Best Cities To Retire on a Budget of $1,500 a Month - Lawton, Oklahoma
July 11, 2022
By Joel Anderson
Find the best places to retire on a fixed income.
Finding space in your budget to save and invest isn’t easy for everyone. In fact, a recent GOBankingRates survey found that 40% of Americans have less than $300 in savings. As such, plenty of Americans are facing a retirement where their only source of funds is a monthly check from the Social Security Administration.
Still, living on a fixed income doesn’t mean you have to miss out on a satisfying retirement. In the right place, you might discover that you can stretch your budget further and spend your golden years enjoying yourself. To help you find such a place, a GOBankingRates study identified American cities where you can realistically retire on a budget of $1,500 a month.
The study took the cost-of-living index from Sperling’s Best Places and applied it to customer expenditure data from the Bureau of Labor Statistics to find the average cost of living in the given city. The average rent for a one-bedroom apartment in each city was also sourced from ApartmentList. Locations that fell below a certain livability score on AreaVibes or had a below-average portion of the population above 65 were eliminated, and only the places offering the best combination of bills under $1,500 and strong livability for seniors were left.
- Total monthly expenditures: $1,483.75
- Livability score: 66
In Lawton, retirees can expect to spend a bundle on healthcare. Average monthly costs of $660.52 are higher than rent, which comes in at an affordable $519. The city of about 93,000 people has the lowest grocery costs in the study at an average of $304.73 per month.
So, take a look to see which American cities give you a chance to retire even if you’re not rich. Click here to read more about the study and all 6 locations.