Retirement is something many people look forward to, but for millions of Americans, the reality is that they don’t have the savings they hoped for. The thought of retiring with little or no financial cushion can feel daunting. However, there are places in the U.S. where you can retire comfortably, even without a hefty savings account. One such place is Hot Springs Village, Arkansas, which recently earned recognition as the top destination for retirees with limited savings.
Hot Springs Village: The Ideal Retirement Destination
Hot Springs Village, located in the heart of Arkansas, has been identified as one of the best places to retire without savings. Over 60% of its population is aged 65 and older, making it a retirement-centric community. For those looking to retire on a budget, the cost of living in Hot Springs Village is remarkably low. The estimated annual expenses for necessities such as food, healthcare, utilities, and transportation are around $21,114, making it an affordable option for retirees.
What sets Hot Springs Village apart is not just its affordability, but also its quality of life. The town boasts low taxes, an abundance of outdoor activities, and a strong senior community. With access to 11 lakes, 26,000 acres of land in the Ouachita Mountains, and nine golf courses, it offers plenty of opportunities for relaxation and recreation. And with housing costs below $140 per square foot, retirees can stretch their dollars further without sacrificing comfort.
A Community Built for Seniors
What makes Hot Springs Village particularly attractive for retirees is its community focus. With more than half of the population aged 65 and up, it’s a place where senior citizens can feel truly at home. Social activities, community support, and a slower pace of life create an environment where retirees can thrive. The town is designed with seniors in mind, offering convenient amenities, safety, and a welcoming atmosphere.
Additionally, the area’s non-taxation of Social Security benefits makes it even more appealing for those on a fixed income. The financial relief from not having to pay taxes on Social Security benefits can significantly improve your retirement budget.
Other Affordable Retirement Destinations
While Hot Springs Village takes the top spot, it’s not the only affordable option for retirees with little savings. According to a report by GoBankingRates, there are several other cities in the U.S. that are ideal for retirement on a budget:
- Foley, Alabama, ranks second, offering a low cost of living and access to the beautiful Gulf Coast.
- The Villages, Florida, takes third place with its vibrant, active community specifically designed for retirees.
- Bella Vista, Arkansas, and Rotonda West, Florida, round out the top five with their affordable living options and community amenities tailored to seniors.
The Worst Places to Retire Without Savings
While there are plenty of great places to retire on a budget, there are also areas that are less than ideal for those with limited savings. Malibu, California, for example, has an extremely high cost of living, making it one of the worst places for a retirement on a budget. Similarly, Paradise Valley, Arizona, and Walnut Creek, California, are both expensive locations that would be challenging for those without substantial savings.
A Practical Approach to Retirement
When considering retirement, it’s crucial to think beyond just the financial aspects. Places like Hot Springs Village offer more than just affordability—they provide a community, a lifestyle, and a slower pace that can make your golden years fulfilling, even without a large savings account. With low living costs, strong senior communities, and plenty of outdoor activities, Hot Springs Village offers the ideal environment for those looking to live comfortably without breaking the bank.
If you’re looking to retire without a substantial nest egg, it might be time to consider places where you can enjoy life to the fullest, without the stress of high living costs. Hot Springs Village, Arkansas, might just be the perfect place to start your next chapter.
