In fact, in many small towns with high livability scores, $4,000 is more than enough to cover both basic expenses and a mortgage.
A: With no tax on retirement income, along with the number of crimes per square mile hitting almost half the national average, Mississippi is a safe and cheap state to consider retiring. As for a specific city, along with a low cost of living, the city of Midland in Michigan has the lowest crime rates on this list.
Some of the best countries to live on a budget include Colombia, Ecuador, Paraguay, Mexico, and many others in Asia. For those looking for a balance between affordability and safety, Indonesia, Bulgaria, and Chile are some of the cheapest and safest countries to retire in.
South Africa
Possibly the cheapest English-speaking country to live in is South Africa. Not only can you get by without having to go to language school, but most South African cities also have a high standard of living, similar to Western cities, which will make the transition much easier.
1 place to retire in the U.S.: Harrisburg, Penn. Harrisburg ranked as the best place to retire in the U.S. in 2024, according to U.S. News and World Report. Harrisburg, Pennsylvania's capital, ranked as the best place to retire in the U.S.
Hawaii — Hawaii is first on the list because, while it is not exactly the cheapest place to live, it offers other advantages for retired, single females. Hawaii has an elderly population of 16.1%.
West Virginia ranks as the least expensive state to retire in 2023, according to data from Bankrate's “Best and Worst States to Retire” list. The state's light tax burden and low cost of living may make it an attractive option for retirees.
According to the Missouri Economic Research and Information Center, the lowest overall costs of living were found in Mississippi, Oklahoma, Kansas, Alabama, and West Virginia: Cheapest states to retire.
What is the average and median retirement savings? The average retirement savings for all families is $333,940 according to the 2022 Survey of Consumer Finances.
About 1 in 5 people over 59 don't have a retirement account, the highest share of any generation, Credit Karma said. The gap between their goals and the reality of their savings could explain why boomers are pushing up their retirement age, Goodsell noted.
About a quarter of retiree relocations crossed state lines, with Florida ranking as the top destination for the second straight year. About 11 percent of such moves were to the Sunshine State. South Carolina, which did not make the top 10 in 2022, was a close second, drawing 10 percent of retirement moves.
Whether it reflects the warmer weather, quality healthcare or a low tax burden, Florida ranks number one as a retirement paradise on WalletHub's 2024 survey. Florida, Colorado and Virginia top the list of the best places to retire in the U.S. in 2024, according to a new survey from WalletHub.
One of the best states to retire on social security is Kentucky. Retirees can live on social security in many areas of Kentucky, considering its cost of living is 6.8% lower than the US average. The state is quite tax-friendly too, exempting all social security benefits from taxation.
Of the ten worst states to retire in, Kentucky holds the unfortunate distinction of being No. 1, followed by New Jersey, Mississippi, Rhode Island, Oklahoma, Louisiana, New York, Washington, Arkansas and Illinois.
According to Redfin, the average cost of a home in March 2018 was approximately $250,000. In March 2023, it was roughly $400,000. But expensive housing isn't the only thing repelling retirees from the state. Inflation and stock market dips have also negatively impacted their financial situation.
If Southeast Asia is calling your name, then Thailand is a great option because there are so many places that you can live while keeping your budget at $1,000 per month. You can check out the beaches of Krabi, the islands of Koh Samui and Koh Lanta or the northern mountains of Chiang Mai.
Mongolia in East Asia is one of the cheapest countries in the world, with living expenses more than two-thirds lower than what an average American incurs in their home country. According to Numbeo, Mongolia's rent index is just 11.5. Restaurant and grocery prices also remain on the lower side.
The best countries to start a new life abroad with no money are the United Arab Emirates, Qatar, Bahrain, and Canada, with employment opportunities in the UAE and Canada being the second largest country in the world.