- Hot Springs Village in Arkansas is the ideal place to retire if you have little or no savings.
- Over 60 percent of the population in this town is over 65 years old, and it’s estimated that annual expenses total $21,114.
- Foley, Alabama and The Villages in Florida are the second- and third-best places to retire with no savings.
If you are one, then please read on. millions of older Americans Retirement without savings is a grim prospect. Even if you have little or nothing in your account, it is still possible to retire.
GoBankingRates, a financial comparison website, released a study in 2024 that ranked the top 10 retirement destinations for those with no savings. The company analyzed 100 towns and cities that had the highest percentages of residents aged 65 or older. It also looked at the average 2024 value of a single-family home, and annual expenses such as groceries, healthcare, utilities, transportation, etc. for people over 65.
Hot Springs Village in Arkansas is the best place to retire with little or no savings.
GoBankingRates reports that the community is dominated by seniors, with more than 60% of its residents aged 65 or older. The report also stated that here social security benefits aren’t taxed, and the cost of essentials is only $21,114 per year.
Hot Springs Village is located 52 miles west from Little Rock and has much more to offer to those who want to spend their golden years in this area. Hot Springs Village’s website stated that “With low tax rates, an impressive list of amenities, as well as an average housing price of less than $140 per square feet, Hot Springs Village is a great place to live, play, and work.” The town’s website notes that seniors can also enjoy 11 lakes and 26,000 acres in the Ouachita mountains, as well as nine golf courses.
The Villages, Florida in second place, Bella Vista, Arkansas in third, and Rotonda-West in Florida in fourth place round out the top five.
This report also ranks the worst places in which to retire without savings. They include Malibu, California, Paradise Valley Arizona, and Walnut Creek California.
Check out the full list here gobankingrates.com.
