In these 28 US cities you can retire with $2,000 a month
Those looking to live solely off Social Security benefits when they retire may have to consider finding a city where their monthly payments will go further.
Just about everyone looks forward to the day when they will be able to call it quits to the nine-to-five grind. While that will give you more time to delve into your hobbies and interests, it will also mean that you won’t have that steady source of revenue and you’ll have to rely on your retirement savings.
However, that may be a problem for some Americans as many haven’t been saving up for retirement. According to one study by Clever, a website that helps people make financial and real estate decisions, only about 12 percent have tucked away the recommended $550,000. On average, retirees only have approximately $170,000 set aside and roughly 37 percent said that they have no retirement savings.
So for those looking to live off Social Security benefits when they retire, they may have to consider finding a city where their monthly payments will go further. The average monthly payment for retired workers was a little over $1,905 as of December 2023 according to the Social Security Administration’s data.
The good news though is that there are over two dozen cities where the average Social Security monthly payment may be enough to get by.
In these 28 US cities you can retire with $2,000 a month
GoBankingRates compiled a list of cities with 10 percent of the population over the age of 65 that were affordable, even for those with a budget of $2,000 or less. Additionally, these locations also scored high on livability according to AreaVibes based on the amenities, crime, cost of living, weather and education.
| Ranking | City | Monthly Expenditures |
|---|---|---|
| 1 | Lake Charles, Louisiana | $1,566.43 |
| 2 | Lansing, Michigan | $1,610.05 |
| 3 | Cincinnati, Ohio | $1,629.13 |
| 4 | Shreveport, Louisiana | $1,637.09 |
| 5 | Jeffersonville, Indiana | $1,657.34 |
| 6 | Midland, Texas | $1,660.82 |
| 7 | Des Moines, Iowa | $1,661.62 |
| 8 | Fargo, North Dakota | $1,680.68 |
| 9 | Clute, Texas | $1,688.09 |
| 10 | Abilene, Texas | $1,692.28 |
| 11 | Greeley, Colorado | $1,699.89 |
| 12 | Fort Wayne, Indiana | $1,700.12 |
| 13 | Parma Heights, Ohio | $1,706.19 |
| 14 | Baytown, Texas | $1,719.93 |
| 15 | Norman, Oklahoma | $1,736.89 |
| 16 | Pasadena, Texas | $1,743.66 |
| 17 | Longview, Texas | $1,746.85 |
| 18 | Bossier City, Louisiana | $1,749.33 |
| 19 | Independence, Missouri | $1,753.79 |
| 20 | Indianapolis, Indiana | $1,765.45 |
| 21 | Sioux Falls, South Dakota | $1,765.49 |
| 22 | Oklahoma City, Oklahoma | $1,774.30 |
| 23 | Victoria, Texas | $1,779.17 |
| 24 | San Angelo, Texas | $1,806.59 |
| 25 | Bellevue, Nebraska | $1,830.31 |
| 26 | Sherman, Texas | $1,840.40 |
| 27 | Omaha, Nebraska | $1,850.77 |
| 28 | Lincoln, Nebraska | $1,880.92 |
The most expensive cities to retire in the US
The number one expense for Americans is housing. In none of the above cities did the 2022 average monthly rent for a one bedroom apartment exceed $910. However, at the other end of the spectrum, the average rent on the lowest of the top ten most expensive cities to retire in was nearly double that amount. With the exception of Washington DC, Honolulu, Hawaii and Seattle, Washington, all the remaining cities with the most expensive rents were in California.