Can you live on $1,406.91 a month? According to the Social Security Administration, that was the average monthly benefit for a retired worker in January 2018. And nearly half of families in the U.S., even those approaching retirement, have no retirement savings at all, according to the Economic Policy Institute. Finding a cheap place to live in retirement is going to be crucial for many Americans.
GOBankingRates crunched the numbers from 150 U.S. cities, using cost-of-living indexes from Sperling's Best Places to compare the cost of housing, transportation, groceries, utilities and healthcare. They used that data, along with U.S. Bureau of Labor Statistics data on average annual expenditures for adults 65 and older, to come up with a formula to predict annual expenditures in each city. We added median home prices in each city, from Zillow.
If you want to retire more comfortably, you might need to live in a place with a lower cost of living. Here are the cheapest places in the U.S. to retire.
This article was written by a staff member of TheStreet.