In this article, we take a look at the best places in Nevada for a couple to live on only social security. You may skip our full list by proceeding directly to The Best Place in Nevada for a Couple to Live on Only Social Security.
AI in retirement
Recently, Mercer LLC carried out a survey to study the use of AI within investment management companies. According to the survey, on average, managers in 9 out of 10 firms reported that they were either using or planned to use, AI in their investment processes. The same survey highlighted that even though the use of AI in asset management is widespread, it is currently restricted to augmenting existing capabilities. However, going forward, it is likely that AI will play a pivotal role in various spheres of asset management, including retirement planning.
BlackRock, Inc. (NYSE: BLK) has highlighted how the integration of AI in retirement planning can unfold limitless opportunities for fiduciaries. Similarly, AI might also help retirees through its ability to generate personalized insights. By using AI, retirees may soon be able to adopt an investment strategy tailored to their specific needs, thus allowing them to maximize their ability to build a retirement nest egg. In fact, Vanguard has already introduced some degree of AI into its financial advice tool, Robo-Advisor.
Morgan Stanley (NYSE: MS), one of the companies at the forefront of AI integration in the finance sector, made headlines last September when it launched an internal AI model. Morgan Stanley (NYSE: MS) introduced a language model-powered AI assistant that leverages OpenAI’s technology and assists the firm’s Advisors in their day-to-day activities. In April, the company released its quarterly financials, posting a revenue of $15 billion with an EPS of $2.02.
The company’s wealth management segment contributed 45% of its total revenue. Wealth management revenue rose by 4.9% YoY to $6.88 billion as a result of improved asset management fees. Consequently, share prices have increased significantly since the company released its Q1 earnings, rising from $89 on April 16th to $97 on May 31st.
While we at Insider Monkey recognize the potential of Morgan Stanley (NYSE: MS) stock and its ability to generate returns in the near future, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than Morgan Stanley (NYSE: MS) but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
AI and Financial Literacy
AI tools that offer personalized solutions might soon revolutionize the entire retirement savings industry. One reason that AI’s ability to offer personalized solutions is so valuable is they can help make up for a lack of financial literacy among Americans. Our article on Best Places in Utah for a Couple to Live on Only Social Security reveals how financial literacy can be linked to retirement wellness. Alarmingly, MassMutual claims that nearly 80% of people nearing retirement don’t have a basic knowledge of Social Security retirement benefits.
One way to address a lack of financial literacy is through the use of AI financial advisors who can guide seniors through various aspects of retirement planning. Apart from helping seniors adopt a tailored investment strategy, AI tools can also help them attain maximum benefits from their pensions and social security. Forbes reports that 96 percent of Americans lose an average of $111,000 in their Social Security income due to errors made while filing for benefits. Thus, an AI tool capable of assessing an individual’s circumstances can be invaluable to retirees as they step into their golden years.
Another reason that such tools have the potential to be so successful is that retirement plans tend to vary significantly based on personal preferences such as quality of life, duration of retirement, and location. Consequently, people often tend to underestimate the amount of money they need to save, how much of their savings they should withdraw, and when to retire in order to secure a comfortable retirement.
Best Places for Retirement in America
An analysis of the real estate market in America shows that the cost of living and housing vary considerably based on geographical factors. For example, while Florida is often considered one of the best states for retirement due to factors such as weather, recreation, and tax-friendliness, housing costs in the Sunshine State are quite expensive. Zillow Group, Inc. (NASDAQ: Z) reports that the median rental cost in Florida is currently $2,500 per month, which is 17.6% higher than the national median. Thus, retirees who find themselves strapped for cash might find it more convenient to pick a more affordable retirement destination.
Our articles on the best places to retire in Nevada, Utah, New Mexico, and Idaho highlight how some of the best places to retire in America might be in the American West. For example, Nevada is one of the Most Tax-Friendly States to Retire in. It has zero state income tax, meaning that all forms of retirement income, such as 401Ks, pensions, and social security remain untaxed. Furthermore, our list of 13 States That Don’t Tax Retirement Income shows that although Nevada’s sales tax rates tend to be high, average property taxes are relatively low at just 0.48%.
In addition, according to Zillow Group, Inc. (NASDAQ: Z), the median rental price in Nevada is $2,100, just shy of the national median. There are plenty of places in the Silver State where retirees can find the right balance of comfort and affordability, even if they wish to live on only social security. Thus, for those wondering if Nevada is good for seniors to live on retirement income, join us as we look at the best places in Nevada for a couple to live on only social security.
15 Best Places in Nevada for a Couple to Live on Only Social Security
Methodology
To develop our list of best places in Nevada for a couple to live on only social security, we used a consensus approach to pick out the most recommended places in Nevada for a couple to live on only social security. We used 10+ sources including our article on Best Places to Retire in Nevada, Smart Asset, and Movoto to develop a shortlist. Further research was narrowed down to these places only.
Amongst these, we developed a scorecard using metrics such as livability scores, cost of living, and average rent. Livability scores were sourced from Area Vibes while median rent was obtained from Zillow Group, Inc. (NASDAQ: Z). By standardizing these metrics on a linear scale, each place was scored, based on which we sorted our list in descending order. The top 15 places were chosen for our list
At Insider Monkey we are obsessed with the stocks that hedge funds pile into. The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see the details here).
Here are 15 Best Places in Nevada for a Couple to Live on only Social Security.
15. Fernley
Insider Monkey Score: 7.36
Livability Score: 68
Median Rent: $1,850
IM Cost of Living: 97
Fernley is located in Western Nevada just over 30 miles east of Reno. Although it’s a small town, there are several historic museums and lakes to explore in the region. Moreover, the cost of living in Fernley is lower than the national average, even after taking into account Nevada’s high sales tax.
14. Laughlin
Insider Monkey Score: 7.37
Livability Score: 73
Median Rent: $1,400
IM Cost of Living: 110.6
Laughlin is located near the Colorado River. It is a popular retirement town with a median age of 62.2. Although the cost of living in the city is 10.6% higher than the national average, a median rent of $1,400 makes it one of the best places in Nevada for a couple to live on only social security.
13. Silver Springs
Insider Monkey Score: 7.49
Livability Score: 64
Median Rent: $1,100
IM Cost of Living: 105.0
Just south of Fernley lies Silver Springs. It is famous for its proximity to some of Nevada’s most scenic destinations such as Fort Churchill Park and the Lahontan State Recreation Area. Despite its remoteness, it is one of the best places in Nevada for a couple to live on only social security.
12. Las Vegas
Insider Monkey Score: 7.56
Livability Score: 82
Median Rent: $2,050
IM Cost of Living: 106.8
Sin City is the entertainment capital of the world. While accommodations near the strip are quite expensive, the city does offer plenty of affordable rental options. Moreover, there are a number of hospitals in Vegas for retirees who prioritize access to good healthcare. Additionally, you may explore our list on some of the best places to retire in Las Vegas.
11. Elko
Insider Monkey Score: 7.64
Livability Score: 75
Median Rent: $2,100
IM Cost of Living: 97.5
Elko is perched amongst the Ruby Mountains and is famous for its rustic, western lifestyle. Although median rent in the city is the most expensive on our list, its western charm and low cost of living make it one of the best places in Nevada for a couple to live on only social security.
10. Winchester
Insider Monkey Score: 8.04
Livability Score: 79
Median Rent: $1,725
IM Cost of Living: 104.8
Winchester is located in the suburbs of Las Vegas. In comparison to Vegas, Winchester is more affordable in terms of both housing and cost of living. Its affordability and location make it one of the best places to retire in Nevada on a budget.
9. Mesquite
Insider Monkey Score: 8.59
Livability Score: 77
Median Rent: $1,450
IM Cost of Living: 102.3
Mesquite is located on Nevada’s border with Arizona. It has a lively retirement community with plenty of senior housing options, both independent and assisted. Moreover, it features a range of golf courses and casinos, making it an incredibly pleasant experience for any retiree.
8. Pahrump
Insider Monkey Score: 8.64
Livability Score: 68
Median Rent: $1,595
IM Cost of Living: 89.3
Pahrump is somewhat rural and doesn’t offer the same entertainment/ amenities as most major cities in the state. However, it’s still one of the best places in Nevada for a couple to live on only social security on account of a very low cost of living and plenty of cheap real estate.
7. Yerington
Insider Monkey Score: 8.76
Livability Score: 71
Median Rent: $850
IM Cost of Living: 105.0
Yerington is one of the best small towns in Nevada to retire on only social security. It is famous for the Walker River Park, a popular bird-watching area. Even more appealing than its scenic beauty is its affordability, with a median rent of just $850.
6. West Wendover
Insider Monkey Score: 8.80
Livability Score: 66
Median Rent: $750
IM Cost of Living: 100.9
In terms of housing costs, West Wendover is the most affordable destination on our list. The city is located in Northeast Nevada, right on the border with Utah. Moreover, it is just a 2 hour drive from Salt Lake City in Utah, via the I-80 highway.
5. Ely
Insider Monkey Score: 8.95
Livability Score: 67
Median Rent: $1,650
IM Cost of Living: 84.2
Ely offers residents the opportunity to enrich their retirements with art, heritage, and culture. In addition, its is surrounded by a myriad of adventure spots, such as Cave Lake Park or the Great Basin Park. However, what makes it one of the best places in Nevada is that it has the lowest cost of living out of all the places on our list.
