Live for under $40,000 a year:
Many baby boomers who haven’t saved enough to retire well are contemplating delaying retirement. But if working into your 70s isn’t possible (or appealing), moving to a place with a much lower cost of living can help stretch your retirement savings and finance a better quality of life.
A retirement income of $40,000 per year certainly won’t go very far in Honolulu or Miami, but there are plenty of other places where it can fund a comfortable retirement lifestyle. If you’re willing to relocate to a place with a low cost of living and affordable housing, this modest retirement income could give you access to interesting activities and top-notch medical care.
Producing a retirement income of $40,000 is a realistic goal for many retired couples, even those without a traditional pension. The average monthly Social Security benefit for a retired worker was about $1,230 at the beginning of 2012. For a married couple each receiving the average amount, that’s a retirement income of just under $30,000 per year. Add to that a modest nest egg of $250,000, and that could bring your retirement income to around $40,000 per year, depending on how the money is invested, your draw down strategy, and the inflation rate.
US News and World report did an excellent job whittling down this list of retirement places. But just what are Cheapest Towns to Retire To? US News and World report looked at low housing costs, and the best amenities for seniors.
Here are their picks of towns to retire to with links to the office city websites:
- Albuquerque, New Mexico
- Augusta, Georgia
- Columbia, South Carolina
- Jackson, Mississippi
- Knoxville, Tenn
- Little Rock, Arkansas
- Louisville, Kentucky
- Pittsburgh, Pa.
- St Louis, Missouri
- San Antonio Texas
Not not a Florida town in the list. Florida may be a victim of retirement success!
( Don’t believe everything you read)