Who doesn’t dream of retiring with a million dollars in their bank accounts? Better yet, who doesn’t want to spend their golden years in a million-dollar home? Sadly, not many Americans can achieve this, and a greater number of them depend on their Social Security- oftentimes more than they should.
Social Security is supposed to supplement any other savings but many households don’t have that sort of luxury.
So, let’s talk about rent. On average, it comes to around $1,622 per month, nationwide. That’s a grueling number, especially considering the fact that Social Security benefits average at around $1,349. That’s around $300 more that retirees now have to pull out of other savings and it could become a significant problem in the long run.
With so many unknowns in the future of many senior Americans, especially pertaining to health care, that $300 could be better off used elsewhere.
We want to help with this rent issue, so we’ve looked at 300 of the largest cities in the U.S. and determined where Social Security checks will be able to cover rent costs. Many of these choices will lead to you having a couple of more dollars in your pocket at the end of the month, dollars you could use on what is important to you.
Ready to pack your bags?