The 10 best places in the US to retire on $100 a day by Emily Brandon on Oct 13, 2015, 1:01 PM Advertisement
 You can retire sooner or with less savings if you are willing to significantly cut your expenses. One way to quickly lower your retirement costs is to move to a place with a low cost of living. Reducing your housing costs can add to your retirement savings and make your ongoing bills more affordable. "Downsizing to a less expensive, more manageable house has numerous benefits," says Paul Staib, a certified financial planner for Staib Financial Planning in Aurora, Colorado. "You could use the proceeds from the sale of your current home to add to your retirement savings, thereby providing a bigger source of retirement income, while significantly potentially cutting other housing-related costs, including property taxes, insurance, utilities and ongoing maintenance and management costs." U.S. News analyzed U.S. Census Bureau and Bureau of Labor Statistics data to determine where a retiree could cover his or her basic expenses, including typical costs for housing, food, transportation, health care and utilities, with less than $100 per day, or $36,500 per year, in retirement income. It's important to note that in many of these cities $100 a day just barely covered these five basic expenses. The analysis does not factor in the costs for recreation, clothing, consumer goods, hobbies or travel. A little extra income from savings or a part-time job would make you much more comfortable living in many of these places. Housing costs are the biggest driver of retirement expenses, but they also vary considerably based on whether retirees rent, own or have paid off their mortgage, with homeowners who are living mortgage-free paying the lowest housing costs. "You can't eliminate housing costs 100% because you still have property taxes to pay and insurance, but you could live with less if you find someplace that is cheaper for you to live or if you can get rid of your mortgage," says Edward Fulbright, a certified public accountant and CEO of Fulbright Financial Consulting in Durham, North Carolina. It's also important to factor in the transaction and moving costs when you relocate to a new city. Here are 10 places where it's possible to cover basic monthly costs on just $100 a day: SEE ALSO: How much you should save to retire in New York City, San Francisco, and 8 other expensive US cities Aurora, Colorado  Aurora has 97 parks and over 5,000 acres of open space for hiking, biking and fishing. The Aurora Center for Active Adults has exercise equipment and fitness classes that Aurora resident seniors can use for as little as $18 per month, with further discounts available if you purchase your membership as a retired couple. The city also has a day trip program for retirees that provides low-cost excursions that might include transportation to a local hike, sporting event, concert or tour. Health care is available at the University of Colorado Hospital. Housing costs for retirees are $1,623 with a mortgage, $904 for renters and just $440 monthly with a paid-off house.
Cleveland, Ohio  Located on the shore of Lake Erie, Cleveland's reasonable housing prices for retirees include a median of $1,278 monthly with a mortgage, $652 per month if you rent and $478 each month if you own a paid-off house. And the bargain housing costs get you a high quality of life. The Cleveland Clinic is a top-ranked hospital for geriatric care. Music lovers will delight in attending events at the Rock and Roll Hall of Fame or the many free concerts at the Cleveland Institute of Music. And Case Western Reserve University has an audit program for senior citizens that permits those age 65 and older to take courses at a reduced tuition rate of $40 per credit hour.
Dallas, Texas  This city in the Lone Star State has many innovative programs specifically for retirees. The Senior Source manages the Retired Senior Volunteer Program, which helps connect seniors to volunteer opportunities that match their desires and talents. The Dallas Arboretum and Botanical Garden holds weekly events specifically for people ages 65 and older and offers a senior discount on admission. And the University of Texas Southwestern Medical Center is nationally ranked for its geriatric care. Retiree renters in Dallas pay a median of $911 per month, while homeowners pay $1,544 monthly if they have a mortgage or $518 per month if they are mortgage-free. Texas doesn't have a state income tax, but remember to factor in the property tax bill when purchasing a home.
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