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Affordable Retirement Destinations for Seniors

Finding a suitable place to retire can be challenging, especially for older Americans with limited or no savings. A recent survey by AARP highlighted that a significant portion of Americans, about 20%, have not set aside any funds for retirement. Despite this, there are still viable locations where seniors can enjoy their golden years without financial strain.

In 2024, GoBankingRates published an insightful report detailing the best towns and cities for retirement under these circumstances. Their analysis focused on 100 areas with high populations of residents aged 65 and above, assessing factors such as property tax rates, average home values, and annual living costs that include essentials like groceries, healthcare, utilities, and transportation.

Top Choice: Hot Springs Village, Arkansas

Hot Springs Village in Arkansas emerged as the premier choice for retirees with limited savings. According to the report, more than 60% of its residents are aged 65 and older, creating a vibrant community focused on senior living. Additionally, this town offers tax advantages, as Social Security benefits are not taxed, contributing to an annual cost of living estimated at a mere $21,114.

Situated approximately 52 miles west of Little Rock, Hot Springs Village provides a range of attractions for retirees. The town emphasizes low taxes, a wealth of amenities, and an affordable housing market where the average price per square foot is under $140. Residents can enjoy access to 11 lakes, expansive land in the Ouachita Mountains, and numerous recreational opportunities, including nine golf courses.

Other Notable Retirement Locations

Following Hot Springs Village, several other towns ranked highly on the GoBankingRates list. Foley, Alabama claims the second spot, recognized for its favorable conditions for retirees. The Villages in Florida follows closely in third place, with Bella Vista, Arkansas, and Rotonda West in Florida rounding out the top five destinations.

Least Favorable Locations for Retirement without Savings

On the flip side, the report also identified the least ideal locations for those without retirement savings. High costs of living and expensive housing markets led to the inclusion of places like Malibu, California; Paradise Valley, Arizona; and Walnut Creek, California among the worst options for retirees.

For a full overview of rankings and detailed insights, visit gobankingrates.com.

Source
www.travelandleisure.com