No work, a comfortable lifestyle, and absolute serenity — these are aspirations that come to mind when thinking about retirement, and finding that trifecta to exist in harmony might be like searching for a needle in a haystack, especially if you’re not financially prepared. However, some states are better to retire in than others in the U.S. Experts in a GoBankingRates study found that Hot Springs Village, Arkansas, is the best place to retire if you don’t have savings. This retirement haven is just an hour west of Little Rock or a 20-minute drive from Hot Springs National Park, located in one of America’s most unique and popular cities.
Most Americans save less than $300 for retirement, meaning they will have to rely on social security checks. The GoBankingRates study shows that Hot Springs Village checks the boxes for affordable living while also providing a fulfilling last quarter of “the game,” from the amount of money you need for essentials to the number of residents over the age of 60. So, enjoy the money you’re making now (responsibly, of course) because when it’s finally time to hang up the jersey on your career, you’ll have options.
Why Hot Springs Village is the best place to retire
Picture this: You’re sipping on an iced tea while sitting on your lawn chair before a tranquil lakefront view with hues of pink and orange skies painting the background…oh yeah, and you’re not working! It almost sounds like a dream, and for many retirees in Hot Springs Village, it’s a reality. To rank the best, most affordable places to retire, the GoBankingRate study looked at information from the U.S. Census Bureau, the Tax Foundation, Zillow, and the Bureau of Labor Statistics Consumer Expenditure, analyzing 100 towns or cities that had a high population of people 65 years old and up.
According to the findings, 61% of residents in Hot Springs Village are 65 years old or older, their social security benefits are not taxed, and annual necessities cost around $21,114. This is less than triple what the average American household spends a year, which is $77,280 per the Motley Fool Money. Furthermore, the average median sold home price in the adorable city is $290,000 (via Realtor), so your lakeview real estate dreams are not only possible but also affordable.
Things to do in Hot Springs Village
