12 Best Places To Retire When You’re Broke

Retirement is supposed to be a time of relaxation and enjoyment without worrying about work. But if you’re broke, retirement can be difficult. Cost of living can greatly affect how much money you need to live during retirement. 

If you retire in a location with a higher cost of living, you may not be able to afford the things you want or even the things you need. That’s why choosing an affordable place to retire is so important. However, affordability isn’t the only factor to consider when choosing where to retire. 

Keep reading to see some of the best places to retire if you’re broke, based on access to quality healthcare, retiree taxes, happiness, desirability, housing affordability and overall cost of living.

Harrisburg offers free outdoor activities for retirees, like walking trails along the Susquehanna River, hikes on the Appalachian Trail, and many annual festivals and events. It is also within easy driving distance of Amish country, Gettysburg National Military Park, New York City, Philadelphia, Baltimore and Washington, D.C. The median monthly rent in Harrisburg is $1,019. 

Youngstown is located about an hour away from Pittsburgh and Cleveland. Despite being a former steel city, it is currently undergoing a cultural and economic revival.

The residents of Youngstown are known for their friendly Midwestern hospitality, making it a welcoming place to move to or retire. The median monthly rent in Youngstown is a very affordable $706.

If you’re looking for a coastal city that doesn’t have the high price tag that comes with many locations in Florida, Mobile should be high on your list. Not only are you a short drive to many beaches, but many other activities in Mobile are geared toward seniors.

“For those who dream of coastal retirement without the high price tag, Mobile offers a charming alternative,” says Jeff Mains, founder of Champion Leadership Group. “The cost of living is about 10% lower than the national average, and the housing market is particularly affordable. Mobile’s coastal location supports a leisurely lifestyle with activities like fishing, boating and beach-going, ideal for retirees. The city also hosts numerous festivals and cultural events, fostering a strong sense of community and belonging. Additionally, Alabama’s favorable tax structure, including the absence of an estate or inheritance tax, makes Mobile an attractive retirement spot financially.”

Scranton has a small-town feel and price tag, making it appealing to retirees on a budget. It has a low cost of living and a low crime rate, but it also boasts a downtown with free events, restaurants, boutiques and art galleries. The median monthly rent in Scranton is $834.

If you are searching for a warm place to retire but have a tight budget, Daytona Beach might be the perfect option for you. Although many places in Florida can be quite expensive, Daytona Beach is still relatively affordable, with a median monthly rent of $1,181.

Additionally, the area offers many free or affordable activities, such as fishing, beaches and antique markets, among others.

Fort Wayne has a low cost of living and a quiet lifestyle that is great for retirees on a budget. There are numerous festivals and events throughout the year, and it has a thriving arts and culture community.

Retirees interested in genealogy may enjoy researching their family history at the Allen County Public Library’s extensive Genealogy Center. Seniors can visit the Fort Wayne Museum of Art for free on Thursday evenings or at a discounted rate daily. The median monthly rent in Fort Wayne is $839.

Many people might associate Augusta with the Masters golf tournament, but it’s also a great place for retirees to settle down. Not only is there a great arts and entertainment scene, but there are plenty of outdoor activities to enjoy. 

“Augusta presents a remarkable option for retirees seeking affordability without compromising on lifestyle,” Mains said. “The median home cost is significantly below the national average, which is a boon for retirees looking to downsize or manage housing expenses effectively. Additionally, Georgia’s tax policies are favorable to retirees; there is no tax on Social Security income, and there’s a sizable deduction on other types of retirement income for those 65 and older.”

Retirees who enjoy wine but are living on a limited budget may want to consider retiring in Winston-Salem. The community is located among three North Carolina wine regions. Although the city is traditionally Southern, it has an international feel due to the diversity of cuisines and festivals. The median monthly rent in Winston-Salem is $834.

Toledo’s slogan is “You will do better in Toledo,” which represents how retirees on a budget may live better in Toledo. Toledo is known as the “Glass City” for its ties to the glass-making industry. It has low home prices, with a median monthly rent of $809, and the overall cost of living is also relatively low.

The cost of living in Lakeland is lower than it is in nearby Florida cities like Tampa and Orlando. Lakeland has a balance of small-town living and resort-style amenities. There are public golf courses and state parks so that you can enjoy popular retirement activities while on a budget.

There are also free walking trails, lakes, parks and museums. The median monthly rent in Lakeland is $1,090.

While retiring in a snowy area may not be everyone’s preference, some retirees like or are used to colder climates. Syracuse is located about four hours from New York City and is close to the Finger Lakes, where you can enjoy wineries year-round and lake activities in the summer. The median monthly rent in Syracuse is $905.

Hickory has a moderate climate and mountain views. The area is starting to see more growth from Charlotte, which is just an hour’s drive away. Hickory has a strong art scene, with furniture, textiles and many art galleries. The median monthly rent in Hickory is only $743.