If you've got little to nothing saved for retirement, you may want to consider how you'll learn how to live on less during your retirement years.
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 ""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.
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.
Here are the top five places in the U.S. to retire if you have little to no savings, according to GOBankingRates.Social Security benefits taxed: No2. Mountain Home, ArkansasSocial Security benefits taxed: No3. Hot Springs Village, ArkansasSocial Security benefits taxed: No4. The Villages, FloridaSocial Security benefits taxed: No5.
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,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.
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