Best 3 Cities to Retire With Only Social Security
Many people rely on Social Security income to pay for their retirement expenses. For a third of retirees, Social Security is their only major source of income in retirement. To identify places where you could pay your bills and enjoy a high quality of life when your primary source of income is Social Security, U.S. News factored in crime rates, access to health care and recreation opportunities. Here are a few of the best cities to retire with only social security to pay the bills.
Cape Coral, Florida
Waterfront property is a way of life in Cape Coral, which has over 400 miles of canals as well as access to the Gulf of Mexico and the Caloosahatchee River. You could easily spend your days boating, fishing or walking along the beach. But a house on or near the water won’t cost you a fortune. Median homeownership costs for people age 65 and older are $1,251 with a mortgage and $558 without one. The median rent is $983 per month. Many snowbird retirees reside in Cape Coral seasonally due to the pleasant winter weather. An added bonus: There’s no state income tax in Florida.
History buffs will delight in this old city that was colonized by the Spanish in the early 1700s. The San Antonio Missions were designated a World Heritage site in 2015. San Antonio is located on the southern edge of the scenic terrain and vineyards of Texas hill country. Health care is provided by the high-performing University Hospital. But these amenities don’t cost a fortune in San Antonio. Renters pay a median of $816 per month, while homeowners face costs ranging from a median of $1,146 monthly with a mortgage to $430 per month without one. The state of Texas also doesn’t have an income tax.
Spokane might be best suited to active retirees who love the outdoors. The Spokane River runs through town, and those who walk and bike along it are treated to views of several waterfalls, especially in the spring. Dams along the river are used to generate hydroelectric power. Several nearby ski resorts provide opportunities for winter fun. High-performing hospitals include Providence Sacred Heart Medical Center and Children’s Hospital and Deaconess Hospital. Housing costs a median of $1,130 for retirees with a mortgage, but that drops to $425 per month among retirees who have paid off their home. Renters pay a median of $662 monthly.
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