The Best Places to Retire on $75 a Day

You can live well on a small amount of savings in these affordable cities.

Retired couple walking in a park during fall (with Best Places to Retire badge)
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[See: The 10 Best Places to Launch a Retirement Career.]

Little Rock, Ark.

Little Rock's Riverfront Park provides 33 acres of parkland along the Arkansas River. Other free things to do include visiting the Arkansas Arts Center and the Historic Arkansas Museum. Retirees who rent pay a median of $627 monthly to live here. Senior homeowners pay a median of $1,064 monthly or $355 without a mortgage. "It's definitely a lot cheaper to live here in Little Rock on the same amount of income than it would be in San Jose," says Cynthia Conger, president of Conger Wealth Management in Little Rock. "An $800,000 home in California would be equivalent to a home that costs $200,000 or less here."

Louisville, Ky.

For a median of just $1,052 in monthly mortgage payments or $595 in rent, you could retire in the hometown of the Kentucky Derby. Costs are even lower – a median of $375 monthly – for people age 60 and older who have paid off their mortgages. Louisville's museum row has institutions dedicated to history, sports, art and science where retirees could spend a relaxing afternoon or find interesting volunteer opportunities. And Kentucky residents age 65 and older can take classes at the University of Louisville tuition free.

Pittsburgh

Pittsburgh's many professional teams make this city a sports fan's paradise. "I see almost every sport there is around," says Phil Coyne, 95, a retired machine shop worker who now ushers at 60 to 70 Pirates games each year. "I never miss a game. I try not to." There is also a ballet, symphony and enough museums to occupy everyone who prefers other forms of culture. People age 65 and older ride free on the bus, T or Monongahela Incline, thanks to a program paid for by Pennsylvania Lottery proceeds. Another perk of the city includes access to the UPMC-University of Pittsburgh Medical Center, which is ranked 9th in the nation in geriatrics. Monthly housing prices for seniors are just $1,072 for retirees with mortgages, $422 among people with paid-off houses and $608 for renters.

San Antonio

There is no state income tax in Texas, and housing is often more affordable than in other parts of the county. Renters age 60 and older paid $671 monthly in 2012. Older homeowners paid a median of $1,184 each month toward their mortgages, which drops to $395 among those without housing debt. But watch out for the property taxes. "We do not have a state income tax, so a lot of the income is derived from property tax, which generally is going to be higher," says John Eaton, a certified financial planner for Cypress Wealth Advisors in San Antonio. "We have a very low cost of living, but if you come here and buy similar-cost housing, your taxes could be much higher."

[See: Best Places to Retire for Longevity.]

Syracuse, N.Y.

While summer and fall can be beautiful in upstate New York, Syracuse is famous for its prolific snowfall, which pelts the city each winter. Snow removal and heating bills can be significant. What you won't worry about are other aspects of the cost of living, which are among the lowest in the county. Renters age 60 and older pay a median of $641 monthly, and homeowners pay $1,119 with a mortgage or $472 monthly once they have paid it off. Once you no longer need to worry about getting to work in the morning, you're free to have a second cup of coffee, look out your window at the pillowy snow drifts and think about all the money you're saving by not retiring in a more expensive area.