar advantages. Mountain Home and Hot Springs Village in Arkansas, The Villages in Florida, and Bella Vista in Arkansas all rank highly due to their low costs of living and sizable senior populations. These diverse locations cater to various preferences, from scenic mountain towns to bustling retirement communities.
Foley takes the lead on the top 10 list, showcasing its charm. Following closely is Mountain Home, Arkansas, securing the second spot, and Hot Springs Village, Arkansas, capturing third place.
The sunshine state’s The Villages, Florida, shines in fourth place, while Bella Vista, Arkansas, secures the fifth spot. Completing the delightful top 10 are Pinehurst, North Carolina; Green Valley, Arizona; North Myrtle Beach, South Carolina; Fredericksburg, Texas; and Punta Gorda, Florida. These places offer a mix of beauty and community spirit that’s hard to resist!