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Best Cities to Retire on a Budget of $1,500 a Month

GOBankingRates Logo By Joel Anderson of GOBankingRates | Slide 1 of 24: Finding space in your budget to save and invest money isn’t easy for everyone. In fact, a recent survey by GOBankingRates found that 55 percent of Americans who don’t invest attribute it to not having the money. As such, plenty of Americans are facing down a retirement where their only source of income is a monthly check from the Social Security Administration. Still, living on a fixed income doesn’t mean you have to miss out on a satisfying retirement. In the right place, you might discover that you can stretch your budget further and spend your golden years enjoying yourself. To help you find such a place, a GOBankingRates study identified American cities where you can realistically retire on a budget of $1,500 a month. The study found 23 places where the average cost of groceries and healthcare — combined with the median rent of a one-bedroom apartment — collectively comes in at under $1,500. Cities also had to have a livability score of 65 or better from AreaVibes and a population where at least 10 percent are 65 or older to be considered for one of the best places to retire on a smaller income.

Best Cities to Retire on a Budget of $1,500 a Month

Finding space in your budget to save and invest money isn’t easy for everyone. In fact, a recent survey by GOBankingRates found that 55 percent of Americans who don’t invest attribute it to not having the money. As such, plenty of Americans are facing down a retirement where their only source of income is a monthly check from the Social Security Administration.

Still, living on a fixed income doesn’t mean you have to miss out on a satisfying retirement. In the right place, you might discover that you can stretch your budget further and spend your golden years enjoying yourself. To help you find such a place, a GOBankingRates study identified American cities where you can realistically retire on a budget of $1,500 a month. The study found 23 places where the average cost of groceries and healthcare — combined with the median rent of a one-bedroom apartment — collectively comes in at under $1,500. Cities also had to have a livability score of 65 or better from AreaVibes and a population where at least 10 percent are 65 or older to be considered for one of the best places to retire on a smaller income.

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