For many Americans, Social Security benefits are a critical part of retirement income. In fact, some rely solely on these benefits to get by. While this may sound daunting, the reality is that depending on where you live, it is entirely possible to live comfortably on Social Security alone.
The key factor here is the cost of living, which can greatly impact your ability to stretch your benefits. According to the Social Security Administration, 45% of single retirees and 21% of married couples rely on Social Security for 90% of their income.
On average, Social Security provides $1,543 per month, or roughly $18,500 annually. A married couple can earn about $37,000 per year in total. Those who qualify for full retirement benefits can receive $3,895 per month, or $46,740 annually, which adds up to $93,480 for a couple.
If you’re looking to live within these figures, here are three cities in the U.S. where retiring on Social Security alone is possible.
1. Augusta, Georgia
Augusta, located along Georgia’s northeastern border with South Carolina, is a city with a population of around 200,000. Situated about 150 miles west of Atlanta, Augusta is renowned for its college town atmosphere and its appeal to golf enthusiasts, being home to the famous Augusta National Golf Club.
One of the major perks for retirees is Georgia’s benefit to those 62 and older: free tuition at any state university. For housing, Augusta is incredibly affordable. The average cost of rent for a one-bedroom apartment is just under $800, while the average home price hovers around $150,000.
2. Grand Rapids, Michigan
Located 157 miles west of Detroit, Grand Rapids is home to about 202,700 residents. This city is well-known for its Dutch heritage, vibrant arts and culture scene, and beautiful outdoor spaces. Grand Rapids was once the furniture capital of the U.S., and the influence of its past still permeates the city’s character.
In terms of cost of living, Grand Rapids is also an affordable place to settle. A one-bedroom apartment or studio typically costs around $800 per month. The average monthly mortgage payment is about $1,000, and homes are priced at an average of $240,000.
3. Pittsburgh, Pennsylvania
Pittsburgh, located in the southwestern corner of Pennsylvania, has a population of around 303,000. Known as the “City of Bridges” due to its 446 bridges, Pittsburgh is also famous for being the birthplace of Heinz Ketchup and the Big Mac. A passionate sports town, Pittsburgh is home to major teams in hockey, football, and baseball.
For retirees, Pittsburgh offers affordable housing options. One-bedroom apartments average around $700 per month, with three-bedroom apartments going for less than $1,200. Monthly mortgage payments are typically around $1,440, and the average price of a home is $225,000.
Each of these cities offers affordable living options, making them ideal places for retirees who want to rely on Social Security benefits alone. With reasonable housing costs and a relatively low cost of living, you can enjoy a comfortable retirement without worrying about stretching your monthly benefits too thin.
