If you are getting ready to retire and youth diligently saved for your upcoming retirement date, stuffed money into your 401(k) and IRA, paid off your mortgage and kept your debts extremely low, you’ll more than likely be able to retire wherever you like (within reason, of course).
Unfortunately, many people who are now entering into their retirement years have not saved nearly enough to retire at their current lifestyle and, in many cases, are unable to continue working into their 60s, 70s or older. In most cases what that means is a definite downgrade to their lifestyle, including the type of car they drive, selling their large home and purchasing a smaller one and, in some cases, renting an apartment. It also usually means relocating to an area of the country that’s more affordable.
The good news is that there are plenty of places in the United States where a retired couple can live on an income of approximately $40,000.00, a figure that is realistic when you factor in Social Security, pensions and so forth for 2 people. While you won’t be able to retire in cities like Miami, New York or Los Angeles, cities like Augusta Georgia, Pittsburgh Pennsylvania and others will suit your needs, and your budget, just fine. Below are the Top 5 based on a number of criteria including housing costs, transportation costs and so forth. Enjoy.
One of the best cities for retirees who need to live on $40,000 a year is Pittsburgh, Pennsylvania. Thanks to a program funded by the Pennsylvania lottery, people 65 years of age and older can ride the bus for free in Pittsburgh and, with a monthly median of just under $1100 a month in mortgage payments or just under $600 a month when renting, housing costs are extremely reasonable. Besides that, there are sports teams galore in Pittsburgh including the Steelers of the NFL, baseball’s Pirates, the Penguins of the NHL and a number of college teams as well. There are museums, zoos and a symphony and ballet also, plenty to give most seniors enough to keep busy.
If cold winters aren’t your thing, Augusta, Georgia is an excellent southern city where the housing costs are extremely cheap, public transit is just $.60 per person per ride and, if you are in need of medical treatments, the Medical College of Georgia is located there as well. Of course Augusta is known for its major golf tournament, the Masters and, with mild temperatures all year round, there’s plenty of wonderful days and excellent ways for seniors to get out and about and enjoy themselves on a budget.
Not too far from Augusta is the city of Columbia, South Carolina. If you are 60 years or older and you live there, as long as you’re not working full-time, you can actually go to the University of South Carolina for free and, with monthly housing costs under $400 and bus fares of only $.75 per trip, your $40,000 will certainly stretch quite far in this wonderful southern city. It doesn’t hurt that the safety factor in this city is high, which helps when affordable home security systems are difficult to come by.
A bit further west you’ll find Albuquerque, New Mexico with its extremely cheap housing prices, 400+ miles of bike paths and bus rides for just $.35. Housing costs are little bit higher in Albuquerque and average just under $700 per month but the weather is temperate and dry all year long, there are golf courses everywhere you look and plenty of fresh air and sunshine. The city also has plenty of amenities for seniors on a budget.
Rounding out our list is the city of Jackson, Mississippi. For seniors without a mortgage, the monthly housing costs are a ridiculous $329 a month, meaning that $40,000 will stretch quite a bit more in this fine southern city. As far as entertainment, there’s the Mississippi Museum of Art, the planetarium, Opera, zoo and ballet and, more famously, tons of local gospel and blues joints.
While there are certainly many other fine cities in the United States where a retired couple could live quite nicely and have plenty of wonderful amenities, the 5 listed here are some of the most reasonable in the country and, besides Pittsburgh, all offer excellent weather pretty much the entire year.
With low housing costs, plenty of low-cost amenities and transportation costs that are very reasonable, a couple living on $40,000 a year could easily live quite nicely in any one of the five cities listed.