There’s no way around it, retirement (for the middle-income retiree) isn’t what it used to be. Although a self- made millionaire may be able to get through retirement relatively unscathed, without any major disruption in standard of living, recent polls indicate that half of the Americans in the U.S. risk retiring broke. In fact, according to a recent report by Go Banking Rates, 42% of Americans have less than $10,000 put away for retirement.

Why are Americans so broke?

A news report says, “A serious lack of planning coupled with a longer life expectancy has destroyed any retirement dreams.” For retirees with little or no savings, there is a serious problem resulting from the inability to invest, or plan for retirement, coupled with the fact that people are living longer today than ever.

The poll involved the Millennials (born between 1982 and 2004), but older Americans also voiced concerns, expressing that they were not very optimistic about their financial prospects in the retirement years (according to a study conducted by United Income).

The top reasons people cited for not saving enough for retirement was not earning enough to be able to save and struggling to pay bills. In February 2018 (a personal finance website) polled over 1,000 people, asking why they aren’t saving enough for retirement, here are the results:

  • 40%-I don’t make enough money
  • 24.9%-I’m struggling to pay bills
  • 10.3 %-I won’t need retirement savings
  • 9.9%- I used my retirement savings for an emergency
  • 9.2%-My job doesn’t offer a retirement plan
  • 5.7%-I’m prioritizing paying off debt

If you are one of the 47% of Americans who are facing retirement, without much of a nest egg to fall back on, you may consider moving to a city where your dollar can go the farthest.

Finding an Affordable Alternative in Retirement

In a recent evaluation conducted by of the best cities to retire in, affordability was a top consideration. Other factors in the 50 cities that were evaluated for best livability for retirees, included health care availability, taxes, cost of living, senior wellbeing and friend factor (the number of people aged 65 and older), culture (the arts) and public transportation. Believe it or not, Pittsburg, PA came out on top. Pittsburg may not have the warm climate and relaxing beaches you dreamed of for your retirement years, but it does offer low crime, great health care, and affordability. Pittsburg, the former steel production mecca, is a tech industry powerhouse today, and it offers some of the best health care in the country, at the University of Pittsburgh.

5 Top Ranking Retirement Cities

A recent analysis conducted by Fidelity Investments found that a retired couple, aged 65, will need $275,000 (up 6% from the year before) to cover their health care costs during the duration of their retirement years; therefore, affordability of health care is a very important factor when planning for retirement. All the top 5 cities on the list offered affordable health care (except L.A.). Here is the list of the cities in the U.S. that made the top 5 list for best places to retire:

1. Pittsburgh (ranked low for good weather)

2. Boston

3. Los Angeles (ranked low in health care costs, but high for year-round sunny weather)

4. Denver

5. Providence, Rhode Island

“Think about where you’ll get the best health care, where your dollars will go the furthest, [and] really be rational,” Tepper said. “Don’t think, ‘I’ve been working for 35 years and I’m ready for the beach,'” says Financial Analysist from, Taylor Tepper.


1. Dickler, J. (2018, March). Personal Finance. CNBC.

2. S. (2017, November) Retire Well. CNBC.