Retirees with very little or no savings can have their lifestyle extremely disrupted by housing costs, healthcare, utilities, groceries, taxes, and even climate change after they leave the workforce. While there are ways you can get by without significant savings, where you choose to spend your retirement years can strongly influence that possibility. For example, there are cities in the U.S. where retirees can live on Social Security alone, and if you’re a more adventurous soul, you may find several great places to retire outside of the U.S. that are much easier on your bank account.
According to an April 2024 AARP survey, around 20% of Americans aged 50 and older have absolutely no savings for their retirement, while 61% said they had concerns over their ability to support themselves in retirement. Notably, one of the key findings of the Department of Housing and Urban Development’s (HUD) 2024 Homelessness Assessment Report found that around 20% of people who experienced houselessness for at least one night in 2024 were between 55 and 64 years old. While that experience might not be in the immediate future for every retiree without savings, opting to live in any of these areas could make the notion of comfortable retirement especially far-fetched.
Ridge, New York
Retiring in New York can cost you no matter where in the state you live, but GoBankingRates’ analysis of Zillow, Census Bureau, and Tax Foundation data found that retirement costs in Ridge, New York, are particularly high. As of September 2025, homes in Ridge are valued at $561,406. Seeing as the Federal Reserve Bank of St. Louis reports the average sales price of homes in the U.S. is $512,800, housing in Ridge costs well above the national average. Homeowners take even more of a hit during tax season, as GoBankingRates reports property taxes in the area are 1.26% — considerably higher than the national average rate of 0.86% reported by Realtor.com. Renting in the area isn’t much more affordable, as Zillow places the average rent in Ridge at over $800 more than the national average of $1,995.
According to Move.org’s analysis of data provided by the Economic Policy Institute (EPI), the U.S. Department of Agriculture, and the Bureau of Labor Statistics (BLS), the average cost of groceries in the U.S. is $370 per month per person. Meanwhile, the EPI itself reports that a month’s worth of food for a single person costs almost $400 in the Ridge area. Factoring in all these day-to-day living expenses, it seems unlikely that anyone in the 34.5% of the Ridge population that’s retirement age is getting by without some degree of retirement savings.
Charleston, South Carolina
In Charleston, South Carolina, Zillow reports the average rent for a one-bedroom apartment will cost $2,750 per month, almost $800 higher than the national average. Similarly, Redfin reports the median sale price of a Charleston home is $640,000, dwarfing much of the rest of the country’s pricing by comparison…