Two new studies reveal places where relying on Social Security benefits can still mean a comfortable standard of living in retirement
Living in retirement on as little as $2,000 a month or $24,000 a year is not something most Americans would like to negotiate, but with many facing the prospects of retiring with no money saved in traditional retirement accounts like pensions, 401(k)s or IRAs and expecting to rely almost solely on Social Security, it is a reality for millions.
According to the Social Security Administration, the average monthly Social Security check to a retired worker in 2024 is $1,907, or $22,884; and $3,033 or $36,396 for a married couple both receiving benefits. Yet the U.S. Bureau of Labor Statistics says the average household run by an American older than 65 spends $52,141 per year (approximately $4,345 a month).
So a lot of these folks relying heavily on Social Security would stand to benefit by retiring in a place where those Social Security checks go a lot further.
For the latest look at such places, we turn to a pair of new studies—one from our friends at International Living, which just released its “5 Most Affordable Retirement Havens of 2024,” and one from GOBankingRates, which on Jan. 1 released its list of the “7 Safest Places To Retire in the U.S. for Under $2,000 a Month.”
Next page: 5 Most Affordable Retirement Havens of 2024