Relocate to a place with lower costs of living
One very important aspect when planning for retirement is to realize how important the cost of living is for one’s budget, especially when Social Security benefits are the main source of income. To make your benefits last longer, you might want to consider relocating to an area with a lower cost of living.
In the area you are currently living is expensive, do your research and find places where it’s cheap enough to live on your social security checks alone. In cities such as Reno, Nevada and Tucson, Arizona, apart from the warm and comfortable weather, you can also spend less money in daily life without becoming frugal.
Speaking of places to retire with low costs of living, check out these 12 Best States to Retire in 2021.
