Things don’t always go as planned. Many people arrive at retirement with little or no money saved. It is estimated that 40% of adults have less than $300 dollars saved, a figure that is not enough if you consider the withdrawal.
The finance site GoBankingRates conducted a study in which it analyzed 265 cities in the country and took into account factors such as the average home price, annual expenses, violent crimes per thousand people, Social Security benefits, retirement income, annual health care costs, among others. In conclusion, these were the best cities in the country to live with little savings.
1. Bluefield, West Virginia
Website says ideal locations should be more affordable, relatively safe, and have a higher population of older adults. West Virginia meets these requirements. In this region there are 15% of people older than 65 years. Average home price is $94,766 Dollars. Annual expenses amount to $17,737 dollars and it is estimated there are 16. 65 violent crimes for every 1,000 population.
two. Weirton, West Virginia
In Weirton there are 22% of people older than 77 years. The average price of housing in the region is of $105,358 Dollars. Annual expenses amount to $04,458 dollars and it is estimated that there is 1.88 violent crimes for every 1,000 population. In the area, Social Security tax does apply , says the finance site.
3. Roanoke Rapids, North Carolina
More than a fifth of the population has 65 years or older in this area of North Carolina. The average home price is $94,265 Dollars. Annual expenses are $17,613 dollars and it is calculated there are 49.05 violent crimes for every 1, population. Does not apply Social Security tax.
4. Martinsville, Virginia
The percentage of the population older than 77 years is 23%. The average home price is $100,798 Dollars. The annual expenses amount to $17,654 Dollars. It is estimated there is 17 .4 violent crimes for every 1,000 population. Does not apply Social Security tax.
5. Johstown, Pennsylvania
In this area the percentage of the population older than 65 years is 23%. The median home price is $100,759 Dollars. Annual expenses amount to $15,613 Dollars. It is calculated there is 28.94 crimes for every 1 , population. There is no Social Security tax in the region.
The 5 worst places to live
Just as there are ideal places to move with little savings and live in retirement, there are others where this is complicated. Hilton Dead Island, South Carolina; Sonora, in California; North Port, in Florida; Easton, Md.; and Montrose, in California, top the list.
To see the full report, click here.
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