The Complete Guide To Retiring on $3K a Month, $2K a Month or on Social Security Alone

Senior couple on vacation.
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While $1 million has long been considered a good retirement savings goal (although you probably actually need more), many Americans are falling short of this. A recent GOBankingRates survey found that 96% of Americans have less than $1 million saved for retirement, and more than half have less than $20,000 saved. That means that many Americans will be retiring on a strict budget.

Find: GOBankingRates’ Best Savings Accounts 2023
Related: With a Recession Looming, Make These 3 Retirement Moves To Stay On Track
Next: All the States That Don’t Tax Social Security

If you’re in this boat, there are still ways you can live well throughout your golden years. Check out GOBankingRates’ best advice for retiring on a budget.

Tips for Retiring on a Budget

Whether you have just a little bit saved for retirement or will be living off Social Security alone, here’s how you can make the most of the resources available to you:

Retire Comfortably

Where To Retire on a Budget of $3,000 a Month or Less

Whether you want to retire in a big city or a small town, you can live comfortably in some places for $3,000 a month or less.

Take Our Poll: How Much of a Tax Refund Do You Expect in 2023?

Where To Retire on a Budget of $2,000 a Month or Less

Although it’s more difficult to retire on a smaller budget, there are still places where you can cover living expenses for $2,000 a month or less. Here are some of your options:

Retire Comfortably

Where To Retire on Social Security Alone

If Social Security is your only source of retirement income, you should aim to live somewhere with low living costs. These are the best options for where to live on just a Social Security check:

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About the Author

Gabrielle joined GOBankingRates in 2017 and brings with her a decade of experience in the journalism industry. Before joining the team, she was a staff writer-reporter for People Magazine and People.com. Her work has also appeared on E! Online, Us Weekly, Patch, Sweety High and Discover Los Angeles, and she has been featured on “Good Morning America” as a celebrity news expert. 
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