The mid-size city of Akron in Ohiohas ranked as the best place for retirees on a budget of $2,500 per month, thanks to low living costs and a good quality of life, researchers say.
A study by personal finance site GOBankingRates also found that five cities in Texas also ranked among the 15 best places for bargain-hunters to retire — Memphis, Amherst, Borger, Robstown, and Pampa.
Researchers assessed how much money typical residents spend on mortgages and household costs each month, as well as how 'livable' they are in terms of public transport and other amenities.
The survey comes after a rocky year for stock markets, and millions of Americans have seen their 401(k) plans and other savings hit just as they were readying for their golden handshake.
Many retirees have seen their 401(k) plans crater and would like to trim their monthly outgoings to less than $2,500
Cities in Ohio, Texas, and Pennsylvania dominate the list of 15 cheap retirement destinations
Over the Thanksgiving Day weekend, web users posted savings tips. Mary Frost, a California-based financial advisor, said many Americans were nearing retirement and 'fearing the looming recession.'
She urged them to ensure their savings would last over the coming decades.
Another user, who goes by Florida Renegade, blamed President Joe Biden for an economy with '40-year-high inflation, massive losses across 401(k) retirement plans and pension funds.'
According to GOBankingRates, those worried about going broke in their golden years can consider relocating to a cheaper city, where their savings will stretch a lot further.
'It's important to know that your budget will cover your expenses and give you peace of mind,' they said in a report accompanying the study.
'When choosing where to live, it's important to consider the cost of housing, groceries, healthcare, and overall livability.'
Akron, Ohio, the home of CSI actress Melina Kanakaredes, is ranked as the top retirement destination.
Retirees can expect to spend $2,361 each month on their mortgage and other expenses in this city of some 200,000 people, researchers said.
While not as cheap as some others in the study, Akron scores well for its public transit system, low crimerates, health care system and other amenities that improve everyday living.
Akron, Ohio, topped the list of cities where retirement savings go further
The skyline overJackson, Mississippi, which made it into the top 15
Pampas, a small city in the Texas Panhandle area, comes second.
Mortgages are cheap in this city of nearly 17,000 people, in the oil-producing, wheat-growing, and cattle-raising region northeast of Amarillo, the report says.
Robstown, on the other side of the Lone Star state, came third.
The bedroom community of some 10,000 people west of Corpus Christie, has a low typical monthly mortgage of $553, and other monthly necessities adding up to $1,791.
Other cities to rank in the top 15 included Alliance, Steubenville, and Cleveland, in Ohio, and the Pennsylvania cities of Altoona, New Castle, and Johnstown.
Riverview, in Missouri, Freeport, in Illinois, and Jackson, in Mississippi, also made the cut.
Researchers used data for the study from the U.S. Census Bureau American Consumer Survey, the Federal Reserve, property website Zillow, and the livability index devised by AreaVibes.
It comes after a study earlier this year said Floridahas officially been usurped as America's retirement capital after locals complained they had been priced out of the Sunshine State.
Research by finance firm Wallet Hubfound that Virginia is now the best state to retire to due to its relative affordability and accessible healthcare.
Florida has officially been usurped as America's retirement capital by Virginia after locals complained they had been priced out of the Sunshine State
The study still ranked Florida in second place — though it marked a downgrade from its top position last year.
It was followed by Colorado, Wyoming, Delaware, New Hampshire, South Dakota, Minnesota, Idaho and North Dakota.
The study assessed affordability, quality of life and access to health care and ranked them across 50 states.
Researchers factored in data from various agencies including the U.S Census Bureau, the Centers for Disease Control and Prevention and the Council for Community and Economic Research.
Virginia came out average in all three areas — ranking 16th for affordability and 11th for both quality of life and healthcare.
But its consistency across the categories meant it won the top spot altogether.
Meanwhile Florida ranked 9th place for affordability, 4th for quality of life — but was let down for its 28th ranking for healthcare.
The worst-ranking state was Kentucky, which scored poorly in each category.
It was followed by New Jersey and Mississippi — the latter scored last place for quality of life.
