Making the decision to retire is a big one — and you’re just about there. You know you want to settle down in the South, so now you just need to find a new hometown you can afford.
Almost all — 93% — retirees ages 65 and older rely on Social Security as a source of income, according to 2020 data from the Federal Reserve. However, as of June 2022, the average monthly benefit is just $1,542.22, according to the Social Security Administration.
To help you figure out where you can live comfortably on a fixed income, GOBankingRates conducted a study to find the best Southern cities to retire on a budget of $2,000 per month. Additionally, we looked at cities with a sizable 65 and older population, so you can have plenty of opportunities to make friends.
See: 15 Best Places in Texas for a Couple To Live Only on Social Security
Worth Considering: 20 Best Places To Live on Only a Social Security Check
While we’re only going to highlight our top 10 picks, 35 total cities made the cut. Interestingly, the two cities with the highest population of residents 65 and older — Metairie, Louisiana, and Roanoke, Virginia, each had 20% — did not make the top 10 list, but clearly outshined the national average of 16%.
Another notable observation, San Antonio, Texas, had one of the lowest average grocery costs — $4,516.99 annually or $376.42 per month — but that still wasn’t enough for it to rank in the top 10. Overall, the average annual grocery cost in the U.S. for this age group is $4,942 or $411.83 per month.
Similarly, Metaprarie, Louisiana, had the lowest average healthcare costs of all 35 cities — $4,359.03 annually or $363.25 per month– but didn’t make the top 10 list. For comparison, the U.S. average for annual healthcare costs is $5,177 or $431.42 for this age group.
Ready to find out which cities ranked highest? Here are the 10 best Southern cities to retire on $2,000 per month.
