The 12 Best Places For A Retiree With No Savings

Retirement is billed as a carefree period where you're free to spend your time how you please, with little concern for time or money. Unfortunately, the so-called "golden years" are becoming increasingly financially challenging for the average American. According to the Congressional Research Service (CRS), only 47% of U.S. senior households had retirement assets — the lowest percentage of all age cohorts. In other words, those most fiscally ill-prepared to enter retirement were those of retirement age. Similarly, eye-opening figures were uncovered in an AARP survey, which reported that one in five U.S. adults older than 50 had no funds set aside for retirement. The same research indicated that 61% have concerns about having sufficient savings to maintain their retirement.

With little or no nest egg from which to draw upon, many retirees are left with their Social Security payments. Of course, you can remain in the workforce throughout retirement, but there are Social Security earnings limits capping potential income for those who wish to remain eligible. Unfortunately, many seniors feel as though the program's annual cost-of-living adjustment (COLA) is inadequate, given the inflationary elevation of everyday expenses. Instead of using the program's standard Consumer Price Index to determine COLA rates, the CRS found that using the senior-focused rate would have yielded 23% more in disbursements between 1985 and 2024.

Fortunately, a financially unburdened and peaceful retirement is still possible for the growing population of seniors who enter their sunset years with minimal funds and a rising cost of living. The trick is knowing where to look. Money Digest narrowed down the top 12 places in the U.S. for a retiree with no savings by stacking up rental, utility, and gas bills against the average Social Security income for 2026.

Average Monthly Costs: $1,345.84

% of Social Security Benefit: 65.0%

Located in the eastern portion of the state, on the border with Minnesota, Fargo is the most heavily populated city in North Dakota. The remote yet bustling city has 136,285 people and is up considerably from prior years, according to the U.S. Census Bureau. Only about 13.6% of the population are seniors. There's not much surrounding Fargo on the North Dakota side, but plenty of lakes are accessible in the neighboring, aptly named Land of 10,000 Lakes. Still, Fargo provides seniors with equal opportunities for liveliness and solitude. Other than holding the title as the most expensive state to register a car, the Peace Garden State is known for its affordability.

RentCafe estimates that seniors can live in Fargo for 3% cheaper than the rest of the country. These savings are highly concentrated in housing and utilities, where residents pay 14% and 19% less, respectively, compared to U.S. norms. A monthly rent of $1,128 is typical throughout the city. Retirees will find the utility bills equally reasonable at $146.57 per month. A gallon of gas costs around $3.02. Given that the Federal Highway Administration estimates the average senior drives 1,123 miles per month and that the Environmental Protection Agency reports that the average vehicle achieves 27 miles per gallon, retirees in North Dakota can expect to spend around $71.27 on fuel. These three crucial expenses factor out to an average monthly living cost of $1,345.84. Considering that the average Social Security Administration payout is $2,071 in 2026, seniors can live in Fargo by comfortably spending only 65% of their retirement disbursements.

Average Monthly Costs: $1,336.93

% of Social Security Benefit: 64.5%

The teeming city of Shreveport is nestled in the northwestern corner of Louisiana, offering retirees a blend of expedient city life without being too overwhelming. Within a short drive, seniors can escape the metropolis to explore any number of nearby state parks, lakes, and forests. In fact, the Red River National Wildlife Refuge and the sizable Cross Lake are both within a day's trip from the city center. In total, 176,578 people call Shreveport home, with about 17.4% of that population aged 65 and older.

Louisiana is celebrated as one of the states with the lowest rent prices, and Shreveport firmly maintains that status. Even as a populous city, rent only averages $1,041 per month, which is 11% lower than the national average. Utilities are actually 5% higher than the U.S. norm, with retirees paying around $228.43 monthly. Gas prices are reasonable compared to other states, as prices hover around $2.86 per gallon. Considering the average monthly mileage for retirees, seniors are paying about $67.50 in fuel costs. That all combines for a monthly living cost of $1,336.93. Put another way, seniors can live in Shreveport and only spend 64.5% of their Social Security income monthly on average.

Average Monthly Costs: $1,334.22

% of Social Security Benefit: 64.4%

Evansville is a riverside city located at the southern tip of Indiana, on the border with Illinois and Kentucky. This town of 115,395 offers a reasonable cost of living with the amenities, conveniences, and connections seniors can expect from larger cities. On par with the national average, about 17.1% of the population of the city are seniors. It might not be as popular as Fort Wayne, an artsy city in Indiana with beautiful architecture, but Evansville beats out the Hoosier State's competition in many areas of affordability.

For instance, the city's housing costs are a considerable 8% lower than the state average and 28% cheaper than the national average. Seniors can get by spending only $1,021 on rent per month. In contrast, the utility bills in Evansville are comparatively high at $229.68 per month, roughly 10% more than the rest of the state and 5% higher than the U.S. Fuel costs on a monthly basis average $83.54, since per-gallon gas prices hover around $3.54. All told, retirees should budget about $1,334.22 in Evansville, Indiana, or roughly 64.4% of their Social Security payouts.

Average Monthly Costs: $1,330.45

% of Social Security Benefit: 64.2%

Bankrate named Missouri as one of the best states for saving money, and this cost-effective appeal extends to Springfield — the state's third-most populous city. The number of residents stands around 170,596, placing the city squarely between some of the larger metropolises and rural towns on this list, providing a delicate equilibrium for budget-conscious retirees looking for the best of both worlds. In line with other larger cities, Springfield has a younger population, with only 15.8% of people being 65 years and older. Springfield's convenient location places it close to various state and national parks while also being within driving distance of major cities, such as St. Louis, Oklahoma City, and Memphis.

The cost of living in Springfield, Missouri, is only about 1% lower than the state average, but a whole 9% cheaper than the rest of the nation. Housing and utility costs comprise a bulk of the savings, with rates 16% and 19% lower than the national average, respectively. Rents can be gotten for $1,110 per month, virtually unheard of in other major cities across the U.S., while a monthly utility bill is usually about $149.89. An economical gas price of $2.99 per gallon places the monthly fuel costs at about $70.56. In total, seniors should budget about $1,330.45 for these standard expenses in Springfield. For reference, that's about 64.2% of the average Social Security payout.

Average Monthly Costs: $1,322.95

% of Social Security Benefit: 63.9%

Jackson is the capital and most populous city in the state of Mississippi. It also happens to be one of the best places for retirees with no savings to settle down. The city is home to 141,449 residents, of which 14.8% are seniors. The Magnolia State has the lowest average income in the country, owing to an affordable cost of living.

These cheap living standards ring true in the capital city, too, where routine expenses fall 9% lower than the national standard. The savings available to retirees are especially pronounced in the housing market, which is 19% more affordable than the U.S. average. In contrast to many capital cities, Jackson rents average around $1,100 per month. Seniors catch a major financial break on monthly utilities, as well, which average about $156.16. The typical monthly fuel expense is $66.79, as the city has a per-gallon gas price of just $2.83. Altogether, these costs only comprise 63.9% of the average senior's Social Security income.

Average Monthly Costs: $1,313.33

% of Social Security Benefit: 63.4%

Iowa is an underrated state with a low cost of living that also exempts Social Security income from taxes. Unlike other states where retirees have to venture into the countryside for an affordable life, the Hawkeye State's budget-friendliness is achievable in its capital. Similar to other larger cities, Des Moines' age demographics tilt younger, as only 12.5% of the population is 65 years and older. With a population of 213,096, Des Moines proves that living in a metropolis doesn't have to cost a fortune. In fact, retirees with no savings can call this appealing capital home by solely leveraging their Social Security checks.

Overall, Des Moines' living costs are 9% cheaper than the state's standards and 15% lower than the national norm. What's more, housing is 36% more affordable than the entire country. Retirees can live in the capital city while only paying about $1,091 in rent per month. Surprisingly, the utility bills are among the most reasonable on this list of the best places for retirees with no savings at just $148.46 monthly. A $3.13 gas price puts monthly fuel costs at $73.87. Thus, seniors spend about $1,313.33 on average per month. More specifically, seniors would need to dedicate roughly 63.4% of their retirement payouts to these core living expenses.

Average Monthly Costs: $1,260.48

% of Social Security Benefit: 60.9%

Home to more than two million Social Security recipients, Ohio is an attractive retirement destination, even for those with no savings. The state's northwestern city of Toledo, on the western banks of Lake Erie, strikes a perfect balance between convenience and affordability, making it a solid choice for budget-conscious retirees who prefer urban bustle to rural living. Around 265,638 people call Toledo home, and only 15.5% of the population is 65 and older, among the youngest cities on this list.

Seniors who call Toledo home only need to commit about 60.9% of the average Social Security disbursement to monthly costs. Overall, essential living expenses reach about $1,260.48. $971 of that goes toward rent, owing to the city's affordable real estate market, which is 7% lower than the national average. Utilities reach about $213.25 per month. Retirees usually spend around $76.23 monthly on fuel costs, given a reasonable per-gallon gas price of $3.23.

Average Monthly Costs: $1,210.36

% of Social Security Benefit: 58.4%

Ashland is a rustic town situated in the northeastern part of the state, in an area known locally as the "metro triangle," due to its proximity to Huntington, West Virginia, and Ironton, Ohio. This borough of 21,066 residents rests along the scenic Ohio River, surrounded by mountains and forests. Despite its small population, around 19.7% of the people are 65 years or older, ensuring it's a welcoming community for seniors. According to the Ashland government website, the small town is still an important base for banking, trade, and healthcare.

This bucolic Kentucky community boasts living expenses 2% lower than the rest of the Bluegrass State and a considerable 10% cheaper than the nation. Similar to other excellent places for retirees with no savings, Ashland's primary thrift can be found in real estate, which is 22% more economical than the U.S. average. The typical retiree is likely to only pay about $956 in rent. On top of that extremely reasonable price, the monthly utility bill is usually $183.56. The city's gas prices of $3.00 put the standard transportation costs at $70.80 monthly. In total, seniors can bet by spending 58.4% of their Social Security payments in Ashland, which is $1,210.36 monthly.

Average Monthly Costs: $1,196.78

% of Social Security Benefit: 57.8%

Anniston, Alabama, is further proof that some of the best places for retirees with no savings can be found in rural areas. This tiny town of 21,127 is located east of Birmingham, not too far from the Georgian border. Various state parks, wildlife reserves, and forests are located within a short driving distance. Seniors can feel at home in Anniston, as 23.6% of the population is 65 and older. Given this high rate of seniors, it's not surprising that Alabama has one of the cheapest assisted living costs in the country.

The overall cost of living in Anniston is estimated to be 4% below the state average, but 16% cheaper than national standards. Most notably, housing is 40% lower than the rest of the U.S., explaining how the average monthly rent is a mere $886. Even with these economical real estate prices, residents still face utilities that are above state and national rates. You should plan to spend $240.22 in that department on a monthly basis. Fuel prices are $2.99 per gallon, putting monthly transportation costs at $70.56. That brings the total monthly costs to $1,196.78. If your Social Security check is the only income in retirement, you'll spend just 57.8% on these essential living costs in Anniston, Alabama.

Average Monthly Costs: $1,195.67

% of Social Security Benefit: 57.7%

Arkansas is often considered the cheapest U.S. state to live in, making it a perfect consideration for seniors with zero retirement savings. Although many locations may meet the standard, Conway beats out the state's average living costs in virtually every area. The growing town of 70,711 people features a younger population than many others on this list, with seniors comprising only about 11% of the total citizenry. Conway is conveniently located a short drive from the capital of Little Rock, yet close to the Arkansas River, various lakes, and state parks. The city even offers an affordable public transportation network that connects various points of interest, such as civic buildings and hospitals — a convenient option for seniors who don't want to drive.

Despite this reliable means of public transit, seniors would only have to budget around $68.20 on fuel, with a gas price of $2.89 per gallon. For rent, you'll find deals that are 24% cheaper than the national average. The city's typical rent is about $978. Seniors can save big on utilities, which are 16% below the rest of the country. A monthly bill of $149.47 is the norm. These expenses put the monthly cost of living in Conway at $1,195.67, representing 57.7% of the average Social Security payment.

Average Monthly Costs: $1,014.31

% of Social Security Benefit: 48.9%

One of the best places for a retiree with no savings is snuggled in the Kansas Prairie. This small, yet vibrant town features an operating salt mine 650 feet below ground-level, a busy zoo, an intriguing science museum, and plenty of outdoor activities. The population is estimated to be around 39,561, offering a decent balance between small-town living and big-city convenience. 17.5% of the residents are 65 years or older, right in line with the national average. Kansas is often heralded as one of the cheapest states in the U.S. to retire, and the town of Hutchinson honors this reputation for affordability.

Seniors who move to this Kansas town are saving the most on rent and transportation, which are 26% and 18% lower than the national average, respectively. Remarkably, the average monthly rent in the area is $751 — the cheapest on this list. A low per-gallon gas price of $2.71 puts the average monthly fuel costs at a manageable $63.96. Utilities aren't unreasonable at roughly $199.35. Overall, a retiree should budget about $1,014.31 for spending their golden years in Hutchinson. That should represent only about 48.9% of their Social Security income, leaving more than half to pad the bank account or splurge on a treat.

Average Monthly Costs: $975.86

% of Social Security Benefit: 47.1%

Oklahoma is well-known for its affordability, but not every nook and cranny of this inexpensive state offers equal retirement purchasing power. If you head deep into Cherokee County within the northeastern portion of the Sooner State, you'll find the extremely economical town of Tahlequah. The little-known local is actually the oldest incorporated town in Oklahoma, formally established in 1843 by the Cherokee National Council. This rural hamlet only has 16,301 year-round inhabitants, making it a perfect retirement getaway for seniors who prioritize peace and quiet. Talequah's quaintness and surrounding natural beauty are perks, but the town's affordability is the real draw.

Living in Tahlequah is 23% more affordable than the national average and 13% cheaper than the state norm. The savings are most prominent in the real estate market, where rentals are 42% lower than the rest of the country. On average, seniors can get by with budgeting $812 for their monthly rentals. Utility rates are also among the cheapest in the country, standing just shy of $100 per month. Reasonable fuel prices of $2.73 per gallon bring the typical monthly cost of transportation to $975.86. All in all, seniors can expect to spend about $975.86 living in Tahlequah, which is only 47.1% of the average Social Security payment, leaving considerable room for savings and even discretionary spending.