A recent report showed a separation in the U.S. in terms of where your Social Security benefits can allow you to live comfortably and where you can’t.
In just a few cities, your Social Security benefit can stretch for almost the whole month and cover most of your monthly expenses. However, in approximately 40 states, retirees run out of money long before their next benefit payment is due.
The 10 Best Cities for Stretching Your Social Security Check
If there are any retirees who are looking to make their Social Security benefits last for as long as possible, the top 10 cities listed below seems to be the best options.
Here are the top spots where Social Security goes the distance:
- Homestead, Pennsylvania – Your Social Security check could last approximately 27.38 days. In this town, retirees can make their benefits last almost a month as a result of the lower housing costs and cost of living.
- Decatur, Illinois – Here your Social Security checks can last approximately 26.34 days. Homes here are affordable as well as healthcare costs.
- Tarboro, North Carolina – In this state, your Social Security check can last approximately 25.9 days. The cost of groceries, taxes and healthcare costs is generally low here.
- Parma, Ohio – Retirees can expect their Social Security benefits to last about 25.6 days. This state offers affordable housing and overall manageable cost of living.
- Mountain Home, Arkansas – Social Security benefits could last about 25.5 days here. This state boasts low cost of living and is a peaceful place to live in.
- Avon Park, Florida – In Avon Park, Social Security beneficiaries can expect their benefits to last about 25.4 days. This is a hidden gem with warm weather and is also affordable to live in.
- Superior, Wisconsin – In this state the cost of housing is low and expenses are manageable. Social Security benefits could last around 25.2 days.
- Bay Saint Louis, Mississippi – This is a coastal town where benefits can last approximately 25.1 days.
- Georgetown, South Carolina –This town has budget friendly houses and Social Security benefits could stretch for approximately 25.0 days.
- Beverly Hills, Florida – This state is not what it seems, it’s actually far more affordable that California. You can expect benefits to last you about 24.9 days.
Where Social Security Falls Short
However, the sad part is that in approximately 40 other states, retirees struggle as their Social Security benefits barely even cover three weeks.
In expensive states like California, New York, Massachusetts, and Hawaii, the typical retiree’s check finishes long before the month ends. Almost everything is consumed by rent, groceries, and medical expenses.
Why Some Places Are So Much Cheaper
The major factor that eats into most checks are housing costs. All those retirees who own their homes can manage to survive on Social Security; however, those who have to pay rent or mortgage still struggle.
Other factors that impact affordability include:
- Property taxes and insurance
- Medical care and medication
- Utility prices
How Retirees Can Make Their Money Last Longer
While Social Security might not go as far as it used to, there are ways to make the most of it:
- Retirees who are struggling to get by may consider relocating to a more affordable area or a smaller home/apartment.
- Try and pay off existing debt to avoid financial stress.
- Try and look into other support programs.
- Make sure you put savings aside as an emergency fund.
- Even a small savings cushion can help cover unexpected costs like medical bills or car repairs.
- If possible, try and look into part-time to earn additional income.
The Bottom Line
Indeed, the area of which you live in matters when it comes to how far your Social Security benefits will stretch.
It’s important for retirees to plan ahead and factor in the area that they live in. Being proactive and making decisions now will benefit you in the future.