It is very common in the United States for retirees to live on Social Security benefits alone. This can be dangerous because inflation causes prices to increase dramatically. This money problem is not so serious for workers, since they can get a salary increase on a monthly basis. Retirees, on the other hand, only see increases in their Social Security benefit through the COLA, which is once a year. For that reason, knowing which states are the cheapest to live in is so important.
It’s also important to remember that some states take away part of your Social Security benefit in taxes. If after paying state and federal taxes you have a benefit of about $1,300, these states are perfect to live in. With that amount of money you will be able to pay for housing, food and medical expenses every month. Plus, if you already live in one of them and own your own home, all the better.
The three best states to live in with $1,300 Social Security
These three states are the best for living on $1,300 Social Security because that amount of money is enough. With that money you can pay for housing, food, and medical expenses. The housing is one-bedroom, but there may also be options to live as a couple on an allowance.
3 – Mississippi
Although the average rent costs $782 per month, the rest of the prices in this state make up for it. After paying that amount for the room, the remaining $518 is enough for other expenses. Therefore, you can live with peace of mind collecting only your Social Security in this state.
2 – Arkansas
In this state you will pay a little less for the average rent than in Mississippi. The price is $700 per month, so you will have $82 from Social Security more per month for other expenses. For that reason, it is second on this list. Also, Arkansas is a very quiet place with a population of 16% 65 and older.
1 – Iowa
Number 1 on the list is Iowa. In this state you will have to pay about the same as Arkansas for housing rent, $701. But the overall expense for the rest of the basic necessities is less, so you get your money’s worth. This way, you’ll be able to stretch your Social Security check in a better way.