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.
Fargo, North Dakota
Average Monthly Costs: $1,345.84…