Where to Retire in the U.S. With No Savings

• Hot Springs Village, Arkansas, is the best place to retire with little to no savings.
• More than 60 percent of the town’s population is aged 65 and above, and annual expenses are estimated to be $21,114. 
• Foley, Alabama, and The Villages, Florida, are the second and third best places to retire without savings.

If you are one of the millions of older Americans without savings, the thought of retirement likely brings no joy, and your outlook is pretty grim. However, there are still places where you can retire, even with little to nothing in your bank account.

In late 2024, GoBankingRates released a report on the 10 best places to retire if you have no savings. The company considered 100 towns and cities with the highest percentage of population aged 65 years and older, and analyzed each destination’s property tax rates, the average 2024 home value for a single-family residence, and the annual expenses for those over 65 for groceries, health care, utilities, and transportation.

The top spot for retirement with little to no savings was Hot Springs Village, Arkansas.

According to GoBankingRates, the percentage of residents 65 and older there is more than 60 percent, ensuring a strong senior-centric community. It also noted that social security benefits are not taxed here, while the annual cost of necessities is just $21,114. 

Hot Springs Village, located 52 miles west of Little Rock, also has a lot more to offer those looking to live out their golden years here. As the town’s website noted, “With low taxes, an impressive number of amenities, and an average housing cost of under $140 per square foot, Hot Springs Village is one of the most affordable and ideal places to live, work, and play.” Seniors also benefit from access to 11 lakes, 26,000 acres of land in the Ouachita Mountains, and nine golf courses, ensuring there’s always a free tee time. 

Other top spots on the GoBankingRates list include Foley, Alabama, in second, followed by The Villages, Florida, Bella Vista, Arkansas, and Rotonda West in Florida, rounding out the top five.

The report also ranked the worst places to retire with no savings, and these include Malibu, California; Paradise Valley, Arizona; and Walnut Creek, California.

See the complete list at gobankingrates.com.