This Coastal Alabama town is the best place to retire on a limited budget

Finances are on the minds of many Americans, and as inflation continues rising—many of us may be worried about our retirement prospects. Well, we’re in luck, the best place to retire without any savings is right here in Alabama. And it’s close to the beach, to boot. Keep reading + I’ll introduce you to Foley, Alabama.

Looking at the numbers

So this retirement study was done by CNBC + GoBankingRate. Writers there noted that, while many Americans may plan to retire by the time they’re 65—not many have enough money saved up. That inspired them to look into data from the U.S. Census Bureau, the Tax Foundation + the Bureau of Labor Statistics to determine where a pensioner can get the most bang for their buck.

Here are the factors writers used to determine the best place to retire

• Percentage of population over 65
• Average 2023 home value
• Whether Social Security benefits are taxed
• Average cost of groceries per year
• Average cost of healthcare costs per year

Why is Foley #1?

Of the 5 locations, three were in Arkansas, one was in Florida and the last one is right here in the Yellowhammer State.

When looking at the data, I first wondered why Foley got the top spot. It didn’t have the cheapest home value, it didn’t have the most retirees, and it definitely didn’t have the cheapest healthcare. But what it did have is the perfect balance of all these factors. Plus—it’s close to the beach!

This is how Foley stacked up:

Percentage of population 65 and older: 31%

Average 2023 home value: $296,232

Social Security benefits taxed: No

Average annual grocery costs: $4,326

Average annual health-care costs: $8,120

Cheyenne DeVon, CNBC

What’s going on in Foley?

If you want to make the trip down to Foley + see it for yourself, here are a few highlights:

• Downtown OWA + Tropic Falls: the state’s largest indoor waterpark + an adorable, walkable downtown full of shops + restaurants
• Coastal Alabama Farmers + Fishermens Market: a Saturday morning staple with locally-grown produce, freshly butchered meats + unique vendors
• Foley Railroad Museum + Model Train Exhibit

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