Social Security retirement benefits are a support to those who need some extra money to make ends meet. Together with their life savings from the different retirement savings plans they may have. It does not matter if it is 401(k) or IRA. Some other retirees get money from the properties they have, a business, or other investments. However, there are some people who just rely on the Social Security check.
According to GOBankingRates, there are some states that are more expensive than others, therefore it will be much more difficult to live there if you just have this Social Security check. Taking into account the average benefit retirees receive every month, which is a little more than $1,610, they could get a better idea of those places. Besides, they have also considered the general cost of living in those cities.
The average price of renting an apartment with just one room has also been necessary. At the top of the list, we come across Hawaii. The date for the rent is January 2022 and the price is $1,706 for a one-bedroom apartment. In addition, the index they have for the cost of living is 193.3. The main reason for the high prices is the fact that they have to import quite a lot of things. Thus, the average Social Security benefit will not be enough there.
What about relying on your Social Security check alone in California?
If you think of a paradise to retire California comes to mind. However, living there on just your Social Security check is not possible. Just behind Hawaii, we find the Golden State. The apartment expenses go up to $1,652 whereas the cost-of-living index is not as high as the first or third place, but it is not a low figure either. Its index is of142.2. Moving on to the third place, we can find New York there.
The price for the rent of an apartment with the same characteristics mentioned before reaches $1,588 while its index is 148.2. The housing market is a very expensive one in this fantastic place. Despite the fact that healthcare is not very high in comparison to other places, most things are much more expensive than anywhere else. It would still be hard to live on Social Security check only though.
In fourth place, we find Massachusetts with an index of 135.0 for the cost of living and rent close to $1,385. Even though New Jersey has more expensive rent than Massachusetts, its cost of living is lower – 115.2. Then we can find Maryland with rent of $1,397 and a cost-of-living index reaching 124.0. Its healthcare seems to be much cheaper than in most places. After them, we find Washington, Connecticut, Florida, and Oregon.