This article looks at the best place to live with just a Social Security check. If you’re looking for more options to consider for your golden years, check them all out 20 Best Places to Live on Just a Social Security Check.
About Maximizing Social Security
The Seniors League’s estimates are for the next COLA scheduled for 2025, and it looks like retirees will be in for some bad news. Based on current Consumer Price Index inflation data, it is estimated that the COLA for 2025 will be just 2.66%, the lowest since 2020.
“With a 2.66% COLA forecast for 2025, it appears that seniors will continue to experience financial insecurity both next year and this year.” -Shannon Benton, executive director of the Senior Citizens League
Exactly how much COLA seniors will receive is based on an official announcement made by the Social Security Administration in October. This means retirees have to wait a few more months before they find out exactly how much COLA they will receive next year. However, it appears that retirees are not faring well when it comes to surviving the so-called golden years. No wonder the CEO of BlackRock, Inc. (NYSE:BLK) notes that the U.S. retirement system has entered a deep crisis and must be fixed immediately.
“Today in America, the message of reform that government and business convey to their workers is effectively: ‘You’re on your own’… And before my generation disappears completely from corporate and political leadership positions, we must change that.” – Larry Fink, CEO of BlackRock, Inc.
Those who can only count on Social Security should know that retirees can apply for Social Security at age 62. However, those who do so receive a fine of up to 30% of the amount they would receive at full retirement age. . Delaying claims for benefits beyond retirement age until age 70 ensures you receive the maximum benefit amount. This amount was $4,873 in 2024. Unfortunately, not all seniors have the health or resources to wait that long. Nor do they have other important sources of retirement income to survive until the time comes when they begin receiving maximum Social Security benefits.
To make the most of what little they have in their retirement accounts and through Social Security checks, retirees often look to the cheapest places to live on Social Security. Our previous study highlighted some of the best states to live on Social Security, with the top five being Mississippi, Wyoming, West Virginia, Iowa and Georgia. Retirees can start by choosing locations in these states to boost their retirement income a little more. While Social Security is not intended to be your entire source of income, this is a sad reality for most seniors across the country. Living on Social Security alone can be difficult, but seniors are making it possible by retiring to some of the cheapest places to retire in the US. Until there is a solution to this crisis, relocation appears to be a solid solution for many.
In other news, BlackRock, Inc. (NYSE:BLK) has apparently introduced a new product for imminent retirement called LifePath Paycheck. This product strives to provide a predictable, salary-like income stream that will aim to improve the lives of seniors. The first record holders to facilitate access to this product are Fidelity Investments and Bank of America. BlackRock has also worked closely with insurance companies Equitable Holdings, Inc. (NYSE:EQH) and Brighthouse Financial, Inc.
“The mission of Equitable Holdings, Inc. (NYSE:EQH) is to help our customers ensure their financial well-being so they can live long, fulfilling lives.” Adding secure income through defined contribution plans presents a profound opportunity for expansion in delivering our mission. We feel privileged to support BlackRock on its LifePath Paycheck solution as it helps the record number of Americans reaching traditional retirement age reduce the risk of outliving their savings.” – Aaron Sarfatti, Chief Strategy Officer and Head of Institutional Business and New Ventures at Equitable Holdings, Inc. (NYSE:EQH) “Brighthouse Financial, Inc. offers ways to access lifetime retirement income. The launch of LifePath Paycheck is an important step toward addressing the retirement challenges facing America, and we are pleased to work with BlackRock on this solution.” -Eric Steigerwalt, President and CEO, Brighthouse Financial, Inc.
Methodology
To compile the list of best places to live with just a Social Security check, we start by listing a comprehensive list of affordable places with high livability scores. Our sources included previous lists such as best places to live with a social security check, external sources like CNBC, Money Talk News, and forums like Reddit and Quora. We rank locations in terms of average rents, livability scores, and cost of living index. An Insider Monkey score was calculated and places were ranked in ascending order from lowest to highest score. Rents come from sites like Apartments.com and Zumper, and livability scores are from Area Vibes.
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Here they are Best place to live on just a Social Security check:
1. Abilene, Texas
Inner Monkey Score: 57
Cost of Living Index: 80.2
Average rent (1 bedroom): $778
Livability Score: 73
Based on our methodology, the best place to live on just a Social Security check is Abilene, Texas. Your SS checks are going further here in vibrant Texas. Home to nearly 127,000 people, Abilene promises all the amenities of a big city to its residents while preserving its rich heritage and hometown feel.
The average price of a home in Abilene is $235,000, while renting can cost less than $1,000. This will leave them with enough income to spend on other essentials such as groceries and utilities. Overall, the cost of living in the city is 19.8% lower than the national average, and the city also has an exceptional livability score.
Abilene also boasts a historic Downtown Cultural District, which is a dynamic mix of educational museums, urban parks and unique boutiques, as well as numerous restaurants, shops and hotels. Home to the largest collection of public storybook sculptures of its kind in the US, it’s worth calling the Storybook Capital of America in its golden years.
To check the free complete list you must read 20 Best Places to Live for Just a Social Security Check.
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Disclosure: None. This article was originally published in Inner Monkey.
