Saving enough to retire isn't always easy, and neither is living for years on what you've managed to save. A recent GOBankingRates survey found that 42 percent of Americans currently have less than $10,000 saved for retirement. Meanwhile, those aged 65 and older spend an average of almost $46,000 a year, reports the U.S. Bureau of Labor Statistics.
If you monitor your spending carefully, however, and retire in a place where the cost of living is low, it's easier to get more for your money. To find the most affordable places to retire in America, GOBankingRates "used cost-of-living indices from Sperling's Best Places to compare the cost of housing, groceries, transportation, utilities and health in 150 U.S. cities."
The researchers then used that data, along with U.S. Bureau of Labor Statistics data on average annual expenditures for adults 65 and older, to predict annual expenses in each city, and narrow the list down to 50.
In Saint Petersburg, Florida, the priciest place to retire on the list, total annual expenses are $43,513, annual housing costs are $16,188 and annual health care costs are $9,650. In Birmingham, Alabama, the most affordable place to retire, by comparison, annual expenses are more than $22,000 cheaper.
Based on the data, here are the five most affordable places to retire in America.