Social Security was never intended to cover a retired person’s entire budget. Rather, it was designed as a supplementary source of income to complement a retiree’s own personal savings. However, many Americans do indeed live off nothing more than a Social Security check, and for them, it’s particularly important to find an affordable place to live.
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With this in mind, GOBankingRates conducted a study of the 10 most populous cities in Illinois, which is generally a low-cost state. Using data from Sperling’s Best and the U.S. Bureau of Labor Statistics 2021 Consumer Expenditure Report, we analyzed how much an average couple age 65 and older would spend on monthly necessities like rent, healthcare, utilities and groceries. Total monthly expenditures on necessities were then compared with the average Social Security benefit for retirees, which was $1,632.04 per month as of Nov. 2022.
Using this data, we then calculated the percentage of monthly expenditures that the average Social Security check would cover in the 10 biggest cities in Illinois. The results are presented here in reverse order, with the most expensive city appearing last. Although Illinois is a lower-cost state than many in the country, retirees would still have to stretch their money a long way if they were living only on Social Security.
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