The top 5 U.S. cities to retire if you don’t have any savings—only 1 is in Florida

If you’ve got nothing saved for retirement, you’re not alone.

Nearly 30% of Americans have $0 saved for retirement, per recent data from personal finance website GOBankingRates. Another 33% have less than $50,000 saved.

If you fall into either category and you’re approaching retirement age, it may be time to start preparing to live on a smaller budget after you stop working, says Anne Lester, a retirement expert and author of “Your Best Financial Life: Save Smart Now for the Future You Want.”

“You’ll need to start thinking about how you can start paring back your standard of living and gradually get used to having less money to spend post-retirement,” she tells CNBC Make It.

If you don’t have much money saved up in a retirement account such as a 401(k) or a Roth IRA, you may need to rely on your Social Security benefit to cover your expenses — which may not go very far. The average monthly benefit is around $1,773 as of February, per the Social Security Administration.

With that in mind, GOBankingRates analyzed the 100 biggest U.S. cities with a large population of residents over 65 to determine the best place to retire on little to no savings. It ranked each city on a variety of metrics, including the city’s average home value, annual grocery costs, annual utilities costs and whether the state taxes Social Security benefits.

The study used data from a range of sources, including the U.S. Census Bureau’s 2021 American Community Survey, the Tax Foundation and the Bureau of Labor Statistics’ Consumer Expenditure Survey.

Here are the top five places in the U.S. to retire if you have little to no savings, according to GOBankingRates.

• Percentage of population 65 and older: 31%
• Average 2023 home value: $296,232
• Social Security benefits taxed: No
• Average annual grocery costs: $4,326
• Average annual health-care costs: $8,120

• Percentage of population 65 and older: 28%
• Average 2023 home value: $199,388
• Social Security benefits taxed: No
• Average annual grocery costs: $4,277
• Average annual health-care costs: $6,482

• Percentage of population 65 and older: 63%
• Average 2023 home value: $289,418
• Social Security benefits taxed: No
• Average annual grocery costs: $4,407
• Average annual health-care costs: $6,749

• Percentage of population 65 and older: 86%
• Average 2023 home value: $418,926
• Social Security benefits taxed: No
• Average annual grocery costs: $4,591
• Average annual health-care costs: $6,882

• Percentage of population 65 and older: 32%
• Average 2023 home value: $322,770
• Social Security benefits taxed: No
• Average annual grocery costs: $4,385
• Average annual health-care costs: $6,461

To that point, if you’re approaching retirement age and have little to nothing saved, you may need to make some tough decisions.

For instance, you may need to consider delaying your retirement in order to receive a higher Social Security benefit or picking up a part-time job to help supplement your post-work income, Lester says.

“It’s time to start getting serious about how much money you’ll have and how far that will go depending on where you’re living,” she says.

Three out of the top five places for retiring with little to no savings are in Arkansas, which offers both advantages and disadvantages for retirees on a tight budget.

You could benefit from the state’s relatively cheap cost of living and housing expenses, which are around 8% and 22% lower than the national average, respectively, according to RentCafe.

However, in exchange for cheaper living expenses, you may need to forgo some perks, such as proximity to family or variety of things to do. While Arkansas offers scenic natural beauty in the form of hot springs, caves and forests, you’d need to travel a bit in order to relax on the beach, for example.

And remember, although lists like this can provide helpful context, where you choose to retire will depend on many personal preferences outside of living costs. If you’re thinking about relocating, a good rule of thumb is to visit your potential retirement destination ahead of time to get a feel for what it may be like to live there long term.

“If you think relocation is in your future and you’ve got the budget for it, check out some places to start seeing what’s possible,” Lester says.

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