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10 Best Southern Cities for a Couple To Live on Just Social Security

For many people, just living on Social Security checks would not be enough to pay for their basic living and food essentials. However, in a handful of Southern cities, the average monthly Social Security benefit, as of Sept 2023, of $1,792.37 ($3,584.74 for a couple) is just enough to live on if two people are both receiving Social Security. See: Don’t Claim Social Security Benefits Until You Reach This MilestoneMore: The Simple, Effective Way To Fortify Your Retirement Mix To figure out where you can live on your Social Security checks, GOBankingRates determined the average monthly benefit for retired workers,…

By Jordan Rosenfeld
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Senior couple using laptop with their financial advisor during a meeting int he office.

I’m a Social Security Expert: Here Is the First Thing You Should Do With Each Check

About 45% of single retirees and 21% of retired married couples rely on Social Security for more than 90% of their income. On the other end of the spectrum is Warren Buffett — he collects a monthly benefit check despite having a $121 billion net worth. Retirement Savings: Experts Say This Magic Number Is the Key — and It’s Not $1 MillionCheck Out: The Simple, Effective Way To Fortify Your Retirement Mix The point is that Social Security means different things to different people. For many, it’s a lifeline. For others, it supplements an already comfortable income. For those in…
Romantic senior woman smiling at the camera while embracing her husband by the ocean.
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14 Key Signs You May Run Out of Money in Retirement

You don’t want to go broke in retirement. Despite all your preparation, however, you might discover that your retirement is going to cost more than you planned. First and foremost, you need to become aware of the reasons that the budget you have in mind could be smaller than it needs to be. If you’re worried about having enough money, check out the signs that you might not be saving enough for retirement.
Sacramento, California, USA - September 19, 2017: These two women are walking downtown Sacramento on J Street past historic bank and view with a variety of with many different styles, this downtown area is now being know as DOCO for Downtown Commons many new shops and a hotel and Sports arena and unique older structures in the area on this September day the weather was comfortable.

8 Best Places in California for a Couple To Live Only on Social Security

Living in California is pricey, for sure. According to August 2023 figures from Zillow, the typical home in the state cost $744,280. And what about rent? The average price is $2,950, per Zillow. First Year of Retirement: 2 Things To Save and 3 Things To Splurge OnCheck Out: The Simple, Effective Way To Fortify Your Retirement Mix The prospect of retiring may look especially dismal in the Golden State, but Californiadoes have pockets of affordability for retired people living on Social Security. A couple depending on the average monthly Social Security earnings can’t live along the ocean, but places exist…

$2K-$5K a Month

Mesa is a city in Maricopa County, in the U.

10 Best Arizona Cities To Retire on $5,000 a Month

American retirees tend to flock to states like Arizona for a number of reasons, the warm climate being one of the most important. Many Arizona cities also cater to the retirement lifestyle, with plenty of leisure activities available. However, one of the most important considerations for retirees is cost, and Arizona boasts a number of attractive cities that you can live in comfortably for $5,000 or less per month. 5 Cities Becoming Popular With Baby Boomers: Are They Right for Your Retirement Years?Discover: The Simple, Effective Way To Fortify Your Retirement Mix GOBankingRates used data from a number of sources,…

By John Csiszar
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Retirement Spending: How Much the Different Generations Plan To Need Each Month

Whether you are nearing your golden years or have just entered the workforce, you have probably at least given a little bit of thought to retirement. It can be overwhelming to think about just how much you will need to survive once you stop receiving your normal paycheck. At GOBankingRates, we surveyed over 1,000 adults about their retirement, including how much they think they will need once they call it quits. I’m a Financial Advisor: Here’s How Often You Should Check Your Retirement Account BalanceSee: The Simple, Effective Way To Fortify Your Retirement Mix Less than 30% of respondents felt…
African American woman and her husband signing mortgage agreement during a meeting with their bank manager.

5 Things Millennials and Gen Z Must Do If They Hit $1M in Retirement Savings

Hitting $1 million in retirement savings is no small feat. And for those in younger generations, such as Gen Z and Millennials, this achievement is even more noteworthy, especially given the current economic landscape and the slew of financial issues that can take a toll on wallets. First Year of Retirement: 2 Things To Save and 3 Things To Splurge OnDiscover: The Simple, Effective Way To Fortify Your Retirement Mix Inflation, soaring rates and now, the resumption of student loan payments, are putting a strain on many consumers. Yet, while a new GOBankingRates survey found that few of these younger…
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Retire in Luxury: 10 Best US Cities for Retirees on a Budget of $5,000 a Month

If you’re looking to retire in a high-cost city like Los Angeles or New York, $5,000 in monthly income isn’t likely to cut it. But there are plenty of great cities across America where you could live in relative luxury off that level of income. Even better, many of the more affordable, lesser-known cities in the United States actually have a much better livability score than their big-city brethren. I’m a Retirement Planning Expert: Here Are 4 Reasons You Shouldn’t Retire in Florida If You Have a Budget of Over $5K a MonthFind Out: The Simple, Effective Way To Fortify…

More Than $5K a Month

Sunset over downtown Center City, Philadelphia, PA.

10 Best Cities To Retire on $10,000 a Month

In a world in which the average monthly Social Security benefit is just over $1,792, it may seem like a pipe dream to live off $10,000 per month in retirement. But the truth is that with some preparation, dedication and resolve, many Americans can reach this impressive level of retirement income. Also See: 10 Best Canadian Cities To Retire on a Budget of $2,500 a Month Learn: The Simple, Effective Way To Fortify Your Retirement Mix When combined with the average Social Security benefit and estimating just a 2% gain in benefits annually, a $1 million nest egg — invested…

By John Csiszar
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How To Be Wealthy in Retirement: Experts Share the 6 Best Money Moves To Make Before Retiring

Retirement. Imagine it. Dropping out of the rat race forever, enjoying the time you have left — being with your family, pursuing the hobby you could never make time for, finally taking that dream vacation. Unless you were born rich — and if you were, you probably wouldn’t be reading this — you know it’s not going to happen without a lot of saving and planning. You’ve seen the generic advice everywhere. Max out your 401(k), cut your expenses, go back to school so you can make more — but there are a million paths to financial security, and some…
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I’m a Retirement Planning Expert: Here Are 4 Reasons You Shouldn’t Retire in Florida If You Have a Budget of Over $5K a Month

Pristine beaches. Tropical vibes. Endless summer. When you think of retirement, you might imagine a laid-back vibe, waterfront views, and a simpler lifestyle. And for many retirees, Florida checks all of those boxes. However, before you pack up everything you own to go hang your hat in the Sunshine State, it’s important to consider more than just the sandy beaches for your retirement home. See: Here’s the Average Social Security Check for Men vs. WomenFind: 4 Social Security Shakeups from Biden That Could Hit Your Wallet by 2024 We interviewed several financial planning experts on choosing a retirement location, specially…
African American woman and her husband signing mortgage agreement during a meeting with their bank manager.

5 Things Millennials and Gen Z Must Do If They Hit $1M in Retirement Savings

Hitting $1 million in retirement savings is no small feat. And for those in younger generations, such as Gen Z and Millennials, this achievement is even more noteworthy, especially given the current economic landscape and the slew of financial issues that can take a toll on wallets. First Year of Retirement: 2 Things To Save and 3 Things To Splurge OnDiscover: The Simple, Effective Way To Fortify Your Retirement Mix Inflation, soaring rates and now, the resumption of student loan payments, are putting a strain on many consumers. Yet, while a new GOBankingRates survey found that few of these younger…

Retirement Saving and Spending

An envelope full of cash with the word "Groceries" printed on it, with other envelopes in the background.

Retirement Savings: Try One of These 9 Proven Methods From Around the World

Regardless of where you live in the world, saving for retirement can be difficult. In addition to earning a salary that more than covers your bills, you’ll need the discipline and dedication to consistently sock that money away. Retirement Savings: Experts Say This Magic Number Is the Key — and It’s Not $1 Million Learn: The Simple, Effective Way To Fortify Your Retirement Mix As it can be hard for some to avoid spending money in the present to save it for a retirement that may be decades away, various strategies have been developed around the world to help. Here…
Senior couple using laptop
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5 Ways To Invest for Retirement

A good time to begin saving for retirement is as soon as you enter the working world. You might start out by only setting aside a few dollars a week, but the important thing is to get into the habit early and make retirement savings a regular part of your monthly budget throughout your professional life. One of the most popular ways to start saving for retirement is through a company-sponsored plan such as a 401(k). With this type of plan, your contribution is automatically deducted from your paycheck, which means you don’t have to think about it. Contributions are…

7 Money Traps That Are Keeping Boomers From Enjoying Rich Retirements

By the end of the decade, all baby boomers will hit retirement age. This year alone, millions will reach the age of 65. If you are one of the many boomers edging toward retirement, you will want to ensure you are taking the proper steps to ensure smooth sailing. Without solid planning, you might not be able to live the retirement that you have always dreamed of. First Year of Retirement: 2 Things To Save and 3 Things To Splurge On Learn: The Simple, Effective Way To Fortify Your Retirement Mix Retirees often fall into certain financial pitfalls. Fortunately, many…

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Where To Retire

Drone angle view of Florida State Capitol with the city skyline.

20 Best Places on the East Coast for a Couple To Live on Only a Social Security Check

By Jami Farkas
Playa del Carmen, Mexico - January 7 2016 - The beautiful beach of Playa del Carmen in Mexico.

10 Best Mexican Cities To Retire on a Budget of $2,500 a Month

Mexico is blessed with sunshine, culture and food loved the world over. But best of all for retirees, perhaps, is its affordability. Because of a combination of these reasons — and its proximity to the United States — Mexico has by far the greatest number of American expats in the world. With nearly three times as many expats as second-place Canada, Mexico is clearly the country of choice for American retirees looking to spend their golden years abroad. Many Mexican cities are cheap enough that American expats can live on $2,500 or less per month. This means that in many…

By John Csiszar
Downtown Raleigh, North Carolina, USA Drone Skyline Aerial stock photo

15 Worst Places To Live in North Carolina on Just a Social Security Check

By J. David Herman
Happy senior couple walking outdoors on a winter day.

Florida’s Retirees Are Fleeing: Here’s Where They’re Going Instead

By Laura Gariepy

10 Best Cities Abroad Where You Can Live on Social Security Only

By John Csiszar
Senior couple, wife and husband shopping online.

How Long $250,000 Will Last in Retirement in Each State

It’s hard to plan for exactly how much money you’ll need in retirement, because it depends upon a number of factors, including where you live and what sort of expenses you have. Social Security 2023: Recent Study Shows Quarter of Americans Underestimate Their Benefits By $5,000Find Out: The Simple, Effective Way To Fortify Your Retirement Mix Some people are lucky to have a lot of money in their golden years — thanks to their pensions and retirement investments — while others may be scraping by. To help you plan for your future retirement, GOBankingRates set out to find out how…

By Jake Arky
Skyline consisting of office buildings, condominiums and museums of Tacoma, WA reflects off of the Foss Waterway.

15 West Coast Cities That Are Perfect for Retired Couples on Social Security

By Jordan Rosenfeld
Des Moines, Iowa skyline from the state capital at sunset.

100 Best Cities To Retire on $3,000 or Less Per Month

By Heather Taylor

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