When people start planning for retirement, one of the first questions they ask themselves is how they'll be able to continue to afford to live once they stop collecting a paycheck from their work. And while many folks spend the years (and sometimes decades) leading up to retirement ensuring that they've saved up enough money to help supplement their Social Security income, there are those who still worry about having enough money to get by.
Fortunately, there are plenty of towns in the U.S. where you can comfortably retire on $2,500 a month, and I've put together a list of some of them so you can get an idea of some more affordable options. Best of all, many of these spots are hidden gems that aren't already super popular retirement spots, which means you may be able to get a good deal on a home if you decide to move.
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While Nebraska may not exactly scream "dreamy retirement destination" to everyone, the state has a lot going for it. In fact, the state's website says that it began phasing out the taxation of Social Security benefits in 2022, allowing you to keep more money in your pocket when you retire.
But those who decide to settle down in Lincoln may be in for a real treat, considering the cost of living here is around 6 percent less than the national average. Not only that, but the Senior Living blog says that around 14 percent of the town's 300,619 population is made up of seniors, so those looking for community will feel right at home. Add into the fact that there is no estate tax and only a 15 percent max inheritance tax (it varies by county), and this city seems like a great place to start your second chapter.
Plus, Payscale says that food won't be too big of an expense, since groceries are around 2 percent below the national average, while housing is a whopping 23 percent lower.
Related: These Are the 3 Worst-Ranked Florida Cities to Retire In
Uniontown, Pennsylvania
Looking for a small-town feel in your retirement? You may want to head to Uniontown, Pennsylvania. The Senior Living blog says that just 9,554 people call this town home, and roughly 21.4 percent of them are seniors.
Located around an hour south of Pittsburgh, this quaint town has a lot of rich history to offer by way of historical monuments. Plus, the overall cost of living here remains low, according to Payscale, which puts it 11 percent below the national average. Groceries and housing also remain lower, at 2 percent and 37 percent below average, respectively.
If you don't mind cold winters, Freeport, Illinois, is worth adding to your list. Not only can you call this town home for less than $2,500 a month, but the Senior Living blog says that you can do so with a large chunk of like-minded friends. That's because the town's population of 23,140 is largely made up of retirees, and about 22 percent are ages 65 and up.
According to Best Places, you can get by on around $1,700 a month here if you're living by yourself, which is about 64.3 percent less expensive than the national average. Similarly, housing prices are around $91,900, about 72.8 percent below the national average. If you already have quite a bit of equity built up in your current home, you could conceivably purchase a new house in Freeport and live mortgage-free.
Related: This State Was Just Named the Worst Place To Retire in the U.S.
Sebring, Florida
Florida is often a fan favorite for seniors. The state has great tax breaks for retirees, and you truly just can't beat the weather (when it's not hurricane season, that is). But despite a low cost of living, some popular retirement destinations are too expensive for those living on a fixed income.
Enter, Sebring, Florida. According to Best Places, a single person can live here for just $2,300 a month. That's because the website says this spot is about 51.8 percent less expensive than the national average and 19.5 percent lower than the state's average. That includes everything from food to healthcare, which means you'll be able to live a bit more comfortably when you retire here.
Of course, there are many other costs to consider when moving, including credit card debt, car payments, and lifestyle choices, which can affect how much you need to spend each month to get by. That said, these towns offer a lower overall cost of living, which can help keep your basic costs down in retirement.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
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