Top 10 cheapest cities to retire in the U.S.
If, like most Americans, your retirement savings is falling short, pack your bags. You'll be better off living in Birmingham, Ala., Detroit or Memphis.
Using criteria such as groceries, housing, utilities, transportation and health care, GoBankingRates found the cheapest places to retire in the country's 150 biggest cities.
At the foothills of the Appalachian Mountains, Birmingham was the least expensive place to live out your golden years, the personal finance website said, thanks to low healthcare and transportation costs in addition to affordable housing.
Overall, Americans are increasingly optimistic about their financial future, according to a separate report by Allianz Life.
Nearly three-quarters of Baby Boomers said they feel financially prepared for retirement, the study said.
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Still, Boomers have a median retirement savings of just $175,000 while only a third have more than $250,000, Allianz said. (Even a quarter of a million would only last a little over six years in Alabama or Michigan, according to GoBankingRates.)
To make matters worse, 63% of Americans fear running out of money in retirement more than death.
Top 10 cheapest places to retire in U.S.
10. Montgomery, Ala.
Annual expenditures: $36,971
Annually spent on ...
Housing: $7,149
Groceries: $3,500
Transportation: $6,746
Utilities: $3,796
Health: $5,335
9. Akron, Ohio
Annual expenditures: $36,147
Annually spent on ...
Housing: $5,401
Groceries: $3,767
Transportation: $7,291
Utilities: $3,442
Health: $5,514
8. Cleveland
Annual expenditures: $36,056
Annually spent on ...
Housing: $4,448
Groceries: $3,821
Transportation: $6,746
Utilities: $3,513
Health: $6,474
7. Augusta, Ga.
Annual expenditures: $35,781
Annually spent on ...
Housing: $6,672
Groceries: $3,385
Transportation: $6,337
Utilities: $3,477
Health: $5,574
6. Brownsville, Texas
Annual expenditures: $35,461
Annually spent on ...
Housing: $6,513
Groceries: $3,178
Transportation: $6,746
Utilities: $3,477
Health: $5,694
5. Toledo, Ohio
Annual expenditures: $35,095
Annually spent on ...
Housing: $4,925
Groceries: $3,375
Transportation: $6,814
Utilities: $3,513
Health: $6,174
4. Memphis
Annual expenditures: $33,859
Annually spent on ...
Housing: $6,354
Groceries: $3,221
Transportation: $6,133
Utilities: $3,016
Health: $5,694
3. Jackson, Miss.
Annual expenditures: $33,676
Annually spent on ...
Housing: $4,925
Groceries: $3,135
Transportation: $6,541
Utilities: $3,796
Health: $5,514
2. Detroit
Annual expenditures: $33,356
Annually spent on ...
Housing: $3,177
Groceries: $3,403
Transportation: $6,950
Utilities: $3,654
Health: $5,994
1. Birmingham, Ala.
Annual expenditures: $33,219
Annually spent on ...
Housing: $5,242
Groceries: $3,285
Transportation: $5,860
Utilities: $3,619
Health: $4,915