When preparing for retirement, one of the foremost aspects to consider is the amount of Social Security benefits you will receive. Recent statistics indicate that the average retired worker enjoys approximately $2,012.30 per month in Social Security. The adequacy of this amount significantly depends on the geographical area of residence, leading many prospective retirees to explore affordable small towns as viable options.
Here are a few towns where the low cost of living harmonizes well with Social Security benefits, ensuring a comfortable retirement.
Mitchell, South Dakota, has an average rent of $791 and a median home sale price of $228,900. Despite its small population, the town features a lively downtown area, rich historical sites, and ample outdoor recreation opportunities. Residents can enjoy several parks and hiking trails, in addition to more than a few museums like the Mitchell Prehistoric Indian Village and the Dakota Discovery Museum.
For those who bask in sunny weather, Parker, Arizona, offers an ideal retirement spot with average rent at $732 and median home prices around $340,000. This town, home to about 3,000 residents, benefits from food and healthcare costs that are considerably lower than national averages. Outdoor enthusiasts can take advantage of nearby state parks, while golfers may enjoy the local Emerald Canyon Golf Course.
Another charming option is Corning, Iowa. With an average rent of $700 and a median home sale price of $121,000, the cost of living here is appealing, particularly for escaping high expenses often seen on the coasts. This small town, with around 1,500 residents, offers food prices that are 23% lower than average and healthcare costs that are similarly decreased. Those who appreciate nature will find satisfaction in the six miles of trails at Lake Icaria, while history buffs can explore significant local landmarks.
Big Rapids, Michigan, combines community and recreation, with an average rent of $739 and a median home sale price of $200,000. The town fosters social interactivity through its downtown Social District and numerous events tailored for adults, including fitness classes and live performances.
Hot Springs, Arkansas, boasts an average rent of $794 and has a median home sale price of $235,000. Arkansas generally has a cost of living that is lower than the national average, and Hot Springs offers the added allure of natural thermal springs within a national park setting, making it a picturesque retirement location.
In Brentwood, Pennsylvania, retirees will find tranquility in its forested environment. The average rent stands at $668, with a median home sale price of $200,000. Located near Pittsburgh, Brentwood provides small-town charm in proximity to city amenities, striking a balance between simplicity and accessibility.
Fairfield, Ohio, presents an average rent of $1,113, with a median home sale price of $277,450. Though modestly more expensive, the overall cost of living remains 3% below the national average and significantly lower than the state average. Those in Fairfield have access to extensive bike paths and hiking trails throughout Harbin Park, promoting an active lifestyle.
Lastly, Yankton, South Dakota, situated by the Missouri River, has an average rent of $861 and a median home sale price of $292,500. This community provides a serene environment, complete with natural beauty, hiking opportunities, and facilities that cater to outdoor activities.
Ultimately, plotting your financial course for retirement can foster a more relaxed lifestyle. Prospective retirees are encouraged to research and compare housing, utility, transportation, and healthcare costs with their anticipated Social Security benefits. Consulting a retirement planner can provide valuable insights, ensuring that your financial decisions align with your long-term goals and allow for a fulfilling retirement.