What is a good monthly retirement income?

More? Financial planners often recommend replacing about 80% of your pre-retirement income to sustain the same lifestyle after you retire. This means that, if you earn $100,000 per year, you'd aim for at least $80,000 of income (in today's dollars) in retirement.

Can you live off $3,000 a month in retirement?

You can retire comfortably on $3,000 a month in retirement income by choosing to retire in a place with a cost of living that matches your financial resources. Housing cost is the key factor since it's both the largest component of retiree budgets and the household cost that varies most according to geography.

Where do the happiest retirees live?

Denmark has the highest level of life satisfaction among seniors and retirees, according to the World Happiness Report, which, for the first time ever, ranked countries by age group.

What is the best state to live in for low income seniors?

1: Iowa . With monthly housing costs for renters of just $740, Iowa is an incredibly affordable state for seniors on fixed incomes. Factor in low rates of fraud and violent injury death and the SeniorList—working from U.S. Census Bureau data—has named Iowa the safest state for seniors 65+.

What is the cheapest state to live on Social Security?

1. Iowa . Iowa tops the list for best states to live on just a Social Security check thanks to a number of factors. Overall, the monthly cost of living-rent, groceries, healthcare, utilities, transportation, and any miscellaneous expenses-comes to just under $3,000.

What state is best financially to retire in?

Q: What state has the lowest cost of living for retirees? A: Alabama ranks as the most affordable state to retire, per WalletHub. The southern state boasts a cost of living nearly 16 percent below the U.S. average, with particularly low costs for housing, transportation, and groceries.

What is the average Social Security check?

Social Security offers a monthly benefit check to many kinds of recipients. As of May 2024, the average check is $1,778.24 , according to the Social Security Administration – but that amount can differ drastically depending on the type of recipient. In fact, retirees typically make more than the overall average.

At what age is social security no longer taxed?

Social Security tax FAQs Social Security income can be taxable no matter how old you are. It all depends on whether your total combined income exceeds a certain level set for your filing status. You may have heard that Social Security income is not taxed after age 70 ; this is false.

Is $1,500 a month enough to retire on?

While $1,500 might not be enough for non-housing retirement expenses for many people , it doesn't mean it's impossible to stick to this or other amounts, such as if you're already retired and don't have the ability to increase your budget.

Can you live on $3,000 usd a month?

Top the amount with 401(k) savings, living on $3,000 a month after taxes is possible for a retiree . For those who only have social security benefits to rely on, there are many places where they can retire on their checks both in the USA and around the world.

Can I retire in Florida on $3,000 a month?

Q: Can I retire in Florida on $3,000 a month? A: According to a GOBakingRates study, there are several cities in Florida where you can live on $3,000 — or even less — each month, including Pensacola and Panama City .

22 US Cities to Retire on $3,000 a Month (2024)

This article takes a look at 22 US cities to retire on $3,000 a month. If you wish to skip our detailed analysis on navigating the Social Security storm, you may go to 5 US Cities to Retire on $3,000 a Month.

Navigating the Social Security Storm

America has entered the Peak 65 period this year, and an average of 11,000 Americans are expected to celebrate their 65^th birthday each day until December. These numbers are likely to wreak havoc on Social Security benefits, with its funds forecast to deplete by 2034. Since Social Security is funded by workers, and the working population is shrinking drastically each year, discussing the profound impacts that it has on the economy is crucial. So what will happen in the years to come considering the massive influx of retirees in the economy? According to the Wall Street Journal, it's a recession perhaps.

Before getting to why they think so, let's discuss this crucial trust fund that the majority of retirees in the US depend on. As of today, the average American worker is confused as to what will happen once Social Security benefits get exhausted. A Wall Street Journal Chief Economics Commentator explains that Social Security is an integral part of the Federal Government, and as long as the Federal Government isn’t bankrupt, Social Security won’t be either.

Robert Aruldoss, a senior financial planning analyst at the Schwab Center for Financial Research from the The Charles Schwab Corporation (NYSE:SCHW), states that even though Social Security is going to be there for Americans, there are surely going to be changes. It could be in the form of later retirement dates, it could mean reduced benefits, or even increases to the Social Security payroll tax.

So should the average American stop worrying about the depletion of these funds? According to experts, not quite.

“Simply because we’re not about to go bankrupt doesn’t mean there’s no problem. There very much is a problem”
-Greg IP, WSJ Chief Economics Commentator

According to data from the US Census Bureau, 47% of men and 50% of women aged 55 to 66 have no retirement savings at all. For these people, Social Security benefits are their only means of sustenance. Having been caught in a financial vortex, The Goldman Sachs Group, Inc. (NYSE:GS) reveals that retirees don't get to save much for their golden period anyway. Retirees, especially those who are on the lower end of the income spectrum, tend to spend less money due to their limited incomes as a result. Jason Fichtner, Executive Director of the Retirement Income Institute, explains how limited incomes mean limited spending, which eventually translates into lower economic activity. Less economic activity eventually leads to less employment, with employers having to lay off more people because less money is coming in. A "senior induced recession" is what could be in the works with all these seniors retiring in the years to come, notes Fichtner.

In conclusion, the economic situation is currently challenging, with retirees feeling the impact the most. With minimal retirement savings and so much to spend, retiring on a fixed income is getting harder and harder these days. Due to this reason, we have compiled a list of 29 cities where you can retire on $2000 a month. Considering the average social security check is $1,907 as of January 2024, considering relocation to these cities might just be what an average retiree needs to spend their golden years comfortably. For those who don't even have $2,000 to spare, you can also check out our list of cities where you can retire at $1,500 a month.

For the retiree who can stretch their budgets a bit more and have a little savings at hand, we have other options where they can retire on $3000 a month in the US. If you’re interested to know about these awesome places, read on below.

22 US Cities to Retire on $3,000 a Month (1)

Methodology

To compile the list of US cities to retire on $3000 a month, we have extracted some of the best places from our lists of affordable places to retire in 2024, the best mountain towns for retirement, the best cites to retire in 2024, and best East Coast cities to retire on $3,000 a month. We also checked out forums such as Reddit and Quora to determine what retirees believe are the best cities where living on this figure is possible. Next, we ranked them on their median home prices, average rents, overall cost of living, and livability scores to generate a unique Insider Monkey Score. Places have been ranked in an ascending order from the lowest to the highest scores.

By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.

Here are the US cities to retire on $3,000 a month:

22. Aiken, South Carolina

Insider Monkey Score: 35

Cost of Living: 84.6

Median Home Price: $273,000

Average Rent (1-bedroom): $1,035

Livability Score: 67

In Aiken, living on $3,000 a month in retirement isn’t a far-fetched dream. With an average rent of only $1,305, there's a decent amount left for groceries, utilities, healthcare, and maybe some entertainment. From exploring historic sites such as the Hopelands Gardens to indulging in outdoor fun at Hitchco*ck Woods, there’s much to do for the senior folks.

21. Russellville, Arkansas

Insider Monkey Score: 36

Cost of Living: 84.3

Median Home Price: $249,900

Average Rent (1-bedroom): $631

20. Cape Canaveral, Florida

Insider Monkey Score: 38

Cost of Living: 95.6

Median Home Price: $345,000

Average Rent (1-bedroom): $1,226

Livability Score: 82

Known as one of the best East Coast cities to retire, Cape Canaveral is best known for its sunny weather, white sandy beaches, and high quality of life. Seniors can enjoy space exploration at the Kennedy Space Center, relax at the many beaches, and simply mingle with the friendly community.

19. Augusta, Georgia

Insider Monkey Score: 40

Cost of Living: 80

Median Home Price: $188,000

Average Rent (1-bedroom): $993

Livability Score: 63

Also known as “Garden City”, Augusta is an ideal place for those looking to retire on $3000 a month. Seniors can embark on a journey through the city's golfing legacy, tee off at the renowned "The Masters" golf course, and even participate in the many cultural activities this city has to offer.

18. Kalamazoo, Michigan

Insider Monkey Score: 41

Cost of Living: 85.4

Median Home Price: $190,000

Average Rent (1-bedroom): $1,017

Livability Score: 75

Affordable living expenses, scenic parks, and a vibrant cultural scene describe Kalamazoo best. Seniors in the city can engage in an array of activities, such as exploring the Kalamazoo Institute of Arts, strolling through the picturesque Bronson Park, and even discovering the city's many craft breweries and vineyards.

17. Clarkesville, Georgia

Insider Monkey Score: 42

Cost of Living: 82.7

Median Home Price: $478,000

Average Rent (1-bedroom): $1,125

Livability Score: 71

Picturesque landscapes, small-town charm, and a friendly community make living in Clarkesville a pleasure. From savoring leisurely walks in surrounding scenic landscapes to exploring arts and culture and even participating in community events, retirees won't have the time to feel bored.

16. Huntsville, Alabama

Insider Monkey Score: 44

Cost of Living: 94.2

Median Home Price: $319,000

Average Rent (1-bedroom): $1,003

Livability Score: 81

Next on our list of US cities to retire on $3,000 a month is Huntsville, Alabama. Affordable living expenses, a thriving cultural scene, and proximity to outdoor activities make it a great retirement destination. Seniors can enjoy a stroll in Huntsville Botanical Garden, explore the many parks and trails, and even attend the many local arts and music festivals.

15. Muskogee, Oklahoma

Insider Monkey Score: 45

Cost of Living: 76

Median Home Price: $149,000

Average Rent (1-bedroom): $684

Livability Score: 62

This Southern city is a keeper owing to its friendly community, affordable living costs, and its ultimate blend of historic charm and natural beauty. Seniors can relish leisurely moments along the picturesque Arkansas River, participate in numerous local events like the vibrant Azalea Festival, and explore the tranquility of parks such as the enchanting Honor Heights Park and Gardens.

14. Macon, Georgia

Insider Monkey Score: 46 Cost of Living: 76.3 Median Home Price: $195,000 Average Rent (1-bedroom): $1,107 Livability Score: 73 From savoring renowned Southern cuisine in the city to participating in community events and even exploring historic districts, Macon provides retirees "an unbeatable quality of life". Affordable housing, reasonable living expenses, and gorgeous scenery add to the charm of this gem of a city.

13. Okmulgee, Oklahoma

Insider Monkey Score: 47

Cost of Living: 75.3

Median Home Price: $85,000

Average Rent (1-bedroom): $983

Livability Score: 61

Okmulgee effortlessly meets our criteria for affordability, making it a comfortable choice for seniors aiming to retire on $3,000 a month. Seniors in Okmulgee can engage themselves in the city's rich cultural heritage, explore scenic parks, and enjoy community events.

12. Huntington, West Virginia

Insider Monkey Score: 48

Cost of Living: 83.5

Median Home Price: $119,000

Average Rent (1-bedroom): $810

Livability Score: 80

From restaurants and music to arts and all amenities a senior could desire, Huntington is a dream destination for the potential retiree looking for the best of everything. From exploring the vibrant downtown arts scene to relishing sweet treats at Austin's Homemade Ice Cream, and joining in the laughter at local comedy shows, there's something fun for everyone.

11. Pittsburgh, Pennsylvania

Insider Monkey Score: 48

Cost of Living: 91.8

Median Home Price: $250,000

Average Rent (1-bedroom): $1,294

Livability Score: 82

A great livability score, attractive home prices, and modest rent make Pittsburgh another one of the best US cities to retire on $3,000 a month.

10. Springfield, Missouri

Insider Monkey Score: 49

Cost of Living: 78.95

Median Home Price: $185,000

Average Rent (1-bedroom): $874

Livability Score: 72

Whether you're influenced by its affordable living, diverse cultural offerings, or the scenic beauty of the Ozarks, Springfield is a charmer for retirees.

9. Florence, Alabama

Insider Monkey Score: 51

Cost of Living: 83.1

Median Home Price: $231,000

Average Rent (1-bedroom): $675

Livability Score: 81

A charming Southern ambiance, rich cultural scene, and scenic beauty along the Tennessee River are key attractions of Florence, Alabama.

8. Brownsville, Texas

Insider Monkey Score: 52

Cost of Living: 79.9

Median Home Price: $230,000

Average Rent (1-bedroom): $775

Livability Score: 78

A warm climate, affordable living, and a rich blend of cultural diversity make Brownsville a keeper. However, affordability may not persist for long, given that this city has consistently made it to many of our lists.

7. McAllen, Texas

Insider Monkey Score: 52

Cost of Living: 78.3

Median Home Price: $284,000

Average Rent (1-bedroom): $790

Livability Score: 74

Another vibrant community, McAllen allures seniors with its cultural richness, favorable weather, and a variety of recreational opportunities. It is easily one of the best US cities to retire on $3,000 a month.

6. Tupelo, Mississippi

Insider Monkey Score: 53

Cost of Living: 78.1

Median Home Price: $267,000

Average Rent (1-bedroom): $774

Livability Score: 73

With its warm Southern hospitality and access to recreational amenities, Tupelo is our one and only pick from Mississippi. Mississippi itself is one of the best states one can retire to considering its tax-friendly environment and low cost of living.

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Disclosure: none. 22 US Cities to Retire on $3000 a Month is originally published on Insider Monkey.