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.

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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.

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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.

More: No 401(k)? No problem. You can still save for retirement

More: Chart shows you at what age you’ll become a millionaire

More: Where should you retire? These 5 factors will help you decide

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