The best US cities to retire on Social Security alone
If you are retired and relying only your Social Security check as your source of income, these are the top five cities where your money can go the furthest.
When it comes to retiring on Social Security alone, finding a city with a lower cost of living is crucial. Taking into account the monthly income of a retiree in the US, here are four of the best cities in the country to live solely on the Social Security check, according to figures from the financial blog Insider Monkey.
The affordability of a city can vary based on individual circumstances and lifestyle choices. It’s always a good idea to do your own research and consider your own budget when deciding when and where to retire.
Pittsburgh is the place to be for retirees. According to Insider Monkey, rents in this city are 61.4% cheaper than in New York, while the overall cost of living is 19.1% cheaper. In addition, the average cost of assisted living care for seniors is $3,250, which is below the national average of $4,100.
Another plus for retirees is that the state does not tax Social Security income or retirement account payments.
Cleveland has costs of living 6% lower than the national average. Median rent ranges between $959 and $2,075, which means that housing is 17% more affordable than the national average. Plus, groceries and clothing are also 4% cheaper overall.
The cost of living in Lincoln is 8% lower than the national average. However, retirees should note that the state does not provide any deductions or exemptions on income from retirement, except military retirement income.
According to Insider Monkey, this city is home to more than 38 retirement communities, making it a favorite for seniors as it has many attractions and recreational activities for the elderly. Overall, Madison offers a good quality of life and medical care; however, housing costs have been increasing in recent months.