Creating space in your budget to save and spend is difficult for many people. According to the latest survey conducted by GOBankingRates, 40 percent of Americans had less than $300 in assets.
Many Americans may face a retirement in which their main source of income will be a monthly check from the Social Security Administration due to this situation.
Living on a limited income, on the other hand, does not imply that you will be denied the opportunity to have a fulfilling retirement.
If you look in the correct places, you can find that you can stretch your budget and further spend your golden years doing things you like. GOBankingRates conducted research to identify American towns where you may genuinely retire on a budget of $1,500 per month to assist you in finding such a location.
Customers’ spending information from the Bureau of Labor Statistics was used with the cost-of-living index from Sperling’s Best Places to calculate the ordinary cost of living in the chosen location for this research.
Each city’s median one-bedroom serviced apartment rate was obtained from ApartmentList in addition to other sources.
All of the locations that scored below a particular level of livability on AreaVibes or had a lower than average percentage of seniors were excluded, leaving just the ones that offered the greatest mix of bills under $1,500 and good livability for seniors.
Lansing, Michigan
- Total monthly expenditures: $1,485.48
- Livability score: 65
Lansing, Michigan’s state capital, has the highest average monthly rent at $701, making it the most expensive city on the list. While the average monthly cost of food in this city is $308.45, it ranks second among the cities covered in this study.
Lawton, Oklahoma
- Total monthly wages: $1,483.75
- Livability score: 66
Retirement residents in Lawton should desire to pay a lot of money on healthcare. The average monthly cost of $660.52 is more than the average monthly rent of $519, which is more reasonable.
Grocery expenditures are the lowest in the survey, with an average of $304.73 per month in the city of around 93,000 residents.
Lake Charles, Louisiana
- Total monthly expenditures: $1,446.59
- Livability score: 69
Lake Charles, located along Interstate 10 between Houston and New Orleans, provides a variety of activities for seniors, ranging from visiting museums to participating in water sports to seeing animals.
One of the cities on the checklist where the average monthly rent is less than $600, but the average monthly healthcare expenditures are more than $500.
St. Cloud, Minnesota
- Total monthly expenditures: $1,404.64
- Livability score: 68
In St. Cloud, roughly an hour away northwest of Minneapolis, residents pay on average $444.71 in monthly healthcare expenditures, making it the city with the lowest healthcare prices on the list. Grocery prices, at $328.43, are the most expensive, followed by transportation.
Fort Wayne, Indiana
- Total monthly expenditures: $1,397.29
- Livability score: 80
Retirees who choose to live in Fort Wayne will find it an inexpensive and friendly city to raise a family. People over the age of 65 accounts for 14 percent of the city’s population.
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In the research, the average rent is $634 per month, while the average healthcare cost is $453.83 per month, which is the second-lowest rate in the study.
Odessa, Texas
- Total monthly expenditures: $1,385.63
- Livability score: 67
Odessa, located in western Texas, is noted for its oil rigs, Friday night high school football, and a functional replica of William Shakespeare’s Globe Theatre, which is open to the public on certain weekends. Due to the lowest current average rent on the list (just $487).
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