Ten Cities Where Retirees Can Live On Social Security Alone
No savings? No problem! Travel & Leisure just shared a list of the 10 best cities to retire in if you have no savings, as computed by GoBankingRates.
A lack of retirement savings is much more common than one might think. A survey found that one-third of Americans have $500 or less saved — meaning they will need to rely on Social Security benefits for their retirement income.
After analyzing various factors including housing costs, healthcare expenses, and the cost of groceries and utilities, among others, Foley, Alabama, was named the best place to retire for those with little to no savings. Besides its affordability, this spot is also ideal because it’s just a short drive to the beautiful Gulf Coast beaches and about one-third of the population is 65 or older.
Rounding out the top 10 cities to retire on Social Security alone are Mountain Home, Arkansas; Hot Springs Village, Arkansas; The Villages, Florida; Bella Vista, Arkansas; Pinehurst, North Carolina; Green Valley, Arizona; North Myrtle Beach, South Carolina; Fredericksburg, Texas; and Punta Gorda, Florida.
The Seniors Trust is committed to protecting and expanding Social Security retirement benefits through passage of the Social Security Expansion Act. This landmark piece of legislation seeks to reform Social Security by expanding and strengthening benefits proven to reduce senior poverty and improve retirement security, as well as extending the solvency of this crucial program.
