With 40 percent of American adults having less than $300 saved, it’s critical these days that retirees find a place to live that they can afford, writes Cameron Huddleston and Amber Barkley for GoBankingRates.
And while there are places in the United States that can offer a comfortable retirement without a lot saved, one popular local vacation spot, Ocean City, New Jersey, isn’t among them.
The resort town placed 7th on a national list of the 10 worst places to retire without savings.
GOBankingRates looked at cities with large population of adults 65 and older, then compared 2023 home value and property tax, state taxes on Social Security, and annual costs for homemaker services, home health aides, groceries healthcare, utilities, transportation and necessities.
Those results showed the 10 best and 10 worst places to retire.
About 34.2 percent of Ocean City’s population are 65 and older.
The average 2023 home value there was $1,193,688, with an average property tax of 2.21 percent.
New Jersey does not tax Social Security benefits. As to annual costs, homemaker services run about $66,352. Home health aides are $68, 526. Groceries run you $5,137.57, healthcare costs $6,847.22, utilities will run you $4,383, transportation is $4,004.53, and annual necessity costs are $20,371.
See the entire list of best and worst places to retire in GOBankingRates.
