Five US Cities Where You Can Survive on Social Security if You Don't Have Retirement Savings

According to recent data, nearly 30% of Americans are saving nothing for retirement. Another 33% have savings of at least $50. CNBC tells which city is best to retire in if a person has no savings.

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If you don't have certain funds saved in a retirement account, you'll have to rely on Social Security benefits to cover your expenses. As of February, the average monthly benefit is about $1773, according to the Social Security Administration.

GOBankingRates analyzed the 100 largest U.S. cities with large populations over 65 to determine the best place to retire with little or no savings.

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The experts ranked each city on a variety of metrics, including the city's median home value, annual food costs, annual utility costs and whether the state taxes Social Security benefits. Find out how to calculate what pension you will receive in America in our article.

Here are the five best places in the US to retire if you have little to no savings.

1. Foley, Alabama

• Percentage of population aged 65 and over: 31%
• Median home price in 2023: $296
• Tax on Social Security Benefits: No
• Average annual grocery spending: $4
• Average annual health care costs: $ 8

2. Mountain Home, Arkansas

• Percentage of population aged 65 and over: 28%
• Median home price in 2023: $199
• Tax on Social Security Benefits: No
• Average annual grocery spending: $4
• Average annual health care costs: $ 6

3. Hot Springs Village, Arkansas

• Percentage of population aged 65 and over: 63%
• Median home price in 2023: $289
• Tax on Social Security Benefits: No
• Average annual grocery spending: $4
• Average annual health care costs: $ 6

4. The Villages, Florida

• Percentage of population aged 65 and over: 86%
• Median home price in 2023: $418
• Tax on Social Security Benefits: No
• Average annual grocery spending: $4
• Average annual health care costs: $ 6

5. Bella Vista, Arkansas

• Percentage of population aged 65 and over: 32%
• Median home price in 2023: $322
• Tax on Social Security Benefits: No
• Average annual grocery spending: $4
• Average annual health care costs: $ 6

How to decide which region to retire in

Three of the top five places to retire with little or no savings are in Arkansas.

You can benefit from the state's relatively low cost of living and housing costs. These figures are approximately 8% and 22%, respectively, lower than the national average.

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However, in exchange for lower living costs, you may have to give up some benefits, such as proximity to family or entertainment options. Although Arkansas offers scenic natural beauty in the form of hot springs, caves and forests, the beaches still require a drive.

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