For most of us, Social Security benefits aren’t enough to cover our living expenses. According to the Social Security Administration, the average monthly benefit for retired workers is $1,688.69 per month as of January 2023. That works out to $20,264 per year, which is well below the median income, even in lower-income areas.
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Thus, retirees will have to take steps to ensure they can adequately cover their expenses in retirement. Typically, that means tapping a 401(k), pension, or some other retirement account to make up the difference. But maybe you don’t have a 401(k), or maybe you simply want to make your money stretch further in retirement.
Whatever the case may be, another way to maintain financial security in retirement is by living in a city where the costs are lower. Yes, that does mean you won’t be living in Lower Manhattan or Beverly Hills. Still, there are plenty of cities that are not only affordable but also very livable.
Livability is defined as having a high average score in the following categories: amenities, crime, cost of living, weather and education. Some of the cities on this list have very high scores overall. To determine the best cities where you can retire on $2,000 a month, GOBankingRates gathered data from ApartmentList, Sperling’s Best and the Bureau of Labor Statistics 2021 Consumer Expenditure Survey to get the lay of the land on essential expenses such as rent, groceries and healthcare. To qualify, the city also had to have a population that was 10% or more over the age of 65 and a livability score of 65 or higher from AreaVibes.
Here’s a closer look at these affordable cities to retire.
