Rely on Social Security? Consider Moving To These 6 Cities Under Trump’s Presidency
Written by
Lydia Kibet
Edited by
Rebekah Evans
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With Donald Trump returning to the White House, many Americans relying on Social Security wonder how potential economic shifts will impact their fixed income and quality of life.
“Regardless of who the president is, if you rely on Social Security as your primary source of income and are looking to move to maximize your income potential, you should consider moving to a state that doesn’t tax Social Security benefits,” said Joe Schmitz, CEO of Peak Retirement Planning.
Currently, 41 of the 50 states do not tax Social Security, which is a huge benefit. Additionally, the cost of living is lower outside of big cities. Consider moving further away from a large city in order to decrease some daily costs of living.”
Whether you’re seeking affordability or an enriching lifestyle, these U.S. cities will let you stretch your dollars further, even with the Trump administration.
San Antonio
San Antonio’s affordable cost of living, vibrant culture and retirement-friendly community make it attractive, especially for Americans on fixed incomes. Housing is inexpensive compared to other cities, with the median home price at $300,000. Besides, Texas is one of the most tax-friendly states in the country, with no state income tax, not to mention the healthcare access this city has.
Beyond the affordability and healthcare benefits, San Antonio offers several senior-friendly activities. From the historic Alamo to the River Walk and several museums, there are many fun things to do, even on a budget. Plus, the mild weather is perfect for enjoying outdoor activities almost year-round.
Lakeland, Florida
Retirees have recently been flocking to Lakeland, Florida, because of its inviting climate. The mild winters and warm summers aren’t only perfect for outdoor recreation but also mean less money spent on heating and cooling.
“Lakeland stands out precisely because it’s free of state income tax and has a relatively low cost of living compared to other parts of Florida,” said Lucas Barcelo, founder of Thrivin Life. Housing options range from single-family homes to gated retirement communities geared to seniors.
Pittsburgh
Healthcare and housing costs are a priority when it comes to relocating and Pittsburgh ranks well on this. The cost of living is well below the national average and offers many tax-friendly advantages to retirees. Pennsylvania generally doesn’t tax retirement income, including Social Security benefits and withdrawals from 401(k) plans and IRAs. This is a plus for retirees relying on Social Security as they can stretch their dollars more.
In addition, Pittsburgh’s weather is favorable, as it’s less hot than Florida, though it can still get hot and cold sometimes. The city offers many outdoor recreation activities, such as golfing, hiking, camping and hiking. It also has many attractions, like the Carnegie Museum of Art and the Andy Warhol Museum.
Knoxville, Tennessee
Knoxville is growing in popularity among retirees on fixed incomes for a good reason. For one, the cost of living in this city is about 14% lower than the national average. That means less money spent on housing, healthcare, groceries and utilities. Additionally, Tennessee’s zero state income tax and climate are big draws for many retirees, but Knoxville offers more than that.
There are plenty of senior-friendly activities throughout the city. Culture lovers can’t get enough of Knoxville’s art arenas. The historic market district hosts outdoor music festivals during summer, while Bijou Theatre and Knoxville Symphony attract crowds year-round. The Great Smoky Mountains, not far from the city, is ideal for biking, hiking and exploring nature.
Cleveland
Cleveland is another great city for those seeking affordability, great healthcare and a vibrant cultural experience. Nested along the shores of Lake Erie, Cleveland has stunning waterfront views and plenty of outdoor activities, from parks to hiking trails, to enjoy the warm winters and cool summers.
Another perk of moving to Cleveland is that its healthcare costs are 5% below the national average. This can be important for retirees who require regular medical attention. Cleveland Clinic has been ranked one of the best hospitals in the country. Besides, there are no taxes on Social Security in Ohio and seniors over the age of 65 often get tax credits.
Tucson, Arizona
Moving to Tucson is a good idea if you want to stretch your Social Security income and enjoy warm weather almost throughout the year. Apart from the climate, the city’s affordable living is a huge draw for many retirees. Compared to other cities in Arizona, like Scottsdale, housing, groceries and healthcare in Tucson cost less, leaving more room in your budget for fun stuff.
“It’s also a major plus that Arizona doesn’t tax Social Security benefits, so retirees keep more of their income. Healthcare is another big consideration as there’s access to reputable facilities like Banner University Medical Center and several other retirement-focused amenities,” Barcelo added.
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