15 US cities for retirement with minimal savings

Retiring on a tight budget is unfortunately the norm - recent study GOBankingRates found that about 42 percent of Americans have less than 10 000 dollars saved on retirement.

Фото: Depositphotos

However, a small amount can be extended for a longer period if you travel to one of the cheapest cities in the country. But when considering where to retire, only 22 percent of Americans choose where to move based on the potential to save on housing and taxes.

To determine the cheapest retirement locations, GOBankingRates analyzed and evaluated the 100 of the largest US cities based on the annual retirement income needed to cover basic expenses, including housing, healthcare, food, transportation and utilities. Cities were also evaluated on the basis of their quality of life index, and only cities were considered in which the percentage of older people was 9,5% or higher.

15. Milwaukee, WI

Total annual expenses: $ 44 588

Percentage of Seniors: 10%

Quality of Life Index: 58

Retirees who brave cold winters will be rewarded with an affordable cost of living and ample amenities in Wisconsin's largest city. The cost of living in Milwaukee is 10% lower than the national average, making it one of the cheapest places to live. It's also an affordable place to buy a home, with a median home price of $122.

14. Columbus Ohio

Total annual expenses: $ 44 588

Percentage of Seniors: 10%

Quality of Life Index: 76

If you live in Ohio, consider moving to Columbus. The city offers pensioners an affordable cost of living, which is 10 percent lower than the national average. It is also one of the cities with the highest rating in this list in terms of quality of life index.

13. Mobile, Alabama

Total annual expenses: $ 43 597

Percentage of Seniors: 15,5%

Quality of Life Index: 64

Located on the Gulf Coast of Alabama, Mobile is a rewarding city to retire to. It ranks sixth on the list of affordable housing, with a median home price of $120. It is also the city with the third highest percentage of older people.

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12. St. Louis, MO

Total annual expenses: $ 43 597

Percentage of Seniors: 12,1%

Quality of Life Index: 58

For a city of its size, St. Louis offers an affordable cost of living that is 12 percent lower than the national average. It also ranks as the fifth most affordable home, with a median home price of $120. That means retirees will have more money to enjoy the city's attractions, including the opera, symphony, museums and theaters.

11. Indianapolis Indiana

Total annual expenses: $ 43 597

Percentage of Seniors: 11,5%

Quality of Life Index: 69

The largest city and capital of Indiana is one of the cities where a small pension will go a long way. The cost of living is 12 percent lower than the national average. Indianapolis has the fourth-highest annual utility costs, but food costs are lower in more than half of the cheapest places to retire.

10. Winston-Salem, North Carolina

Total annual expenses: $ 43 102

Percentage of Seniors: 13,7%

Quality of Life Index: 65

Winston-Salem is one of the best places to retire on a budget, because the cost of living is 13 percent below the national average. In fact, this city ranks second in terms of annual transportation costs among the cities on our list. Winston-Salem ranks ninth in the percentage of older people compared to other cities in this study.

9. El Paso TX

Total annual expenses: $ 43 102

Percentage of Seniors: 12,2%

Quality of Life Index: 79

This city on the border of the USA and Mexico is one of the cheapest places to stay in the USA, which makes it a good place to retire. Food, health and utilities are especially low in El Paso. And the average cost of a home is $ 129 100.

8. Wichita, KS

Total annual expenses: $ 42 606

Percentage of Seniors: 13,1%

Quality of Life Index: 62

The city ranks ninth in the study on housing costs. Due to inexpensive houses and relatively low expenses for food, healthcare and transportation, Wichita is becoming one of the best cities for retirement.

7. Lubbock, TX

Total annual expenses: $ 42 111

Percentage of Seniors: 11,5%

Quality of Life Index: 76

The cost of living in this northwest Texas city is about 15 percent lower than the national average. Among the cheapest places to retire, Lubbock ranks eighth for lowest annual utility costs at $3 and lowest annual amount spent on food. Since 358, Lubbock has experienced significant growth in per capita income and is now one of the cities that was once poor but is now rich.

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6. Memphis, Tennessee

Total annual expenses: $ 41 615

Percentage of Seniors: 11,8%

Quality of Life Index: 65

The cost of living in this city is 16 percent lower than the national average. Memphis has one of the lowest levels of annual utility costs and annual housing costs. The average cost of a home is $ 80 900.

5. Greensboro, North Carolina

Total annual expenses: $ 41 120

Percentage of Seniors: 13,3%

Quality of Life Index: 69

This city in central North Carolina is a more affordable alternative to other cities in the state. He has the most affordable products and healthcare from all the sites included in this study.

4. Fort Wayne, Indiana

Total annual expenses: $ 41 120

Percentage of Seniors: 13,4%

75 Quality of Life Index

The low cost of living in Fort Wayne makes it one of the best retirement cities. In this city in northeast Indiana, the cost of living is approximately 17 percent lower than the national average. In addition, it ranks fifth among cities with the cheapest utilities among the cheapest retirement cities.

3. Buffalo, New York

Total annual expenses: $ 40 624

Percentage of Seniors: 12,2%

Quality of Life Index: 63

The cost of living in Buffalo is 18 percent lower than the national average. Health costs are especially low. And he also ranks fourth at the lowest housing prices with an average home price of $ 86 000. .

2. Toledo, Ohio

Total annual expenses: $ 38 643

Percentage of Seniors: 13,7%

Quality of Life Index: 62

Pensioners who want to buy a new home to spend their golden years must go to Toledo. With an average home price of $ 69 100, it is also the city with the eighth largest percentage of older people, which is good news for those who want to retire among their peers.

1. Cleveland Ohio

Total annual expenses: $ 38 147

Percentage of Seniors: 13,3%

Quality of Life Index: 61

Cleveland is the cheapest place to retire, with the cheapest homes—the average home price is $55—and the lowest cost of living, the second-lowest annual health care costs, and the lowest annual living costs of any city in this list. If saving on retirement costs is your priority, Cleveland tops the list of best places to retire in the United States.

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