In the United States there are many, many different places where you can live very well on just your Social Security retirement. But there are also places where it is better not to spend your retirement if you collect an average Social Security check. That’s because the states we’ll look at today are more expensive than the rest and are therefore inaccessible to many retirees.
In the case where you collect an average Social Security pension it is advisable to look for a place that is not too expensive. This is not easy, but it benefits to spend a much better life in retirement. If you do not need more money than your pension, living becomes easier. If you collect a larger pension, you can also try venturing to one of these states. They are more expensive, but some of them have a lot of charm.
The worst states to live in with an average retirement
The experts at GoBankingRates have a list of the most expensive rents in the United States, so pay attention if you don’t want to pay more every month than you make on your Social Security check.
New Jersey
In the state of New Jersey everything is priced higher than average retirement, but there is one thing that stands out above all else. If you’re thinking of living on just your Social Security, be prepared to pay a lot of property taxes. This state has the highest property taxes in the entire United States. Therefore, it is best to stay away from buying any property in New Jersey.
Cost-of-living index: 115.2
January 2022 average one-bedroom rent: $1,490
New York
The city that never sleeps is one of the most expensive states in which to live on retirement Social Security. With an average rent of $1,588 per month for a one-bedroom, living on the average pension is really tough. In addition, not only is housing expensive in this state, but so are many of the things we find there.
Cost-of-living index: 148.2
January 2022 average one-bedroom rent: $1,588
California
No one doubts that living on retirement Social Security alone in California is a dream. It is one of the most expensive places to live. Not only is the average rent expensive, but so is everything else. Renting a room has an average price of $1,652 per month. Knowing this, you can get an idea of what the rest of the services in this state will cost.
Cost-of-living index: 142.2
January 2022 average one-bedroom rent: $1,652
Hawaii
This little paradise requires a very high rent to be able to spend your retirement here. With only the average retirement you will have a hard time spending your days on the Pacific Ocean. Not only is it expensive to rent a room here, but buying a house can cost around $800,000. Without a doubt, this place is not recommended for retirees without a huge savings.
Cost-of-living index: 193.3
January 2022 average one-bedroom rent: $1,706