25 Cities Where You Could Still Live Large on a Reduced Social Security Check
Written by
Vance Cariaga
Edited by
Daria Uhlig
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Choosing where to live is maybe the most important decision you’ll make when planning for retirement. Make the wrong choice and you could find yourself struggling to pay the bills throughout your golden years. That’s especially true if you depend heavily on Social Security benefits that end up being reduced.
For now, Social Security cuts are not a major worry, at least for those currently receiving benefits. Most lawmakers shy away from even proposing cuts for fear of facing backlash from powerful senior voting blocs. But the idea of cutting benefits has become an increasingly popular topic of conversation as the Social Security Administration heads for a looming funding shortfall.
That shortfall is tied to Social Security’s Old Age and Survivors Insurance (OASI) Trust Fund, which is expected to run out of money in about a decade. When it does, the program will be funded solely by payroll taxes, which currently cover only 77% of benefits. Some retirees could face a cut of more than $17,000 a year when the trust fund is depleted, according to one estimate.
The prospect of Social Security cuts, however remote, puts even more pressure on seniors to choose a retirement destination with a low cost of living. The average Social Security retirement benefit as of March 2024 is $1,864.52 a month, according to the SSA. That won’t go very far no matter where you live in the United States.
For example, a GOBankingRates analysis of U.S. Bureau of Labor Statistics data found that the cheapest state to live in, Oklahoma, has average living expenditures of $62,898 a year. That comes to about $5,241 a month — nearly three times the average Social Security check. The state in the middle of the rankings, North Dakota, has average living costs of about $5,752 a month.
Even so, a reduced Social Security check will go further in some places than others. To help you pinpoint the cheapest places to live, a separate GOBankingRates analysis compared living expenses in 150 of the largest U.S. cities to find out where you can live comfortably based on the cost of necessities such as rent, groceries, utilities, transportation and healthcare.
Here’s a look at 25 cities where you could still live comfortably on a reduced Social Security payment — as long as you have other sources of income in retirement, such as an individual retirement account or 401(k). All data was compiled in August 2023.
25. Greensboro, North Carolina
- Total annual cost of living: $27,228.76
24. Laredo, Texas
- Total annual cost of living: $27,228.76
23. Winston-Salem, North Carolina
- Total annual cost of living: $26,913.65
22. Lubbock, Texas
- Total annual cost of living: $26,896.00
21. Wichita, Kansas
- Total annual cost of living: $26,850.45
20. St. Louis
- Total annual cost of living: $26,810.56
19. El Paso, Texas
- Total annual cost of living: $26,782.30
18. Tulsa, Oklahoma
- Total annual cost of living: $26,603.23
17. Fayetteville, North Carolina
- Total annual cost of living: $26,579.74
16. Rochester, New York
- Total annual cost of living: $26,438.91
15. Fort Wayne, Indiana
- Total annual cost of living: $26,388.64
14. Des Moines, Iowa
- Total annual cost of living: $26,322.87
13. Little Rock, Arkansas
- Total annual cost of living: $26,203.00
12. Detroit
- Total annual cost of living: $26,174.91
11. Augusta, Georgia
- Total annual cost of living: $25,861.85
10. Amarillo, Texas
- Total annual cost of living: $25,694.05
9. Montgomery, Alabama
- Total annual cost of living: $25,372.99
8. Memphis, Tennessee
- Total annual cost of living: $25,241.81
7. Columbus, Georgia
- Total annual cost of living: $25,117.72
6. Brownsville, Texas
- Total annual cost of living: $24,678.68
5. Birmingham, Alabama
- Total annual cost of living: $24,439.12
4. Shreveport, Louisiana
- Total annual cost of living: $24,373.68
3. Toledo, Ohio
- Total annual cost of living: $22,308.57
2. Cleveland
- Total annual cost of living: $21,710.15
1. Akron, Ohio
- Total annual cost of living: $21,631.90
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