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50 best (and worst) places to retire if you have no savings

GOBankingRates Logo By Cameron Huddleston of GOBankingRates | Slide 1 of 103: When it comes to saving for retirement, many Americans have a lot of catching up to do. A GOBankingRates survey found that 42% of adults have less than $10,000 saved, which isn’t enough to live comfortably for even one year in retirement. Or is it?
If you have little to no savings and will likely have to rely on Social Security benefits, don’t assume that you won’t be able to have a comfortable retirement. There are places in the U.S. where you can get by without much in retirement savings.
To identify those places, GOBankingRates analyzed the 300 largest cities in the U.S. and narrowed the list to 150 cities with a large population of adults ages 65 and older. These cities were then ranked based on the following factors:

Average home price and home price changes over five years, sourced from Zillow
Whether the state taxes Social Security benefits, sourced from the AARP
Relative buying power based on the U.S. Bureau of Economic Analysis’ price parity index, which expresses state and metro price levels of goods as a percentage of the national level
County health index (where 1 is the healthiest), based on the University of Wisconsin Population Health Institute’s county health rankings, which measure length of life and quality of life
Violent and property crime rates, sourced from Neighborhood Scout
Livability score, sourced from AreaVibes

On the whole, the best places to retire with no savings tend to be more affordable and relatively safe, and they have larger populations of older adults. The worst places for retirement tend to have a more expensive cost of living or other strikes against them, such as high crime rates.

Find out which cities are the most affordable for retirees

When it comes to saving for retirement, many Americans have a lot of catching up to do. A GOBankingRates survey found that 42% of adults have less than $10,000 saved, which isn’t enough to live comfortably for even one year in retirement. Or is it?

If you have little to no savings and will likely have to rely on Social Security benefits, don’t assume that you won’t be able to have a comfortable retirement. There are places in the U.S. where you can get by without much in retirement savings.

To identify those places, GOBankingRates analyzed the 300 largest cities in the U.S. and narrowed the list to 150 cities with a large population of adults ages 65 and older. These cities were then ranked based on the following factors:

  • Average home price and home price changes over five years, sourced from Zillow
  • Whether the state taxes Social Security benefits, sourced from the AARP
  • Relative buying power based on the U.S. Bureau of Economic Analysis’ price parity index, which expresses state and metro price levels of goods as a percentage of the national level
  • County health index (where 1 is the healthiest), based on the University of Wisconsin Population Health Institute’s county health rankings, which measure length of life and quality of life
  • Violent and property crime rates, sourced from Neighborhood Scout
  • Livability score, sourced from AreaVibes

On the whole, the best places to retire with no savings tend to be more affordable and relatively safe, and they have larger populations of older adults. The worst places for retirement tend to have a more expensive cost of living or other strikes against them, such as high crime rates.

Click ahead to see which cities are the most and least affordable for retirees.

© BSPollard / Getty Images

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